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.
Why is Rivian stock down in after-hours?
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.
It produced roughly the same number of vehicles last year. Still, RJ Scaringe – the chief executive of Rivian Automotive said in a press release today:
Q1 set a strong foundation for remainder of the year as we focus on continued demand generation, delivering cost and plant efficiency improvements, advancing R2 development, and driving towards profitability.
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.
Rivian Q1 earnings snapshot
- 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 $1.27 a 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:
We hit several milestones this quarter, including producing our 100,000th vehicle in Normal, successfully navigating retooling upgrade, and unveiling our new midsize platform which underpins R2, R3, and R3X.
What else did $RIVN reveal today?
Rivian reiterated its guidance for full-year adjusted EBITDA at $2.7 billion but lowered its forecast for capital expenditures on Tuesday to $1.20 billion for 2024.
The $10.2 billion company based out of Irvine, California now has a 5.1% share in the EV market of the United States. Its R1S is the top-selling electric vehicle under $70K in the U.S.
Note that the electric vehicles firm continues to see a “modest gross profit” in the final quarter of this year. Wall Street currently has a consensus “overweight” rating on Rivian stock.
Watch here: https://www.youtube.com/embed/04vWKpIYsXw?feature=oembed
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