Electric vehicle maker Rivian Automotive on Thursday maintained its full-year delivery guidance and reported second-quarter revenue that beat Wall Street expectations.
But he cut his full-year financial outlook, saying investors should now expect a wider loss and lower capital spending than he had previously forecast.
Here are the key numbers from Rivian’s Q2 report, compared to the average expectations of Wall Street analysts as met by Refinitiv:
Income: 364 million dollars against the 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, down from $17 billion as of March 31. its new factory in Georgia in 2025.
Rivian electric pickup trucks are parked in a Rivian service center parking lot on May 9, 2022 in South San Francisco, California.
Justin Sullivan | Getty Images
Rivian said Thursday it had about 98,000 net orders for its R1 series truck and SUV as of June 30. It had “more than 90,000” orders as of May 11, when it reported its first-quarter results.
The company also confirmed 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 come in at $5.4 billion, up from 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, down from $2.6 billion in its May guidance.
The company said in its letter to shareholders that the guidance revisions reflect its current estimates of the impacts of its delayed production ramp, higher raw material costs and transportation expenses and the ongoing challenges of the supply chain.
Rivian said on July 6 that it delivered 4,467 vehicles in the second quarter.
Correction: This story has been updated to correct that Rivian had $15.5 billion in cash and cash equivalents remaining as of June 30.
This is a developing story. Check back for updates.
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