Rivian electric pickup trucks sit in a parking lot at a Rivian service center on May 09, 2022 in South San Francisco, California.
Justin Sullivan | Getty Images
Electric vehicle maker Rivian Automotive stuck to its full-year guidance for deliveries on Thursday and reported second-quarter revenue that beat Wall Street expectations.
But he cut his financial outlook for the full year, saying investors should now expect a bigger loss and lower capital expenditure than he had previously expected.
Here are the key numbers from Rivian’s second quarter report, compared to average Wall Street analyst expectations as met by Refinitiv:
- Revenue: $364 million vs $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 as of June 30, up from $17 billion as of March 31. its new plant in Georgia in 2025.
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 released its first-quarter results.
The company also confirmed that it still expects to manufacture around 25,000 vehicles in 2022, in line with the reduced forecast it first provided in March. But he said he now expects his adjusted loss for the full year before revenue, taxes, depreciation and amortization to be $5.4 billion, more than the loss of $4.75 billion on the same basis it reported in May.
Rivian said he expects $2 billion in capital spending for the full year, down from $2.6 billion in his May forecast.
The company said in its letter to shareholders that the revisions to the guidance reflect its current estimates of the impacts of its delayed production ramp, rising raw material and transportation costs, and ongoing supply chain challenges. supply.
Rivian said on July 6 it 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 cash equivalents as of June 30.
This is a developing story. Please check for updates.