Electric vehicle company Rivian Automotive (NASDAQ:RIVN) reported third-quarter financial results after market close Thursday.
Here are the key highlights.
What Happened: Rivian announced third-quarter revenue of $874 million, which missed a Street consensus estimate of $1.00 billion, according to data from Benzinga Pro.
The company reported a loss of 99 cents per share, missing a Street consensus loss of 92 cents per share.
Operating expenses in the third quarter were $777 million, down from $963 million in the third quarter of the prior year.
Rivian had production of 13,157 vehicles in the third quarter and deliveries of 10,018 vehicles in the quarter.
"This quarter we have made progress against our key objectives and have seen meaningful progress on our Gen 2 R1 cost structure due to the new technologies incorporated into the vehicle and manufacturing process," Rivian CEO RJ Scaringe said.
The company announced a strategic supply agreement with LG Energy Solutions Thursday. The supply agreement will help power the company's next-generation midsize electric vehicle platform.
Rivian ended the third quarter with $6.74 billion in cash and cash equivalents, which includes $1 billion of an unsecured convertible note issued to Volkswagen International America, related to the joint venture with Volkswagen (OTC:VWAGY). The note will automatically convert into shares of Rivian Class A stock on Dec. 1, 2024.
Read Also: Rivian Q3 Earnings Preview: Analyst Worries About Demand, Will Company Comment On 2024 Election Impact?
What's Next: Rivian said it expects to reach positive gross profit in the fourth quarter with higher revenue per unit and improved fixed costs per unit.
The company said it is making progress on the R2 vehicle.
Rivian reaffirmed its 2024 production guidance of a range of 47,000 to 49,000 and a delivery outlook of 50,5000 to 52,000 vehicles for the full year.
EBITDA guidance ranged from a loss of $2.825 billion to $2.875 billion.
"We are excited about the future and our midsize SUV, R2, which we believe will be a fundamental driver of Rivian's growth. We're also looking forward to closing our proposed joint venture with Volkswagen Group, which is expected in the fourth quarter," Scaringe said.
RIVN Price Action: Rivian stock is up 3.2% to $10.38 in after-hours trading Thursday, versus a 52-week trading range of $8.26 to $24.61.
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