Shares of Rivian Automotive, Inc. RIVN climbed in premarket trading on Wednesday as investors reacted to the electric vehicle startup’s quarterly results.
Second-quarter revenue rose year-over-year to $1.12 billion, attributable to the 12,640 EVs Rivian delivered during the quarter. The quarterly revenue also included $34 million in regulatory credits. The results exceeded the consensus estimate of $1 billion.
The net loss per share narrowed year-over-year from $1.62 in the second quarter of 2022 to $1.08 in the second quarter of 2023. The quarterly loss was narrower than the $1.41 per share loss estimated by analysts.
Rivian had roughly $10.2 billion in cash, cash equivalents, and short-term investments at the end of the June quarter.
The company raised its 2023 production guidance from 50,000 units to 52,000 units and improved its adjusted EBITDA guidance from a loss of $4.3 billion to a loss of $4.2 billion.
Commenting on the results, Wedbush analyst Daniel Ives said in a post on the X platform, “Rivian takes another big step in the right direction.” He noted alleviation in supply chain issues and production worries and a strong demand outlook, with visibility improving into 2024.
“This remains one of the core EV players over the next decade in our view,” he added.
In premarket trading on Wednesday, Rivian stock rose 1.65% to $25.21, according to Benzinga Pro data.
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