Rivian electric pickup trucks sit in a parking lot at a Rivian service center on May 9, 2022 in South San Francisco, California.
Justin Sullivan | beautiful pictures
Electric vehicle manufacturer Rivian Automotive maintained its full-year guidance for Thursday deliveries and reported better-than-expected second-quarter revenue on Wall Street.
But it cut its full-year financial outlook, saying investors should now expect a larger loss and lower capital expenditure than previously forecast.
Here are the key numbers from Rivian’s second-quarter report, compared to the average expectations Wall Street analysts like Refinitiv have adhered to:
- Turnover: $364 million versus $337.5 million expected.
- Adjusted loss per share: $1.62 against 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 equivalents remaining as of June 30, down from $17 billion on March 31. The company said it was confident the cash was sufficient to finance support its operations until the launch of an upcoming smaller product platform, called R2, at its new plant in Georgia in 2025.
Rivian said on Thursday it had about 98,000 physical orders for its R1-series trucks and SUVs as of June 30. It had “more than 90,000” pre-orders as of May 11, when it reported fox first quarter results.
The company also confirmed it still expects to produce around 25,000 vehicles in 2022, in line with reduce instructions it was first offered in March. However, it said it now expects full-year adjusted loss before earnings, taxes, depreciation and amortization to come in at $5.4 billion , larger than the $4.75 billion loss for the same period they were aiming for in May.
Rivian said it expects to spend $2 billion in capital investment for the full year, down from $2.6 billion in guidance in May.
The company said in its shareholder letter that the guidance revisions reflect its current estimates of the impact of production delays, higher material and transportation costs, and related challenges. continuity in 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 has $15.5 billion remaining in cash and equivalents as of June 30.
This is an evolving story. Please check back for updates.