By Pras Subramanian

Lucid (LCID) reported first quarter results after the bell that missed expectations, but the company believes its increased cash position and unmet demand will boost results later this year. Lucid stock has shed 40% this year.

Lucid posted Q1 revenue of $282.5 million versus $389.2 million expected, though that total was up 20% compared to last year. Lucid reported a wider-than-expected adjusted loss per share of $2.82 versus $2.65 estimated, with an adjusted EBITDA loss of $780.6 million versus $742.2 million expected.

Free cash flow in the quarter hit negative $1.44 billion, more than double the loss reported last year.

Lucid stock fell more than 5% in premarket trade on Wednesday.

Earlier in April, Lucid announced Q1 production of 5,500 units, with deliveries totaling 3,093. However, the company noted a supplier issue hampered its ability to meet demand.

Lucid had reaffirmed its prior full-year production guidance of 25,000 to 27,000 vehicles earlier in April when it reported deliveries, however in its Q1 financial results on Tuesday it did not mention its production guidance. Lucid CFO Taoufiq Boussaid said on the conference call that the company would update its guidance at the end of the second quarter.

“We ended the quarter with elevated inventory that we expect to convert to revenue and cash as deliveries normalize, while maintaining alignment between production and sales cadence,” CFO Boussaid said in a statement.

Lucid’s losses come as the company fully ramps up production of its Gravity SUV and plans for the release of its midsize vehicle, slated for the beginning of 2027.

The EV maker unveiled a slew of big news earlier this month.

Lucid, Nuro, and Uber unveil a robotaxi during Nvidia Live at CES 2026 in Las Vegas on Jan. 5, 2026. (Patrick T. Fallon/AFP via Getty Images)