Lucid Group missed third-quarter revenue and earnings-per-share targets set by Wall Street analysts, reporting $336.6 million in revenue and a loss of $3.31 per share. The electric vehicle maker's net loss for the quarter was $830.9 million, an improvement from $978.4 million a year earlier.
The company announced a $1.75 billion increase to its delayed draw term loan from Saudi Arabia's Public Investment Fund, its largest shareholder. This additional capital brings Lucid's total liquidity to $3.75 billion, up from $2 billion at the end of the third quarter. The funds are expected to support operations and investments through the fourth quarter of 2027, including production of the company's midsize vehicle.
CEO Silvio Napoli, who took the helm in June, is executing a restructuring plan that cuts costs and delays the midsize vehicle launch to the second half of next year. The turnaround includes $1.4 billion in cash flow improvements and focuses on a robotaxi partnership with Uber and Nuro, a factory under construction in Saudi Arabia, and the midsize vehicle program.
Lucid stock fell roughly 5% in aftermarket trading Monday. The company plans to announce its midterm plan and targets early next year, after suspending guidance in May.