Rivian Q1 earnings: revenue jumps a whopping 82%

Rivian Automotive Inc (NASDAQ: RIVN) is slipping in extended hours on Tuesday even though it reported better-than-expected revenue for its first financial quarter.

Why is Rivian stock down in after-hours?

The stock is in the red partly because the EV firm did not raise its production guidance for 2024. $RIVN continues to see production to be capped at about 57,000 vehicles this year.

It produced roughly the same number of vehicles last year. Still, RJ Scaringe – the chief executive of Rivian Automotive said in a press release today:

The Nasdaq-listed firm delivered 13,588 vehicles in its recently concluded quarter versus 12,415 expected. Rivian stock is now up well over 10% versus its year-to-date low.

Rivian Q1 earnings snapshot

• Lost $1.44 billion versus the year-ago $1.34 billion
• Per-share loss also increased from $1.45 to $1.48
• Adjusted EBITDA printed at $798 million as per the earnings report
• Revenue climbed 82% year-over-year to $1.20 billion
• Consensus was $1.27 a share loss on $1.17 billion in revenue

Rivian Automotive ended the quarter with $9.05 billion in total liquidity. CEO Scaringe also said on Tuesday:

What else did $RIVN reveal today?

Rivian reiterated its guidance for full-year adjusted EBITDA at $2.7 billion but lowered its forecast for capital expenditures on Tuesday to $1.20 billion for 2024.

The $10.2 billion company based out of Irvine, California now has a 5.1% share in the EV market of the United States. Its R1S is the top-selling electric vehicle under $70K in the U.S.

Note that the electric vehicles firm continues to see a "modest gross profit" in the final quarter of this year. Wall Street currently has a consensus "overweight" rating on Rivian stock.