Electric vehicle maker Rivian Automotive reported second-quarter revenue that surpassed Wall Street expectations. The EV maker continued to maintain its full-year guidance for deliveries but adjusted its full-year financial outlook. The company says that investors should expect a wider loss and lower capital expenditures than it had previously forecasted.
For the second quarter, Rivian reported revenue of $364 million beating the expectation of $337.5 million that analysts had expected. Adjusted loss per share for the quarter came in at $1.62 compared to the expected $1.63 loss per share that analysts had expected.
The EV maker reported a net loss of about $1.7 billion for the second quarter. As of June 30, the company had $15.5 billion in cash and equivalents remaining. The EV maker and Tesla rival added that it is confident that it has enough cash to fund its operations until it unveils its upcoming smaller product platform, R2, at its new factory in Georgia in 2025.
The company stated that it had about 98,000 net pre-orders for its R1-series truck and SUV as of June 30. As of May 11th when the company reported its first-quarter results, it had over 90,000 pre-orders. The company delivered a total of 4,467 vehicles during the second quarter.
The EV maker said that it expects to produce about 25,000 vehicles this year and this is in line with the reduced guidance it provided earlier in March. The company also added that it now expects its full-year adjusted loss before income, taxes, depreciation, and amortization to come in at $5.4 billion, wider than the $4.75 billion loss on the same basis that it guided to in May.
The company adjusted its capital expenditure and now expects $2 billion, down from the $2.6 billion it issued in its May guidance. In its shareholders’ letter, the company said that the guidance revision reflects its current estimates of impacts from its delayed production ramp, higher cost of raw materials and freight costs, and continuing supply chain challenges.