Rivian Earnings Are Today. Production Is What Really Matters.

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Electric-truck maker

Rivian Automotive

is expected to report second-quarter numbers after the markets close Thursday. Investors won’t be looking closely at earnings or cash flow. They will be most interested in the ramp-up of Rivian’s production.

Rivian (ticker: RIVN) produced 4,401 vehicles in the second quarter, up from 2,553 produced in the first quarter.

Deliveries in the first half of 2022 totaled about 5,700 vehicles. The company plans to deliver about 25,000 vehicles for the full year. That leaves roughly 19,300 to be shipped out to customers in the final six months of the year.

Achieving that goal will require overcoming supply-chain challenges, such as a lack of semiconductors, that has plagued the entire auto industry. Rivian will have to advance down its own manufacturing learning curve as well.

As for earnings and revenue, Wall Street expects a loss in the second quarter of about $1.61 a share from roughly $336 million in sales. What’s more, analysts project the company will burn through about $1.8 billion in cash. Rivian burned through about $1.5 billion in the first quarter. Rivian ended the first quarter with about $16.4 billion in cash on its books.

Options markets imply the stock will move about 12%, up or down, after earnings are released. Shares jumped almost 18% after first-quarter results were issued. They fell almost 8% after fourth-quarter numbers were released.

After the earnings release, management hosts a conference call at 5 p.m. Eastern to discuss results.

Coming into Thursday trading, shares have fallen about 64% this year, while the

S&P 500
and

Dow Jones Industrial Average
have declined about 12% and 8%, respectively.

Write to Al Root at [email protected]