Benzinga - by Chris Katje, Benzinga Staff Writer.
Electric vehicle company Rivian Automotive (NASDAQ:RIVN) reported first-quarter financial results after market close Tuesday.
Here are the key highlights.
What Happened: Rivian reported first-quarter revenue of $1.20 billion, which beat a Street consensus estimate of $1.16 billion according to data from Benzinga Pro.
The company reported a loss of $1.48 per share, which missed a Street consensus estimate of a loss of $1.25 per share.
Rivian reported production of 13,980 vehicles and deliveries of 13,588 in the first quarter. The results were ahead of company forecasts.
The company also highlighted the R2 and R3 vehicles that were unveiled in the first quarter on March 7.
"R2, R3 and R3X address the largest consumer segment of midsize SUV and crossover vehicles," The company said.
Production of the R2 will begin in the first half of 2026.
In the first quarter, the R1S was the fourth best-selling electric vehicle in the U.S. and the best-selling electric vehicle in the U.S. above the $70,000 price level. Rivian reported it had 5.1% market share for electric vehicles in the U.S. in the first quarter.
Rivian also said it remains focused with partner and investor Amazon.com Inc (NASDAQ:AMZN) on bringing 100,000 Rivian electric delivery vans to the road.
Related Link: Related Link: Rivian Q1 Earnings Preview: Analyst Estimates, R2 Update, Key Production Focus Areas
What's Next: The company said it continues working to ramp production. Rivian reaffirmed guidance of 57,000 total units of production for 2024 and a $2.7 million loss in adjusted EBITDA for the full fiscal year.
"First-quarter results exceeded our outlook and set a strong foundation for the remainder of the year as we focus on continued demand generation, delivering cost and plant efficiency improvements, advancing R2 development, and driving towards profitability," Rivian CEO RJ Scaringe said.
The company said moving the start of R2 production to Normal, Illinois will reduce the capital expenditures to launch the vehicle.
"We are focused on extending our cash runway by managing operating and capital expenditures and optimizing our working capital," the company said.
RIVN Price Action: Rivian shares are down 1% to $10.15 in after-hours trading Tuesday versus a 52-week trading range of $8.26 to $28.06.
Read Next: Is Apple Back In The EV Game? Tech Giant Reportedly Eyes Rivian Partnership
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