'We produced 9,029 vehicles with deliveries of 10,241, a record year,' stated Management, emphasizing the positive operational outcomes during Q4 2024.
— Marc Winterhoff, Interim CEO
03Detailed Report
LCID
Lucid Group Inc
Period
Q4 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 18, 2026
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Executive Summary
Lucid Group Inc (LCID) demonstrated resilience in its fourth quarter of 2024, showcasing significant year-over-year growth in vehicle deliveries, with a notable total of 10,241 units delivered—a remarkable 71% increase from the previous year. This growth was supported by a strong production output of 3,386 vehicles in Q4 alone, which reflects an 88% sequential increase. Financially, Lucid reported revenue growth driven by both production improvements and successful marketing strategies. However, the company faced challenges with high operating expenses and a negative gross margin ratio of -89%. As Lucid transitions to new leadership and introduces the highly anticipated Lucid Gravity SUV, investor confidence hinges on the company's ability to turn its innovative credentials into sustainable profitability moving forward. Key management figures have emphasized the commitment to financial discipline and operational efficiency, which will be crucial as Lucid navigates this critical growth phase.
Key Performance Indicators
Revenue
Increasing
234.47M
QoQ: 17.21% | YoY: 49.20%
Gross Profit
Increasing
-208.78M
-89.04% margin
QoQ: 1.76% | YoY: 17.44%
Operating Income
Increasing
-732.95M
QoQ: 4.88% | YoY: 0.53%
Net Income
Increasing
-397.22M
QoQ: 59.98% | YoY: 39.24%
EPS
Increasing
0.99
QoQ: 341.46% | YoY: 441.38%
Revenue Trend
Margin Analysis
Financial Highlights
Total Revenue for Q4 2024 reached $234.5 million, marking a 49.2% year-over-year growth and 17.2% quarter-over-quarter increase. The GAAP gross margin stood at -89%, showing improvement from -225% in the previous year, marking a compelling indicator of Lucid's ramping efficiencies as it navigates production costs. Net income loss for the quarter was reported at -$397 million, compared to -$653.8 million in Q4 2023, signifying a 39.2% year-over-year improvement. Significant investments in R&D, totaling $280 million in Q4 2024, reflect Lucid's commitment to technology innovation, while SG&A expenses were $243.9 million, reflecting a cautious approach to scaling operations. Current ratio stands at 4.18, demonstrating robust liquidity to cover short-term obligations.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
234.47M
49.20%
17.21%
Gross Profit
-208.78M
17.44%
1.76%
Operating Income
-732.95M
0.53%
4.88%
Net Income
-397.22M
39.24%
59.98%
EPS
0.99
441.38%
341.46%
Key Financial Ratios
Gross Profit Margin
Weak
-0.89%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Weak
-3.13%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-1.69%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
-0.04%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.10%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
4.18
Current ratio indicates excellent liquidity and financial flexibility
Debt to Equity
Moderate
0.54
Debt-to-equity indicates balanced capital structure with manageable debt
P/E Ratio
Negative
-4.65x
Negative earnings make P/E ratio not meaningful
Price to Book
Fair Value
1.91x
Price-to-book ratio reasonable for profitable companies
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