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.
However 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.
Listed below are the important thing 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 lack of $1.63 per share.
Rivian’s net loss for the quarter was about $1.7 billion.
The corporate had $15.5 billion in money and equivalents remaining as of June 30, down from $17 billion as of March 31. The corporate said it’s confident that money is sufficient to fund its operations until it launches its upcoming smaller product platform, called R2, at its latest factory in Georgia in 2025.
Rivian electric pickup trucks sit in a parking zone at a Rivian service center on May 09, 2022 in South San Francisco, California.
Justin Sullivan | Getty Images
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 corporate also confirmed it still expects to make about 25,000 vehicles in 2022, consistent with the reduced guidance it first provided in March. However it said that it now expects its full-year adjusted loss before income, taxes, depreciation and amortization to are available in at $5.4 billion, wider than the $4.75 billion loss on the identical basis that it guided to in May.
Rivian said it expects $2 billion in capital expenditures for the complete 12 months, down from $2.6 billion in its May guidance.
The corporate 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 throughout the second quarter.
Correction: This story has been updated to correct that Rivian had $15.5 billion in money and equivalents remaining as of June 30.
It is a developing story. Please check back for updates.