Electric vehicle company Rivian Automotive Inc (NASDAQ:RIVN) reported its first quarter financial results after market close Wednesday. Here are the key highlights.
What Happened: Rivian reported it produced 2,553 vehicles in the first quarter and delivered 1,227 vehicles in the first quarter. The company’s first quarter revenue was $95 million. The company reported 909 vehicles delivered in the previous quarter.
Rivian reported a loss of $1.77 per share versus a Street estimate of a loss of $1.44 per share, according to data from Benzinga Pro.
The company ended the first quarter with over 90,000 net pre-orders of the Rivian R1 electric pickup truck in the U.S. and Canada. The company also has a 100,000 order for electric delivery vans from Amazon Inc (NASDAQ:AMZN). Rivian has received over 10,000 pre-orders for the R1 after updating its pricing in March with an average price of over $93,000.
“These first two vehicles are critical for establishing Rivian as a company that is focused on inspiring and enabling customers to have the kinds of adventures that are remembered for years to come,” the company said.
Rivian ended the first quarter with $17 billion in cash.
Related Link: Rivian Q4 Results: Earnings And Sales Miss, 909 Vehicle Deliveries And More
What’s Next: Rivian reaffirmed guidance for adjusted EBITDA to be a loss of $4.75 billion for fiscal 2022.
The company also reaffirmed guidance to produce over 25,000 vehicles in fiscal 2022. The company said it is “ramping production and deliveries of the EDV 700 to Amazon.”
Long term, the company’s goal remains to have planned annual production capacity of 600,000 units.
“Our top priority for 2022 remains ramping production in our Normal, Illinois production facility,” the company said. A second facility in Georgia is expected to launch in 2025.
Rivian said supply chain constraints “will continue to be the limiting factor of our production.”
The company said it could more than double its current output for the remainder of 2022 without supply chain constraints.
Price Action: Rivian shares are up 2.28% to $21.07 in after-hours trading Wednesday. Rivian shares have traded between $21 and $179.46 over the last 52-weeks.
Photo: Courtesy of rivian.com
