Electric car maker Rivian Automotive maintained its full-year steerage for deliveries Thursday and reported second-quarter income that was greater than Wall Street anticipated.
But it trimmed its full-year monetary outlook, saying that buyers ought to now count on a wider loss and decrease capital expenditures than it had beforehand forecast.
Here are the important thing numbers from Rivian’s second-quarter report, in contrast with common Wall Street analyst expectations as complied by Refinitiv:
- Revenue: $364 million versus $337.5 million anticipated.
- Adjusted loss per share: $1.62 versus an anticipated adjusted lack of $1.63 per share.
Rivian’s web loss for the quarter was about $1.7 billion.
The firm had $15.5 billion in money and equivalents remaining as of June 30, down from $17 billion as of March 31. The firm stated it is assured that money is sufficient to fund its operations till it launches its upcoming smaller product platform, referred to as R2, at its new manufacturing unit in Georgia in 2025.
Rivian electrical pickup vehicles sit in a parking zone at a Rivian service middle on May 09, 2022 in South San Francisco, California.
Justin Sullivan | Getty Images
Rivian stated Thursday it had about 98,000 web 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 outcomes.
The firm additionally confirmed it nonetheless expects to make about 25,000 automobiles in 2022, according to the decreased steerage it first supplied in March. But it stated that it now expects its full-year adjusted loss earlier than earnings, taxes, depreciation and amortization to return in at $5.4 billion, wider than the $4.75 billion loss on the identical foundation that it guided to in May.
Rivian stated it expects $2 billion in capital expenditures for the total yr, down from $2.6 billion in its May steerage.
The firm stated in its shareholder letter that the steerage revisions mirror its present estimates of impacts from its delayed manufacturing ramp, greater uncooked materials prices and freight bills, and persevering with supply-chain challenges.
Rivian stated on July 6 that it delivered 4,467 automobiles in the course of the second quarter.
Correction: This story has been up to date to right that Rivian had $15.5 billion in money and equivalents remaining as of June 30.
This is a growing story. Please verify again for updates.