Rivian continued to close the gap on losses

Rivian continued to close the gap on losses, reduce costs and ramp up production in the third quarter with results that beat Wall Street expectations and suggested a rosier future, including raising its annual production guidance from 52,000 to 54,000 vehicles.


The EV maker reported Tuesday (after markets closed) revenue of $1.33 billion, a figure driven by deliveries of 15,564 vehicles and more than double from the same period last year. The company also showed modest 1.5% revenue growth quarter over quarter.


On the income front, the company reported a third-quarter net loss of $1.37 billion, a 20% decrease from the $1.72 billion in losses in the same year-ago period. On an adjusted basis, the company reported a net loss of $942 million, or $1.19 earnings per share.


Analysts polled by Yahoo Finance expected revenue of $1.31 billion and an adjusted earnings per share loss of $1.33.


The company said its “strong progress” to reduce costs has prompted it to improve it adjusted earnings guidance for the year to a loss of $4 billion. While that’s still a whopping number far from break even or profitability, it should be noted that it has decreased some $300 million since the beginning of the year. In the first quarter, Rivian had forecast adjusted net loss of $4.3 billion and $2 billion in capital expenditures in 2023. Rivian said Tuesday it has also lowered its capital expenditures to $1.1 billion largely due to a shift in expense timing.