Rivian’s Second Quarter: Revenue Up, Losses Wider

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Rivian Automotive, a manufacturer of electric vehicles, kept its full-year delivery forecast unchanged on Thursday.
The automaker disclosed second-quarter earnings that exceeded Wall Street forecasts.
However, it revised its prediction for the entire year’s finances, warning that investors should now anticipate a larger loss and smaller capital expenditures than originally anticipated.

Image Source- The Verge

Producer of electric vehicles Rivian Automotive posted second-quarter revenue that was higher than what Wall Street anticipated on Thursday while maintaining its full-year target for deliveries.

However, it revised its prediction for the entire year’s finances, warning that investors should now anticipate a larger loss and smaller capital expenditures than originally anticipated.

Using data compiled by Refinitiv, the following important figures from Rivian’s second-quarter report are contrasted with typical Wall Street analyst expectations:

Revenue: $364 million versus the anticipated $337.5 million.
Compared to an estimated adjusted loss per share of $1.63, the actual loss per share was $1.62.

For the quarter, Rivian had a net loss of roughly $1.7 billion.

As of June 30, the corporation has $15.5 billion less in cash and cash equivalents than it did as of March 31 ($17 billion). The business asserted that it is certain it has enough cash to support its operations till it introduces its future R2 product platform at its new factory in Georgia in 2025.

As of June 30, according to Rivian, it had approximately 98,000 net preorders for its R1-series truck and SUV. At the time of May 11 when it released its first-quarter results, it had “over 90,000” preorders.

Additionally, the company reaffirmed its earlier, revised guidance from March, stating that it still anticipates producing around 25,000 vehicles in 2022. It did, however, state that it now anticipates its adjusted loss before income taxes, depreciation, and amortisation for the entire fiscal year to be $5.4 billion, which is higher than the $4.75 billion loss on the same basis that it had previously guided to.

Compared to its May forecast of $2.6 billion, Rivian stated that it now anticipates $2 billion in capital expenditures for the entire year.

According to the company’s letter to shareholders, the revised forecast takes into account the effects of the production ramp-up delay, higher raw material and freight costs, and ongoing supply-chain issues.

On July 6, Rivian said that 4,467 automobiles were delivered during the second quarter.

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