Rivian Q1 earnings: revenue jumps a whopping 81%
Rivian Automotive Inc (NASDAQ: RIVN) is slipping in extended hours on Tuesday even though it reported better-than-expected revenue for its first financial quarter.
This is a developing story. Figures missing below will be updated as received!
The stock is in the red partly because the EV firm did not raise its production guidance for 2024. $RIVN continues to see production to be capped at about 57,000 vehicles this year.
Analysts, in comparison, were at. RJ Scaringe – the chief executive of Rivian Automotive said in a press release today:
The Nasdaq-listed firm delivered 13,588 vehicles in its recently concluded quarter versus 12,415 expected. Rivian stock is now up well over 10% versus its year-to-date low.
Lost $1.44 billion versus the year-ago $1.34 billion
Per-share loss also increased from $1.45 to $1.48
Adjusted EBITDA printed at $798 million as per the earnings report
Revenue climbed 82% year-over-year to $1.20 billion
Consensus was a $1.15 share loss on $1.17 billion in revenue
Rivian Automotive ended the quarter with $9.05 billion in total liquidity. CEO Scaringe also said on Tuesday:
This is a developing story. Check back in a few minutes for more updates!
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