Electric vehicle maker Lucid Group reported first-quarter 2026 revenue of $282.4 million, up 20% year-over-year, while vehicle production increased 149%.
During the period, the company posted a net loss of $1.02 billion, compared to a net loss of $366.2 million in the first quarter of 2025.
Operating losses widened to $989.4 million from $691.9 million a year earlier.
The company said this reflected higher costs in revenue, research and development costs, and selling, general and administrative expenses, as well as $37.9 million in workforce reduction charges.
Net loss per share attributable to common shareholders was $3.46, compared to $2.41 in the first quarter of 2025.
During the quarter, Lucid produced 5,500 units and delivered 3,093 vehicles.
The company said deliveries in January and March were above year-ago levels, while February was affected by an issue with the seat supplier that disrupted Lucid Gravity deliveries.
Sales in March increased 14% compared to March 2025, and total order intake in North America increased 144% in March compared to the previous month.
Marc Winterhoff, interim CEO of Lucid, said: “The first quarter results demonstrated the strength of our technology and product portfolio. A supplier issue resolved during the quarter had an impact, but January and March deliveries were ahead of the same periods a year earlier.”
On April 14, Lucid announced a capital increase of approximately $1.05 billion.
This included $550 million in convertible preferred stock issued to Ayar Third Investment Company, an affiliate of the Public Investment Fund (PIF), $300 million in gross proceeds from a registered common stock offering, and a $200 million investment in Uber common stock.
The company said Uber’s total investment in Lucid now stands at $500 million.
Last month, Lucid also announced the appointment of Silvio Napoli as its next CEO.
Winterhoff will remain with the company in his previous role as chief operating officer when Napoli assumes the CEO role.
In the same month, Lucid expanded its robotaxi partnership with Uber to a minimum of 35,000 vehicles, covering the Lucid Gravity and Lucid Midsize models.
During the quarter, the company completed delivery of all alpha robotaxi Lucid Gravity test vehicles and employees of partner companies began test rides through the Uber app.
Lucid said it is taking steps to align production with planned deliveries and customer demand.
“Lucid posts first-quarter loss despite revenue, production surge” was created and originally published by Just Auto, a brand owned by GlobalData.
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