Newark — Lucid Motors (LCID) stock slipped 2% in pre-market trading Thursday following its third-quarter earnings release, as results came in weaker than Wall Street expectations.

The electric vehicle (EV) startup posted a loss of $3.31 per share on revenue of $336.6 million, missing analyst estimates of a $2.32 per-share loss and $350 million in sales.

Revenue Growth and Production Boost

Despite the miss, Lucid delivered strong revenue growth of 68% year-over-year, driven by higher vehicle deliveries. The company sold 4,078 vehicles in the quarter, up from 2,781 units in the same period last year.

Lucid now expects to produce around 18,000 vehicles in 2025, narrowing its prior guidance of 18,000–20,000 units. With roughly 10,000 cars already produced, the company must deliver about 8,000 vehicles in the final quarter to hit its target.

Margins Slowly Improving

The EV maker’s gross profit margin improved to a negative 280%, a notable recovery from negative 385% in the prior year. While progress is evident, profitability remains a distant goal.

“The higher vehicle volume boosted revenue but could not fully offset elevated production costs,” analysts noted.

Stock Struggles Continue

Lucid shares have fallen over 43% year-to-date, following a 1-for-10 reverse stock split in September. Despite the narrowing losses, investors remain cautious as the company continues to burn cash while ramping up production.

The market is watching whether volume growth alone can eventually stabilize Lucid’s unit economics and pave the way to profitability.