Lucid (LCID) financial statements
Lucid reported revenue of $1.4B in fiscal 2025, up 158.0% a year over 6 years.
Net income was -$2.7B and the operating margin -258.7%, against -5619.5% in 2019.
Free cash flow was -$3.8B.
The diluted share count rose 15117% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Lucid's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $5M | $4M | $27M | $608M | $595M | $808M | $1.4B |
| Cost of revenue | $4M | $3M | $155M | $1.6B | $1.9B | $1.7B | $2.6B |
| Gross profit | $664,000 | $906,000 | -$128M | -$1.0B | -$1.3B | -$923M | -$1.3B |
| Research and development | $220M | $511M | $750M | $822M | $937M | $1.2B | $1.2B |
| Selling, general and admin | $38M | $89M | $652M | $735M | $797M | $901M | $1.0B |
| Operating income | -$258M | -$599M | -$1.5B | -$2.6B | -$3.1B | -$3.0B | -$3.5B |
| Interest expense | $9M | $64,000 | $1M | $31M | $25M | $33M | $95M |
| Pre-tax income | -$277M | -$720M | -$2.6B | -$1.3B | -$2.8B | -$2.7B | -$2.7B |
| Income tax | $23,000 | -$188,000 | $49,000 | $379,000 | $1M | $1M | -$2M |
| Net income | -$277M | -$719M | -$2.6B | -$1.3B | -$2.8B | -$2.7B | -$2.7B |
| EPS (diluted) | -$130.80 | -$284.20 | -$64.10 | -$15.10 | -$13.59 | -$12.52 | -$12.09 |
| Diluted shares | 2M | 2M | 74M | 169M | 208M | 245M | 313M |
| Gross margin | 14.5% | 22.8% | -471.3% | -170.7% | -225.2% | -114.3% | -92.8% |
| Operating margin | -5619.5% | -15071.1% | -5645.1% | -426.5% | -520.7% | -373.9% | -258.7% |
| Net margin | -6042.6% | -18093.1% | -9515.6% | -214.5% | -475.1% | -336.0% | -199.3% |
Balance sheet
Fiscal years, from Lucid's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $352M | $615M | $6.3B | $3.9B | $3.9B | $4.0B | $1.6B |
| Receivables | — | $260,000 | $3M | $20M | $52M | $112M | $177M |
| Inventory | — | $1M | $127M | $834M | $696M | $408M | $1.1B |
| Total current assets | — | $663M | $6.5B | $4.9B | $4.8B | $4.9B | $3.3B |
| Property, plant and equipment | — | $713M | $1.2B | $2.2B | $2.8B | $3.3B | $4.0B |
| Total assets | — | $1.4B | $7.9B | $7.9B | $8.5B | $9.6B | $8.4B |
| Total current liabilities | — | $185M | $396M | $938M | $1.0B | $1.2B | $2.6B |
| Long-term debt | — | $0 | $2.0B | $2.0B | $2.0B | $2.0B | $2.0B |
| Total liabilities | — | $227M | $4.0B | $3.5B | $3.7B | $4.5B | $5.4B |
| Shareholders' equity | -$621M | -$1.3B | $3.9B | $4.3B | $4.9B | $3.9B | $717M |
| Net debt | -$352M | -$614M | -$4.3B | $256M | $627M | $522M | $1.7B |
Cash flow
Fiscal years, from Lucid's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$235M | -$570M | -$1.1B | -$2.2B | -$2.5B | -$2.0B | -$2.9B |
| Capital spending | $104M | $460M | $421M | $1.1B | $911M | $884M | $868M |
| Free cash flow | -$340M | -$1.0B | -$1.5B | -$3.3B | -$3.4B | -$2.9B | -$3.8B |
| Stock-based compensation | $8M | $5M | $517M | $424M | $257M | $286M | $271M |
| Share buybacks (net) | $0 | $0 | -$21M | $0 | $0 | — | — |
| Free cash flow margin | -7398.5% | -25899.8% | -5456.7% | -542.8% | -571.2% | -359.4% | -280.7% |
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Open LCID in InvestinglyQuestions
What was Lucid's revenue in 2025?
$1.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Lucid generate?
-$3.8B in fiscal 2025 (operating cash flow minus capital spending).
From Lucid's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.