Rivian published its first quarter earnings report after market close on Tuesday, showing increased revenue from sales of its R1T pickup, R1S SUV and electric delivery vans. However the automaker still posted a net loss for Q1 2023 of $1.35 billion, or $1.45 per share, as they continue to ramp production.
The net loss in Q1 was an improvement over the $1.59 billion posted in the same quarter last year, showing improved efficiencies in their production processes, and came on revenue of $661 million, compared to $95 million in revenue in Q1 2022. This quarter’s figure was higher than Wall Street’s expectations of $652.1 million, according to data from Refinitiv.
Rivian says is has $11.8 billion in cash as of the end of March, down around $300 million from the previous quarter. It also reaffirmed its 2023 production guidance saying it was still on track to roll out 50,000 vehicles from its manufacturing facility in Normal, Illinois.
“Based on our latest understanding of the supply chain environment, we reaffirm the annual guidance provided during our fourth quarter and fiscal year 2022 earnings call of 50,000 total units of production, $(4,300) million in adjusted EBITDA, and $2,000 million in capital expenditures,” the company said.
Earlier this month Rivian said it built 9,395 EVs in the first quarter, including 7,946 deliveries, both down from Q4 2022. The company attributed the lower production to planned factory downtime during the quarter to upgrade assembly lines to add its new Enduro motors and lithium iron phosphate (LFP) battery packs to the production lines.
Shares in Rivian rose by around 4.5% in after-hours trading following the earnings report.
You can read the full earnings report below.
RIVN_1Q23_Shareholder_Letter_05.09.23
