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Rivian results announced – the stock is up

11 May 2023 By GO Markets

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American electric vehicle Rivian Automotive Inc. (NASDAQ: RIVN) reported the latest financial results for Q1 after the market close in the US on Tuesday.

Company overview

  • Founded: June 2009
  • Headquarters: Irvine, California, United States
  • Number of employees: 14,122 (December 2022)
  • Industry: automotive, energy storage
  • Key people: R. J. Scaringe (CEO)

The results

The company reported revenue that fell slightly short of analyst estimates at $661 million (up from $95 million from Q1 2022) vs. $664.396 million expected.

Loss per share reported at -$1.25 per share, which was less than -$1.622 loss per share expected.

Rivian reiterated that it is on track to produce 50,000 vehicles in 2023, which would represent a 100% increase from last year.

Company commentary

“In the first quarter of 2023, we produced 9,395 and delivered 7,946 vehicles. This progress was despite our commercial van production line being down for a significant portion of the quarter as we introduced our Enduro motor and LFP technology into the commercial van production process,” company said in a letter to shareholders.

“We expect to continue to see a variance between production and delivery volumes as we ramp our production facility.”

“Operating and financial results during the first quarter of 2023 were in-line with our expectations and as a result, we are reaffirming our previously disclosed 2023 guidance of 50,000 total units of production, $(4,300) million in Adjusted EBITDA, and $2,000 million in capital expenditures.”

“We want to thank our employees, customers, suppliers, partners, communities, and shareholders for their continued support of our vision.”

The latest results and comments from the company had a positive impact on the share price.

The stock was up by around +4% on Wednesday at $14.44 a share.

Stock performance

  • 1 month: +1.94%
  • 3 months: -27.96%
  • Year-to-date: -21.51%
  • 1 year: -29.78%

Rivian price targets

  • Evercore ISI: $25
  • Cantor Fitzgerald: $27
  • Canaccord Genuity: $40
  • JP Morgan: $23
  • A. Davidson: $16

Rivian is the 1181st largest company in the world with a market cap of $13.53 billion, according to CompaniesMarketCap.

You can trade Rivian Automotive Inc. (NASDAQ: RIVN) and many other stocks from the NYSE, NASDAQ, HKEX, ASX, LSE and DE with GO Markets as a Share CFD.

Sources: Rivian Automotive Inc., TradingView, MarketWatch, MetaTrader 5, TipRanks, CompaniesMarketCap, Wikipedia

 

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