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Rivian Surges: Q3 Earnings Beat Expectations
30 Oct
Summary
- Third-quarter revenue reached $2.155 billion, a 38% year-over-year increase.
- The company reported an adjusted loss of 48 cents per share, surpassing estimates.
- Full-year delivery guidance was raised to 67,000-70,000 units.
Rivian Automotive Inc. has reported a significant third-quarter performance, with revenue reaching $2.155 billion, marking a 38% increase from the previous year. The electric vehicle maker also exceeded expectations on earnings, posting an adjusted loss of 48 cents per share against a consensus estimate of 72 cents per share. Automotive revenue grew 36% year-over-year to $1.55 billion, complemented by a 45% surge in Software and Services revenue, which totaled $605 million.
Following this strong quarter, Rivian has revised its full-year outlook. The company now anticipates delivering between 67,000 and 70,000 vehicles, an upward revision from its previous forecast. Furthermore, adjustments have been made to financial projections, with expected adjusted EBITDA losses narrowing and capital expenditures being reduced. Rivian CEO RJ Scaringe expressed optimism about the company's future in an electric, autonomous, and AI-driven landscape.
