Rivian continued to close the gap on losses, reduce costs and ramp up production in the third quarter, a result that beat Wall Street expectations and suggested a rosier future, including raising its annual production guidance from 52,000 to 54,000 vehicles.
The EV maker reported Tuesday after markets closed revenue of $1.33 billion, a result driven by deliveries of 15,564 vehicles and more than double from the same period last year. The company also showed modest 1.5% revenue growth quarter over quarter.
On the income front, company reported a third-quarter net loss of $1.37 billion, a 20% decrease from the $1.72 billion in losses in the same year-ago period. On an adjusted basis, the company reported a net loss of $942 million, or $1.19 earnings per share.
Analysts polled by Yahoo Finance expected revenue of $1.31 billion and an adjusted earnings per share loss of $1.33.
The company said its “strong progress” to reduce costs has prompted it to improve it adjusted earnings guidance for the year to a loss of $4 billion. While that’s still a considerable number it has steadily decreased throughout the year. The company also lowered its capital expenditures guidance to $1.1 billion largely due to a shift in expense timing.
“During the third quarter we continued to see progress,” Rivian founder and CEO RJ Scaringe said in a statement. “We produced 16,304 vehicles during the third quarter and continue to ramp our Enduro drive-unit line. As a result, we are raising our production guidance for the year to 54,000 total units. We have also made further improvement in profitability per vehicle, introduced the new Max pack variant with up to 410 miles of range, and rolled out multiple over the air updates to enhance the customer experience. We delivered our 10,000th EDV to Amazon during the third quarter and today we’re opening sales of the Rivian Commercial Van to new customers. This is an important step forward in our mission as we look to help businesses reduce their carbon output and advance towards a carbon neutral world.”
The company is still stacked with $9.1 billion in cash, cash equivalents and short-term investments.
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