Electric vehicle startup Rivian Automotive (NASDAQ: RIVN) reported mixed fourth-quarter earnings and a lackluster production outlook after the bell Tuesday.
Adjusted loss per share proved to be $1.73 vs. $1.94 estimated, on revenue of $663 million vs. $742.4 million estimated
The company reported an adjusted loss before interest, taxes, depreciation and amortization of nearly $5.2 billion in 2022, narrower than guidance of a $5.4 billion loss in November.
For 2023, Rivian forecast vehicle production of 50,000 vehicles. That would be roughly double last year’s amount but below expectations of roughly 60,000, as estimated by several Wall Street analysts.
“Supply chain continues to be the main limiting factor of our production; during the quarter we encountered multiple days of lost production due to supplier shortages. We expect supply chain challenges to persist into 2023 but with better predictability relative to what was experienced in 2022,” the company said in its letter to shareholders.
Rivian said it expects to achieve a positive gross profit in 2024. Net loss for the fourth quarter was $1.7 billion — a narrower result than the $2.5-billion loss it reported a year earlier. Quarterly revenue of $663 million jumped from $54 million in the year-earlier period when the company had just started making its first products.
The stock closed Tuesday at $19.30 a share, up 4.6% for the session.
Shares were down $2.50 or 13% first thing after Wednesday’s opening bell, to $16.80.
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