RIVN - Rivian Q1 earnings: revenue jumps a whopping 81%

2024-05-07 16:20:55 ET

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.

This is a developing story. Figures missing below will be updated as received!

The stock is in the red partly because the EV firm did not raise its production guidance for 2024. continues to see production to be capped at about 57,000 vehicles this year.

Analysts, in comparison, were at. RJ Scaringe – the chief executive of Rivian Automotive said in a press release today:

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.

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 a $1.15 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:

This is a developing story. Check back in a few minutes for more updates!

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