Rivian has published its Q3 2023 earnings report, and the results have built upon the successes in the second quarter. The automaker exceeded Wall Street estimates, and also increased its annual production guidance for the second time this year.
In its financial report released today Rivian said it had revenue of $1.337 billion from July to September, ahead of the $1.31 billion estimated by analysts. It was also 19.6% higher than the $1.12 billion in revenue in Q2, and 150% more than the $536 million reported in Q3 2022.
Rivian’s net loss for Q3 2023 stood at $942 million, again ahead of the $1.04 billion expected by analysts. The losses were also narrower than the $1.307 billion loss reported in the same time period last year. The automaker posted an adjusted EPS loss of $1.19 compared to expectations of $1.33.
With the stronger than expected results, Rivian said it is increasing its annual production guidance to 54,000 vehicles. Initially the company was expecting to build up to 50,000 vehicles in 2023, before increasing that to 52,000 in Q2.
Rivian has already produced 39,691 vehicles in the first nine months of the year, catapulted by 16,304 vehicles produced in the third quarter.
“During the third quarter we continued to see progress. We produced 16,304 vehicles during the third quarter and continue to ramp our Enduro drive-unit line. As a result, we are raising our production guidance for the year to 54,000 total units. We have also made further improvement in profitability per vehicle, introduced the new Max pack variant with up to 410 miles of range, and rolled out multiple over the air updates to enhance the customer experience. We delivered our 10,000th EDV to Amazon during the third quarter and today we’re opening sales of the Rivian Commercial Van to new customers. This is an important step forward in our mission as we look to help businesses reduce their carbon output and advance towards a carbon neutral world,” said Rivian founder and CEO RJ Scaringe.
You can read the full report below.EX_-_99.2_3Q23_Shareholder_Letter_Final_11.7.23_NASDAQ