Rivian reported a smaller-than-expected Q2 loss and revenue of $1.66B, exceeding estimates as deliveries rose to 12,194 vehicles.
Rivian posted a Q2 loss of $0.63 per share, narrower than the $0.97 loss a year earlier and better than expectations. Revenue reached $1.66 billion, surpassing the $1.52 billion estimate, driven by higher vehicle deliveries of 12,194 units, above the 11,471 forecast.
The company produced 12,613 vehicles in the quarter, slightly above estimates of 12,145. Cash reserves stood at $3.59 billion, close to the $3.62 billion estimate. Rivian reaffirmed its full-year delivery target of 65,000 to 70,000 vehicles but maintained its adjusted EBITDA loss forecast of $1.8 billion to $2.0 billion.
Shares of $RIVN showed muted reaction in after-hours trading as investors digested the mixed results.