Electric vehicle (EV) maker Rivian announced today that the company’s first-quarter fiscal 2023 earnings exceeded Wall Street’s expectations. Rivian’s total revenue for Q1 was a whopping $661 million, which marks a 596% increase compared to the same period last year. Net loss attributable to common shareholders narrowed year-on-year to $1.349 billion, with an adjusted net loss of $1.165 billion.
Rivian’s Q1 earnings beat analysts’ expectations, driving its shares up by almost 6% in after-hours trading. The EV manufacturer said that its focus remains on increasing production and implementing core technologies to reduce costs and improve supply to customers.
According to the company’s update on the supply chain environment, Rivian reaffirms its guidance for 2023, aiming to produce 50,000 units and achieve an adjusted EBITDA of -$4.3 billion, with capital expenditure of $2 billion. However, Rivian still believes that the supply chain will remain the primary limiting factor on output at its normal facilities.
Despite the challenges, Rivian’s team is working hard to introduce new engineering changes and key technologies that will be implemented in the second half of 2023 to help ease anticipated supply chain constraints.
As the EV market continues to evolve, Rivian’s latest earnings report shows that the company is on track to become a major player in the industry. With its innovative designs and commitment to sustainability, Rivian is poised to make a significant impact on the automotive landscape.