Lucid Q2 earnings preview: Gravity SUV ramp, path to profitability big questions for investors

Pure-play EV maker Lucid (LCID) will report second quarter results after the bell as the company ramps up production of its Gravity SUV and hopes to assuage investors’ fears over a lack of profitability. Meanwhile, Lucid stock is down over 20% year to date.

Lucid is expected to report Q2 revenue of $262.4 million, per Bloomberg consensus estimates, higher than the $200.6 million reported a year ago. Lucid is expected to post an adjusted EPS loss of $0.22, with an adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) loss of $603.6 million.

The company has had a busy 2025 so far, including the start of low-volume production of the Gravity SUV. Early last month, Lucid said it produced 3,863 vehicles and delivered 3,309 vehicles in the second quarter, with its total for the first half of the year hitting 6,075 vehicles produced and 6,418 vehicle deliveries.

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Lucid also announced in July that it would partner with Uber (UBER) to create a robotaxi service run by the ride-hailing company, which will purchase 20,000 Lucid EVs over the next five years. The company also added access to the Tesla (TSLA) Supercharger network for its vehicles, unlocking more than 23,000 new chargers for use.

Lucid also initiated plans to perform a 10-to-one reverse stock split, which won’t occur until later this year.

In terms of guidance, Lucid said in the past that it expects 2025 production to hit 20,000 EVs, more than double the 9,029 it produced last year. The company also said it would launch its upcoming midsize-volume SUV in 2026, which is expected to help the company increase scale and bring it closer to profitability.

Profitability is the big question mark for the company. Given its production and expected loss figures, Lucid is expected to post an adjusted EBITDA loss figure of around $161,000 per car produced. On the earnings call, analysts likely will be asking management about how the company intends to bridge itself to profitability in the near future. Rivian (RIVN), for example, has achieved gross profit in its operations.

The expected loss of the $7,500 federal tax credit on Sept. 30 is also likely to put a dent in Lucid’s sales. Lucid is able to receive the credit for all of its vehicles via a lease loophole known as the “commercial clean vehicle credit.”