Rivian electric pickup trucks sit in a parking lot at a Rivian service center on May 09, 2022 in South San Francisco, California.
Justin Sullivan | Getty Images
Electric vehicle maker Rivian Automotive maintained its full-year guidance for deliveries Thursday and reported second-quarter revenue that was higher than Wall Street expected.
But it trimmed its full-year financial outlook, saying that investors should now expect a wider loss and lower capital expenditures than it had previously forecast.
Here are the key numbers from Rivian’s second-quarter report, compared with average Wall Street analyst expectations as complied by Refinitiv:
- Revenue: $364 million versus $337.5 million expected.
- Adjusted loss per share: $1.62 versus an expected adjusted loss of $1.63 per share.
Rivian’s net loss for the quarter was about $1.7 billion.
The company had $15.5 billion in cash and equivalents remaining as of June 30, down from $17 billion as of March 31. The company said it’s confident that cash is enough to fund its operations until it launches its upcoming smaller product platform, called R2, at its new factory in Georgia in 2025.
Rivian said Thursday it had about 98,000 net preorders for its R1-series truck and SUV as of June 30. It had “over 90,000” preorders as of May 11, when it reported its first-quarter results.
The company also confirmed it still expects to make about 25,000 vehicles in 2022, in line with the reduced guidance it first provided in March. But it said that it now expects its full-year adjusted loss before income, taxes, depreciation, and amortization to come in at $5.4 billion, wider than the $4.75 billion loss on the same basis that it guided to in May.
Rivian said it expects $2 billion in capital expenditures for the full year, down from $2.6 billion in its May guidance.
The company said in its shareholder letter that the guidance revisions reflect its current estimates of impacts from its delayed production ramp, higher raw material costs and freight expenses, and continuing supply-chain challenges.
Rivian said on July 6 that it delivered 4,467 vehicles during the second quarter.
Correction: This story has been updated to correct that Rivian had $15.5 billion in cash and equivalents remaining as of June 30.
This is a developing story. Please check back for updates.
Source: https://www.cnbc.com/2022/08/11/rivian-rivn-earnings-q2-2022.html