"The technology gap between Lucid and others is growing, not shrinking."
— Peter Rawlinson
03Detailed Report
LCID
Lucid Group Inc
Period
Q4 2023
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 18, 2026
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Executive Summary
In Q4 2023, Lucid Group Inc (LCID) reported revenues of $157.2 million, representing a 14% sequential increase, primarily driven by higher vehicle deliveries as the company ramps up production. Despite a challenging macroeconomic environment, Lucid is entering a transformative phase with the expected launch of its gravity SUV and the Pure model, which has catalyzed improvements in brand awareness and market positioning. However, the company continues to face significant losses, as indicated by a net income of -$653.8 million and an adjusted EBITDA loss of $604.6 million. The focus on enhancing production processes and technology diversification signals a commitment to long-term growth while addressing immediate financial challenges.
Key Performance Indicators
Revenue
Decreasing
157.15M
QoQ: 14.03% | YoY: -39.02%
Gross Profit
Increasing
-252.86M
-1.61% margin
QoQ: 23.82% | YoY: 29.28%
Operating Income
Increasing
-736.87M
QoQ: 2.13% | YoY: 1.72%
Net Income
Decreasing
-653.77M
QoQ: -3.63% | YoY: -38.32%
EPS
Decreasing
-0.29
QoQ: -3.57% | YoY: -3.57%
Revenue Trend
Margin Analysis
Financial Highlights
Financial Performance Overview
- Revenue: $157.2 million (QoQ: +14%).
- Net Income: -$653.8 million (YoY: -38.3%).
- Earnings Per Share (EPS): -$0.29.
- Operating Income: -$736.9 million.
Profitability Measures
- Gross Margin: -160.9% (QoQ improvement due to reduced impairment charges).
- Operating Expenses: Increased to $484.0 million, led by R&D investments of $243 million and SG&A expenses of $241 million.
Balance Sheet Highlights
- Cash and Short-Term Investments: $3.86 billion, providing substantial liquidity.
- Total Assets: $8.51 billion; Total Liabilities: $3.66 billion.
Liquidity Ratios
- Current Ratio: 4.72; Quick Ratio: 4.03, indicating robust liquidity even amidst production ramp-up.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
157.15M
-39.02%
14.03%
Gross Profit
-252.86M
29.28%
23.82%
Operating Income
-736.87M
1.72%
2.13%
Net Income
-653.77M
-38.32%
-3.63%
EPS
-0.29
-3.57%
-3.57%
Key Financial Ratios
Gross Profit Margin
Weak
-1.61%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Weak
-4.69%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-4.16%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
-0.08%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.14%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
4.72
Current ratio indicates excellent liquidity and financial flexibility
Debt to Equity
Moderate
0.43
Debt-to-equity indicates balanced capital structure with manageable debt
P/E Ratio
Negative
-3.69x
Negative earnings make P/E ratio not meaningful
Price to Book
Fair Value
1.99x
Price-to-book ratio reasonable for profitable companies
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