Rivian Automotive Inc missed Wall Street estimates for third-quarter revenue, but shares rose after hours as the electric-vehicle maker reported a smaller-than-expected loss and a higher number of preorders, and reaffirmed its full-year production outlook.
"While we think Rivian's balance sheet is in better shape than most other upstart EV manufacturers from a liquidity standpoint, the company is far from reaching the scale needed to drive down its unit costs and move closer to profitability," CFRA Research analyst Garrett Nelson said on Wednesday.
As they have for other EV makers, supply-chain disruptions have pressured Rivian, forcing the company earlier this year to cut its production forecast by half to 25,000 vehicles. Quarterly revenue was $536 million, compared with analysts' expectations of $551.6 million, according to Refinitiv data. Capital expenses in the quarter fell to $298 million, from $467 million a year earlier, as the company continues to conserve cash and push some spending back into 2023.
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Rivian posts narrower quarterly loss than Wall Street feared, keeps production guidance intactRivian said it lost $1.72 billion, or $1.88 a share, in the third quarter, compared with a loss of $1.23 billion, or $12.21 a share, in the year-ago period. “Our core focus remains on ramping production,” Rivian executives said.
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