Rivian posts second-quarter revenue above estimates, but expects a wider loss for the year
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.
The stock was down roughly 5% in extended hours after the report to trade below $38. It debuted on the public markets at $106.75 per share nine months ago.
Rivian said that 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.
Rivian confirmed on Thursday 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 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.
It also said it expects $2 billion in capital expenditures for the full year, down from $2.6 billion in its May guidance.
Rivian had $14.9 billion in cash and equivalents remaining as of June 30, down from $17 billion as of March 31.
Rivian said on July 6 that it delivered 4,467 vehicles during the second quarter.
This is a developing story. Please check back for updates.