Rivian electric pickup trucks park in a parking lot at a Rivian Service Center on May 9, 2022 in South San Francisco, California.
Justin Sullivan | Getty Images
Electric vehicle maker Rivian Automotive on Thursday maintained its full-year delivery forecast and reported second-quarter sales that were higher than Wall Street had been expecting.
But it trimmed its full-year financial outlook, saying investors should now expect a bigger loss and lower capital spending than it previously forecast.
Here are the key numbers from Rivian’s second-quarter report, compared to average Wall Street analyst expectations as maintained by Refinitiv:
- Revenue: $364 million versus $337.5 million expected.
- Adjusted loss per share: $1.62 versus an adjusted loss per share of $1.63 expected.
Rivian’s net loss for the quarter was approximately $1.7 billion.
The company had $15.5 billion in cash and cash equivalents as of June 30, compared to $17 billion as of March 31. The company said it is confident the cash will be sufficient to fund its operations until it launches its forthcoming smaller product platform, dubbed the R2, at its new Georgia factory in 2025.
Rivian said Thursday it had about 98,000 net pre-orders for its R1-series truck and SUV as of June 30. On May 11, when it released its first-quarter results, it had “over 90,000” pre-orders.
The company also confirmed that 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 it now expects its full-year adjusted loss before income, taxes, depreciation and amortization to be $5.4 billion, up from the $4.75 billion loss on the same basis it had forecast in May.
Rivian said it expects full-year investments of $2 billion, compared to $2.6 billion in its May forecast.
The company said in its letter to shareholders that the revision of the guidance reflects its current estimates of the impact from the delayed production ramp-up, higher raw material and freight costs, and ongoing supply chain challenges.
Rivian announced on July 6 that it had delivered 4,467 vehicles in the second quarter.
Correction: This news has been updated to correct that Rivian had $15.5 billion in cash and equivalents as of June 30th.
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https://www.cnbc.com/2022/08/11/rivian-rivn-earnings-q2-2022.html Rivian (RIVN) earnings Q2 2022