Lucid reported FY 2025 revenue of USD 1.35 billion, up 68.0%, driven primarily by higher vehicle deliveries and a favorable mix from the Lucid Gravity ramp-up, which carries a higher average selling price. FY 2025 cost of revenue was USD 2.61 billion (+51.0%), including about USD 120 million of incremental tariff cost impact, while gross loss was USD 1.26 billion and gross margin was (92.8)%. Lucid recorded inventory write-downs of USD 815.7 million in FY 2025 tied to net realizable value adjustments, excess/obsolete inventory, and losses from firm purchase commitments, with the increase attributed to higher inventory and commitments related to the Gravity ramp-up and tariff impacts. Operating expenses in FY 2025 totaled USD 2.25 billion (+7.0%), including R&D of USD 1.21 billion (+3.0%) and SG&A of USD 1.03 billion (+15.0%); restructuring charges were no longer recorded after the 2024 restructuring plan was completed in Q1 2025. Other income, net was USD 801.4 million (2.6x), including a USD 623.2 million gain from changes in fair value of derivative liabilities tied to redeemable convertible preferred stock and a USD 121.8 million gain on extinguishment of debt following repurchases of 2026 notes. Cash used in operating activities was USD 2.93 billion in FY 2025, and Lucid ended 2025 with USD 2.14 billion of cash, cash equivalents and investments. On corporate and financing updates, Lucid issued USD 975.0 million of 2031 notes in November 2025 (USD 962.2 million net proceeds) and repurchased USD 755.7 million principal amount of 2026 notes using USD 748.2 million of those proceeds; after 2025 repurchases, the outstanding principal balance of the 2026 notes was USD 204.3 million. The company also highlighted ongoing expansion plans, including continued construction at AMP-1 in Arizona and the CBU portion of AMP-2 in Saudi Arabia, while noting trade-policy uncertainty and the impact of tariffs and potential changes affecting regulatory credit markets. In February 2026, after the reporting period, Lucid announced a U.S. workforce reduction expected to be substantially completed by the end of Q2 2026, with expected restructuring charges of about USD 40 million to USD 42 million and annualized cash savings of about USD 145 million to USD 150 million.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Lucid Group Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001628280-26-011053), on February 24, 2026, and is solely responsible for the information contained therein.