Rivian electric pickup trucks sit in a parking lot at a Rivian service center on May 09, 2022 in South San Francisco, California.
Justin Sullivan | Getty Images
Electric vehicle startup Rivian Automotive reported mixed fourth-quarter earnings and a lackluster production outlook after the bell Tuesday. Here’s how Rivian performed in the period, compared with analysts’ estimates as compiled by Refinitiv:
- Adjusted loss per share: $1.73 vs $1.94 estimated
- Revenue: $663 million vs. $742.4 million estimated
The company reported an adjusted loss before income, taxes, depreciation and amortization of nearly $5.2 billion in 2022, narrower than guidance of a $5.4 billion loss in November.
Rivian stock closed Tuesday at $19.30 a share, up 4.6%. Following the results, the stock was down by about 8% during afterhours trading.
For 2023, Rivian forecast vehicle production of 50,000 vehicles. That would be roughly double last year’s amount but below many analyst expectations of around 60,000.
“Supply chain continues to be the main limiting factor of our production; during the quarter we encountered multiple days of lost production due to supplier shortages. We expect supply chain challenges to persist into 2023 but with better predictability relative to what was experienced in 2022,” the company said in its letter to shareholders.
Rivian said it expects to achieve a positive gross profit in 2024. Rivian’s net loss for the fourth quarter was $1.7 billion, a narrower loss than the $2.5 billion it reported a year earlier.
The results follow difficult times for the electric vehicle startup that have included slower-than-expected production, unexpected pricing pressure and plans to lay off 6% of its workforce in a bid to conserve cash.
Rivian is focusing on ramping up production of its R1 truck and SUV as well as an electric delivery van it builds for Amazon, its largest individual shareholder.
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