Electric vehicle maker Rivian Automotive kept its full shipment guidance on Thursday and reported second-quarter earnings that were higher than Wall Street expected.
But it cut its full-year financial outlook, saying investors should now expect a bigger loss and lower capital spending than it had previously forecast.
Here are the key numbers from Rivian’s second-quarter report, compared to the average Wall Street analyst expectations as matched by Refinitiv:
- Income: $364 million versus $337.5 million expected.
- Adjusted loss per share: $1.62 versus an expected adjusted loss of $1.63 per share.
Rivian’s net loss for the quarter was about $1.7 billion.
The company had $15.5 billion in cash and cash equivalents remaining as of June 30, up from $17 billion as of March 31. The company said it is confident cash is sufficient to fund its operations until it launches its smaller product platform, called R2, at its new Georgia plant in 2025.
Rivian electric trucks sit in a parking lot 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 pre-orders for its R1 series truck and SUV as of June 30. It had “over 90,000” pre-orders as of May 11, when it reported first-quarter results.
The company also confirmed it still expects to produce about 25,000 vehicles in 2022, in line with the reduced guidance it first offered in March. But it said 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 it guided for in May.
Rivian said it expects $2 billion in capital spending for the full year, up from $2.6 billion in May guidance.
The company said in its shareholder letter that the guidance revisions reflect its current assessments of the impacts from delayed production growth, higher raw material and freight costs and ongoing supply chain challenges.
Rivian said on July 6 that it had delivered 4,467 vehicles during the second quarter.
Correction: This story has been updated to correct that Rivian had $15.5 billion in cash and equivalents remaining as of June 30.
This is a developing story. Please check back for updates.
