Rivian Reports Upbeat Third-Quarter Results, Upgrades Full-Year Guidance as R2 Sales Rise

Rivien (RIVN) reported upbeat third-quarter results after the bell on Thursday and upgraded its forecast, citing strong R2 sales.

Rivian reported third-quarter revenue of $2.155 billion, compared to $2.02 billion according to the Bloomberg consensus, up 38% from last year. Rivian reported an adjusted loss per share of $0.48 compared to $0.61 and an adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) loss of $435 million compared to $575.9 million, a smaller loss than last year’s loss of $602 million.

Rivian also reported gross profit of $176 million, up $152 million from the previous quarter, although the automotive segment remained negative.

Rivian stock gained on the news.

More importantly, Rivian upgraded its full-year earnings guidance, now reporting an adjusted EBITDA loss of $1.75 billion to $1.85 billion (previously $1.8 billion to $2 billion) and reduced its capital spending by $1.40 billion to $1.50 billion (previously $1.7 billion to $1.8 billion), beating analysts’ expectations of an EBITDA loss of $1.88 billion and capital expenditures of $1.75 billion, respectively.

Rivian also raised its full-year delivery forecast to 67,000 – 70,000 (previously 65,000 – 70,000 vehicles), beating analysts’ consensus estimates of 67,227.

“We delivered excellent results, with the R2 becoming our best-selling vehicle by volume in the third quarter. Customer and media feedback on the R2 has been exceptional,” CEO RJ Scaringe said in a statement. “In terms of our technology roadmap, our autonomy platform is progressing rapidly and we are very excited about Point to Point (autonomous driving).”

Earlier this month, Rivian said it produced 19,751 vehicles at its Normal, Illinois, plant and delivered 19,248 during the quarter, beating Bloomberg estimates of 18,952 and 18,902, respectively. Deliveries jumped 46% from last year and 58% from the second quarter, with deliveries of the R2, which began in June, most likely fueling the growth.

Rivian’s cash position is also in the spotlight. Rivian ended the quarter with $5.502 billion in cash, cash equivalents and short-term investments, with $6.095 billion in total liquidity, including a revolving credit facility.

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