Lucid Group reports Q1 FY26 earnings today after the close. The stock is down 37% year-to-date, sitting near $6.54, and investors are watching closely for signs of a turnaround.
Wall Street expects a loss of $2.35 per share, slightly better than the $2.40 loss reported in the same quarter last year. Revenue is forecast to come in at around $370 million, which would represent 57% year-on-year growth.
That’s a big number on paper, but context matters. Lucid has missed earnings estimates in six of the past nine quarters.
One of the biggest storylines heading into today’s print is the Uber partnership. Last month, Uber increased its investment in Lucid by $200 million, bringing the total to $500 million.
Uber also expanded its vehicle order to at least 35,000 Lucid cars for its planned global robotaxi fleet. A regulatory filing confirmed Uber now holds an 11.52% passive stake in Lucid, making it the second-largest shareholder behind Saudi Arabia’s Public Investment Fund.
Investors will want to know when those vehicles start moving and whether that agreement translates into near-term revenue.
Another area under the microscope is the Gravity SUV. Deliveries were paused for 29 days during Q1 due to a supplier issue, which hurt delivery numbers despite solid production figures.
Analysts will be listening for reassurance that the issue is resolved and that the program is back on track.
Lucid has set a full-year production target of 25,000 to 27,000 vehicles. Whether management reaffirms that guidance today will likely drive much of the market reaction.
RBC Capital analyst Tom Narayan trimmed his price target on LCID from $10 to $8 ahead of the report, keeping a Sector Perform rating. The firm cited macro pressure on auto stocks, including tensions in the Middle East.
RBC noted that higher fuel prices could lift EV demand in Europe but sees limited impact in the U.S., where government incentives remain the key demand driver.
Among the 10 Wall Street analysts covering the stock, the consensus is a Hold — made up of seven Holds, two Sells, and one Buy issued over the past three months.
The average price target sits at $13.13, implying over 100% upside from current levels.
Last quarter, Lucid reported revenue of $522.7 million, up 123% year-on-year — though it missed on both adjusted operating income and EBITDA estimates.
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