Rivian Q2 Earnings Highlights: Revenue Beat, Production Update And What's Next For EV Manufacturer

Zinger Key Points
  • Rivian reported second quarter revenue of $364 million, beating a Street estimate of $337.52 million.
  • Rivian noted it has 98,000 pre-orders for the Rivian R1T pickup truck, up from 90,000 reported at the end of the first quarter.

Electric vehicle company Rivian Automotive RIVN reported second-quarter financial results after the market close Thursday. Here are the key highlights.

What Happened: Rivian reported second-quarter revenue of $364 million, beating a Street estimate of $337.52 million, according to data from Benzinga Pro.

The company reported a loss of $1.89 per share in the second quarter.

Rivian reported 4,401 vehicles were produced in the second quarter. A total of 4,467 vehicles were delivered in the second quarter. The totals are up from 2,553 vehicles produced and 1,227 vehicles delivered in the first quarter.

Supply chain issues were cited for the second quarter, with progress noted.

“We should be able to add a second shift for vehicle assembly towards the end of the third quarter,” the company said.

The company rolled out its electric delivery van with Amazon.com Inc AMZN in the second quarter. Rivian notes that over 430,000 packages have been delivered by Rivian EDVs for Amazon. The EDVs are part of a 100,000-unit initial order from Amazon.

“Every commercial vehicle sold to Amazon is complementary by a FleetOS recurring revenue steam. We expect the key learnings from our commercial vehicles and FleetOS platform will enable us to advance our software and predictive vehicle management solutions across all our vehicles,” according to the automaker. 

Rivian ended the second quarter with over $15 billion in cash.

Related Link: How To Trade Rivian Automotive Before And After Q2 Earnings Print 

What’s Next: Rivian said it remains on track to produce 25,000 vehicles in 2022. Rivian has produced around 8,000 vehicles since it began production.

Rivian noted it has 98,000 pre-orders for the Rivian R1T pickup truck, up from 90,000 reported at the end of the first quarter. The company said 60% of R1T preorder holders have never owned a pickup truck and around 90% of preorder holders do not own an electric vehicle.

The company said it remains committed to hitting 150,000 annual production capacity at its Normal, Illinois factory. The R2 is planned to launch in 2025, according to the company.

RIVN Price Action: Rivian shares were trading 2.18% higher to $39.80 in after-hours trading Thursday. Shares have traded between $19.25 and $106.80 since a November 2021 IPO.

Photo courtesy of Rivian. 

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