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Rivian Reports Mixed Second-Quarter Results
Rivian posted mixed second-quarter results, but the electric vehicle maker reiterated its current full-year loss and production forecasts and still sees a “modest gross profit” for the rest of the year.
For the quarter, Rivian reported revenue of $1.158 billion, a slight drop from the $1.165 billion expected by the Bloomberg consensus, although the company said it recognized $17 million from the sale of regulatory credits. Rivian posted an adjusted loss per share of $1.13, missing expectations of $1.20, with an adjusted net income loss of $1.115 billion versus expectations of $1.194 billion.
Rivian reaffirmed its adjusted EBITDA loss forecast of $2.7 billion for 2024, with capital expenditures reaching $1.2 billion. Rivian said it has taken significant steps toward profitability through changes it has made to its R1 platform and said it expects to “achieve modest gross profit” in the fourth quarter of this year.
“The second quarter is decisive for Rivian. We showed strong execution during the quarter with the factory upgrade and the launch of the second generation R1 vehicle,” CEO RJ Scaringe said in a statement.
“The changes we made to the R1 platform allowed us to reduce materials and manufacturing costs while improving performance and capabilities.”
Equipment upgrades at factories affected Rivian’s shipments in the second quarter. Last month, the company said it produced 9,612 vehicles at its plant in Normal, Illinois, and shipped 13,790 vehicles. Both figures were down compared to 13,980 produced and 13,588 shipped in the first quarter. Rivian said its production and deliveries in the second quarter would be “interrupted” due to plant closures needed for retooling.
Rivian’s updated R1T and R1S models could be a new sales driver, along with continued aggressive financing for its vehicles. Those new vehicles were available for order starting in June, and the “vast majority” of 2024 deliveries were second-generation R1s.
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