Rivian posts second-quarter revenue above estimates, but expects a wider loss for the year

Rivian electric pickup trucks sit in a parking lot at a Rivian service center on May 09, 2022 in South San Francisco, California. 

Rivian automotive reported second-quarter revenue that was higher than expected and maintained its full-year guidance.

It now says that investors should expect a wider loss and lower capital expenditures than before.

Key numbers from Rivian's second-quarter report are compared with average Wall Street analyst expectations.

• Revenue: $364 million versus $337.5 million expected.
• Adjusted loss per share: $1.62 versus an expected adjusted loss of $1.63 per share.

Rivian had a net loss of over one billion dollars for the quarter.

As of June 30, the company had $15.5 billion in cash and equivalents, down from $17 billion at the beginning of the year. The company is confident that it will be able to fund its operations until it opens its new factory in Georgia in 2025.

As of June 30, Rivian said it had about 98,000 net preorders for the R1 series truck and SUV. The company reported its first quarter results on May 11.

The company said it still expects to make about 25,000 vehicles in 2022. The adjusted loss before income, taxes, depreciation, and amortization is now expected to come in at $5.4 billion, wider than the $4.75 billion loss it guided to in May.

Rivian expects $2 billion in capital expenditures for the year, down from its May guidance of $2.6 billion.

The guidance revisions reflect the company's current estimates of impacts from its delayed production ramp, higher raw material costs and freight expenses, and continuing supply-chain challenges.

In the second quarter, Rivian delivered 4,467 vehicles.

Rivian had $15.5 billion in cash and equivalents left at the end of June.

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