Rivian has published its Q4 2022 and full year financial results on Tuesday, and the automaker is continuing to burn through cash at a rapid rate. On the positive side Rivian is setting its expectations high for 2023.
According to the Q4 2022 shareholder letter Rivian reported revenue of $633 million in the final three months of the year. That figure is higher than the Q3 revenue of $536 million, but below analyst expectations which were forecasting $742 million for Q4.
This resulted in Rivian posting a net loss of $1.723 billion in the final three months of the year. While this is lower than Q4 2021 when the automaker experienced a $2.461 billion net loss, it continued a trend of near $2 billion quarterly losses, with Rivian ending the year with a total net loss of $6.752 billion. This was more than net loss of $4.688 billion in 2022, primarily due to the costs associated with increased production in its first full year of producing electric vehicles (EVs).
In the shareholder letter Rivian explained that while they continue to burn through cash, they have been able to keep their operating expenses stable, spending $3.733 billion in 2022 compared to $3.755 billion in 2021. The automaker ended 2022 with $12.099 billion in cash or cash equivalents.
Looking ahead to 2023, Rivian said they expect to continue to suffer from supply chain shortages which resulted in several days of lost production in the final quarter last year. However they expect to fare better in 2023 and are aiming to produce 50,000 vehicles from their manufacturing facility in Normal, Illinois. For comparison Rivian produced 10,020 vehicles in the final quarter of 2022, ending the year with 24,337 deliveries.
In good news for some reservation holders, Rivian says they are expecting to release their long-awaited Max Pack with a 400 mile (643km) range for the R1T and R1S in the fall of 2023.
Rivian also explained they will be implementing their Enduro motor system and LFP battery packs in their commercial delivery van in the first quarter, a move which will drive down costs and increase performance of the EV. In addition they will be shutting down all their production lines in the first quarter to “prepare for the integration of vehicle technologies we plan to implement in 2024.”
Shares of Rivian (RIVN) are down around 7% in after-hours trading following the release of the results.