Rivian has published their Q1 2022 earnings report after markets closed on Wednesday, missing Wall Street estimates and posting a net loss of $1.6 billion.
According to the report, Rivian recorded $95 million in revenue for the first three months of the year. That is an increase from the $54 million earned in Q4 2021, but well below consensus estimates of $130.5 million.
That translated into a net loss of $1.6 billion in Q1 2022 and an adjusted loss per share of $1.43 compared to $1.44 estimated by Wall Street analysts.
Rivian still has plenty of cash on hand to continue operations, approximately $17 billion at the end of the quarter.
Rivian Q1 2022 Production & Deliveries
The company continues to ramp production, rolling 2,553 new vehicles off the production lines at their facility in Normal, Illinois. Continuing a trend from the previous quarter, less than half of those (1,227) were delivered to customers.
Since the start of production, Rivian has produced approximately 5,000 vehicles, more than double what it had produced as of the end of Q4 2021.
Rivian reported over 90,000 net preorders in the US and Canada as of May 9, 2022, which it says have been made without spending any money on marketing or media. The company also noted having received 10,000 preorders since announcing its price increases in March.
The company also reaffirmed its guidance of producing 25,000 vehicles in 2022, despite saying it lost a quarter of its planned production time over the last three months due to supplier constraints.
You can read the full report below.Rivian-Q1-2022-Shareholder-Letter