Lucid Q1 loss triples to $1B as Gravity ramp stalls; CEO transition, $1.5B capital raise announced

Filed May 5, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 6, 2025 · ~2 min read

Key Changes

• high

  Net loss ballooned to $1,028M in Q1 2026 vs. $366M prior year; accumulated deficit now $16.6B. Operating cash burn surged to $1.2B from $429M, driven by inventory build and a 29-day Gravity production halt due to supplier seat defects.

  MD&A: Operating Results & Cash Flow verify on EDGAR →
• high

  Gross margin worsened to (110)% from (97)% as inventory write-downs jumped 57% to $238M and $41M in new tariff costs hit, partially offset by $53M IEEPA refund. Company remains deeply unprofitable per unit sold.

  MD&A: Gross Margin verify on EDGAR →
• high

  Lucid raised $1.5B in April 2026: $550M Series C preferred from Ayar, $500M DDTL draw, $292M public equity, and $200M from Uber. DDTL covenant relief granted but perpetual 9% preferred dividend compounds indefinitely, amplifying dilution.

  MD&A: Liquidity & Controls: Dilution verify on EDGAR →