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.