Rivian Automotive Inc (NASDAQ: RIVN) on Wednesday reported weaker-than-expected results for its fiscal first quarter. Shares still jumped nearly 10% after-hours as the EV startup reiterated its full-year guidance.
Rivian Q1 earnings snapshot
Operating loss came in at $1.60 billion that translates to $1.77 per share.
Generated $95 million worth of sales, as per the letter to shareholders.
FactSet consensus was for $1.45 of per-share loss on $131 million in sales.
Produced 2,553 vehicles in Q1 versus 909 it delivered in the prior quarter.
Ended the quarter with roughly $17 billion in cash and 90,000 reservations.
Earlier this week, Ford Motor slashed its stake in the EV company by 8.0 million shares. The stock is now down more than 75% for the year as investors continue to shy away from richly valued high-growth stocks.
What does Rivian expect for the rest of the year?
Despite weak results, Rivian reiterated that it’s on track to meet its revised full-year production target of 25,000 vehicles. Capital spending will likely be worth $2.60 billion this year – unchanged from before.
The EV company forecasts $4.75 billion in adjusted EBITDA in 2022. In the letter to shareholders, Rivian said:
We remain focused on ramping production throughout 2022. Supply chain constraints will continue to be the limiting factor. If all supply constraints were resolved, our plant would have the ability to run at two times the currently expected output for the remainder of 2022.
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