Rivian Q1 Earnings Highlights: Revenue And EPS Beat, 50,000 Unit Guidance Maintained And More

Electric vehicle company Rivian Automotive (NASDAQ: RIVN) reported first-quarter financial results after market close Tuesday. Here are the key highlights.

What Happened: Rivian reported first-quarter revenue of $661 million, which beat a Street consensus estimate of $652 million according to data from Benzinga Pro.

The company reported a loss of $1.25 per share, which came in ahead of Street estimates of a loss of $1.59 per share.

Rivian reported production of 9,395 units in the first quarter and 7,946 deliveries. The company has produced over 35,000 vehicles since it began production as of the end of the first quarter.

“During the first quarter of 2023, R1 production continued to grow quarter-over-quarter and EDV is ramping production after the successful introduction of our in-house motor and lithium iron phosphate battery pack,” the company said.

The company stated that it has implemented measures to secure expenses for long-term growth.

“Our long-term success as a business will be determined by our ability to produce high volumes of vehicles profitably.”

Rivian ended the first quarter with around $12 billion in cash.

Related Link: Trading Strategies For Rivian Stock After Q1 Earnings

What’s Next: The company sees hitting positive gross profit in 2024.

Previous guidance of production of 50,000 units was maintained for fiscal 2023. The company expects to increase production volumes further in 2024.

The company sees the supply chain as the main limiting factor for production output at its Normal, Illionis facility.

RIVN Price Action: Rivian shares are up 5% to $14.52 in after-hours trading Tuesday.

Read Next: Rivian Q4 Earnings Recap: EV Delivery Production Totals, 2023 Guidance, R2 Update And More 

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