Rivian (RIVN) earnings report Q2 2023

Electric vehicle maker Rivian Automotive on Tuesday reported a loss for the second quarter that was narrower than expected and raised its production guidance for the full year.

Here are the key numbers from Rivian’s report, with consensus analyst estimates as reported by Refinitiv:

• Adjusted loss per share: $1.08 vs. $1.41 expected.
• Revenue: $1.12 billion vs. $1 billion expected.

Rivian’s net loss for the quarter was $1.2 billion, or $1.27 per share. A year ago, Rivian reported a net loss of $1.71 billion, or $1.89 per share. On an adjusted basis, Rivian reported a loss of $1.02 billion, or $1.08 per share.

Revenue in the second quarter rose to $1.12 billion from $364 million in the same period in 2022.

Rivian delivered 12,640 vehicles during the second quarter, up 59% from its first-quarter total and well above the 4,467 EVs it delivered in the second quarter of 2022.

The EV maker had $10.2 billion in cash remaining as of June 30, down from $11.78 billion as of March 31. Capital expenditures in the second quarter were $255 million, versus $359 million in the same period last year.

Rivian raised its full-year production guidance. It now expects to build about 52,000 vehicles in 2023, more than twice the number it made in 2022 and up from its previous production guidance of 50,000 vehicles. It also reduced its guidance for capital expenditures: It now expects about $1.7 billion in capex for the year, down from $2 billion in its prior guidance.

Rivian took a number of steps earlier this year to slow spending and bolster its balance sheet, including a 6% staff reduction in February and a $1.3 billion sale of convertible notes in March. The company also delayed the launch of its upcoming smaller R2 vehicle platform to 2026, from 2025.

Rivian produced roughly 23,400 vehicles in the first half of 2023. The company is currently building the R1T pickup, the R1S SUV and a series of electric delivery vans for Amazon at its factory in Normal, Illinois.