Rivian has released its Q2 2023 earnings report, posting a narrower than expected loss while also increasing their production forecast for 2023.
According to the report, Rivian’s adjusted loss per share came in at $1.08, outperforming the estimated $1.41 by Wall Street analysts. Revenue also proved to be a beacon of success, as Rivian reported $1.12 billion in revenue, surpassing the $1 billion estimated by analysts.
Rivian’s net loss for Q2 2023 stood at $1.2 billion, or $1.27 per share. This compares to the previous year’s net loss of $1.71 billion, or $1.89 per share, showcases the strides Rivian has made in reducing its losses, which it says is largely the result of its ongoing production ramp, improved cost efficiency, and successfully introducing new technologies, like its Enduro motors.
According to Rivian, this reduction in losses has translated into their gross profit per vehicle improving by about $35,000. Despite the improvement the numbers however are still in the negative. In Q2 2023 that figure stood at -$32,595, compared to -$67,329 in the first quarter and -$157,600 in Q2 2022.
As of June 30, Rivian had a cash balance of $10.2 billion, a decrease from the $11.78 billion it had at the end of the previous quarter on March 31.
With a successful first half of the year, Rivian has also revised its production guidance. The company now aims to manufacture 52,000 vehicles in 2023 in Normal, Illinois. This is a slight increase from the 50,000 units originally projected at the beginning of the year, but if achieved would more than double their 2022 production. Rivian has already produced 23,387 vehicles in the first six months of the year, which according to the automaker is now made up mostly of the R1S SUV, accounting for 70% of their production in Q2.
You can read the full report below.
RIVN_2Q23_Shareholder_Letter_08.08.23
