Electric vehicle company Rivian Automotive RIVN reported second-quarter financial results after the market close Tuesday. Here are the key highlights for the investors.
What Happened: Rivian reported second-quarter revenue of $1.12 billion, which beat a Street consensus estimate of $978.9, million according to data from Benzinga Pro.
The company reported an adjusted loss of $1.08 per share, beating a Street consensus estimate of a loss of $1.41 per share.
Operating expenses for the company were $873 million, down from $1 billion year-over-year. The net loss was $1.29 billion in the second quarter versus $1.71 billion one year ago.
“We continued to ramp production, improved cost efficiency, successfully introduced new technologies, and enhanced the customer experience,” the company said.
Rivian reported production of 13,992 vehicles in the second quarter and deliveries of 12,640, figures that were previously disclosed by the company in July. Production and deliveries were up 50% and 60%, respectively, on a quarter-over-quarter basis.
Rivian ended the second quarter with $10.2 billion in cash and cash equivalents.
Related Link: Trading Strategies For Rivian Stock After Q2 Earnings
What’s Next: Rivian is raising its previous full-year production guidance from 50,000 units to 52,000 units.
“As was the case in the second quarter, during the ramp of our production line, we expect quarterly production will continue to outpace deliveries until we reach a steady state of production volumes,” the company said.
“We remain focused on ramping production and implementing core technologies designed to reduce cost and improve the customer offering.”
The company is also updating guidance for a full-year adjusted EBITDA loss of $4.2 billion, an improvement over previous guidance. The update comes as the company is lowering its capital expenditures for the full fiscal year.
“We remain confident in our ability to continue to drive our cost per vehicle lower by ramping production and leveraging our fixed costs, as well as our commercial, engineering design changes, and operation cost reduction efforts.”
The company said it expects to maintain the momentum from the first half of 2023 by “continuing to deliver against our value drivers: production ramp, cost efficiency, future platforms and technologies, and customer experience.”
RIVN Price Action: Rivian shares were trading down 1.61% at $24.40 in after-hours trading Tuesday versus a 52-week trading range of $11.68 to $40.86.
Photo courtesy of Rivian.
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