Lucid Group Failing to meet Wall Street's expectations in the third quarter. This struggling electric vehicle manufacturer is continuing to pursue an "operational reset" with the goal of cutting costs and reducing losses.

The company also announced on Monday that it would increase a deferred regular loan from the Saudi Public Investment Fund (Public Investment Fund, PIF) by $1.75 billion. PIF is the largest shareholder of Lucid.

According to the average expectations compiled by LSEG, Lucid's performance in the third quarter is as follows:

• Loss per share: $2.74, with an expected loss of $2.28.
• Revenue: $350 million, with an expectation of $407 million.

Although both revenue and profit fell short of expectations, the company's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) incurred a loss of $726 million, which is better than Wall Street's forecast of a $611 million loss for the third quarter. The company's net loss for the quarter was $830.9 million, which was narrower than the $978.4 million loss in the same period last year.

Lucid indicates that for the third quarter of 2025, the performance included revenue of $336.6 million, a loss of $3.31 per share, and an adjusted EBITDA loss of $717.7 million.

This is the first quarterly report released since Silvio Napoli, the Chief Executive Officer of Lucid, took over the company in June. Previously, he announced a reorganization plan that included implementing various cost-cutting measures and postponing the launch of the company's upcoming mid-size models from the end of this year to the second half of next year.

Napoli stated in a statement: "The progress of our transformation is beginning to be evident. We are taking action with a sense of urgency to strengthen our fundamentals and discipline, while continuing to invest in key priorities in order to achieve long-term profitable growth."

The company's turnaround plan includes achieving a $1.4 billion improvement in cash flow this year, while focusing on autonomous taxi projects in collaboration with Uber and Nuro, a factory under construction in Saudi Arabia, as well as a mid-size vehicle project.

Lucid indicates that this funding from PIF is expected to provide the company with "additional financial flexibility in the process of implementing the turnaround plan." The company states that this funding is expected to support its "operations and key investments" until the fourth quarter of 2027, including the launch of mid-size vehicle models.

The additional funds have increased the total liquidity of Lucid to $3.75 billion, whereas at the end of the third quarter this figure was $2 billion.

Napoli indicates: "We are grateful to our core shareholders for their continuous financial support, which further motivates us to focus on fulfilling our commitments and building a stronger, more sustainably developed Lucid."

Lucid On Monday, the company stated that it expects to disclose its mid-term plans and targets at the beginning of next year. This electric vehicle manufacturer suspended its performance guidance and many targets in May, citing management changes and the need for time to develop a turnaround plan.