Lucid Group reported a loss per share of $2.74 and revenue of $350 million for the third quarter, both missing analyst expectations of a loss of $2.28 per share and $407 million in revenue. Despite these misses, the company's adjusted EBITDA loss of $726 million was better than the anticipated loss of $611 million. Lucid's net loss decreased to $830.9 million from $978.4 million a year earlier.
The results come as CEO Silvio Napoli implements a restructuring plan aimed at cost-cutting and operational improvements, which includes delaying the launch of a midsize vehicle to the second half of next year. The company announced a $1.75 billion increase in a loan from Saudi Arabia's Public Investment Fund, enhancing its liquidity to $3.75 billion.
This funding is intended to support ongoing operations and investments through 2027, as Lucid focuses on its turnaround strategy and aims to communicate its midterm plan early next year