Rivian electric pickup trucks sit in a parking lot at the Rivian Service Center on May 9, 2022 in South San Francisco, California.
Justin Sullivan Getty Images
electric car maker Rivian Cars It maintained its full-year guidance for delivery Thursday and reported second-quarter revenue that was above Wall Street expectations.
But it trimmed its full-year financial forecast, saying investors should now expect a bigger loss and lower capital expenditures than it had previously forecast.
Here are the key numbers from Rivian’s second quarter report, compared to the average expectation of Wall Street analysts as complied with by Refinitiv:
- he won: $364 million versus the expected $337.5 million.
- Adjusted loss per share: $1.62 for an expected adjusted loss of $1.63 per share.
Rivian’s net loss for the quarter was approximately $1.7 billion.
The company had $15.5 billion in cash and cash equivalents as of June 30, down from $17 billion on March 31. The company said it is confident that the cash will be sufficient to fund its operations so that it launches its next smaller product platform, called R2, at its new plant in Georgia in 2025.
Rivian said Thursday it had about 98,000 net pre-orders for its R1 truck and SUV as of June 30. First Quarter Results.
The company also confirmed that it still expects to produce around 25,000 vehicles in 2022, in line with reduce routing Presented for the first time in March. But it said it now expects its full-year adjusted loss before income, taxes, depreciation and amortization to be $5.4 billion, larger than the $4.75 billion loss on the same basis it guided in May.
Rivian said it expects $2 billion in capital expenditures for the full year, down from $2.6 billion in its guidance in May.
The company said in its shareholder letter that the guidance reviews reflect its current assessment of the impacts from the delayed production ramp, rising raw material costs and freight expenses, and ongoing supply chain challenges.
Rivian said on July 6 that 4,467 vehicles delivered during the second quarter.
Correction: This story has been updated to correct that Rivian has $15.5 billion in cash and cash equivalents as of June 30.
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