Lucid Group (LCID) reported Q3 2026 results on November 9: revenue of $350.3M, 12.2% below the $399.1M consensus of 8 analysts and $26.3M below our $376.6M forecast. The loss was $2.74 a share, against our -$2.80 and the -$2.21 consensus.
Deliveries were already public. Lucid reported 3,806 deliveries in early October, so the quarter came down to what each vehicle brought in. The consensus needed about $100.9K per vehicle before credits, 5% more than Q2's record, in a quarter when Lucid sold 852 more vehicles than it built to clear Gravity inventory.
The price per car fell. Revenue per delivery, credits included, was $92.0K, 10% below Q2's $102.5K and barely above Q1's $91.3K. Revenue fell 13.6% from Q2.
The Saudi share shrank. Sales to related parties, mainly the government of Saudi Arabia, were $79.4M, 22.7% of revenue, down from $96.2M in Q2.
The loss gap was a preferred charge. The accretion on the convertible preferred stock held by the Public Investment Fund's affiliate was $249.9M. Before it, the loss was close to the consensus.
Margins and cash improved. The GAAP gross margin was -73.7%, from -105.3% in Q2, as inventory write-downs fell to $93.7M. Free cash flow was -$1.04B, 30% better than Q2, and a $1.75B increase to the PIF term loan takes pro forma liquidity to $3.75B, which Lucid says funds it into Q4 2027.
Q4 depends on volume again. Lucid gives no revenue guidance. At $92.0K a vehicle, the $487.5M Q4 consensus needs about 5,296 deliveries, close to the 5,345 of Q4 2025, when Lucid was building far more cars.
The full comparison: Lucid Group (LCID) Q3 2026 Earnings: Our Forecast vs the Results.
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