Rivian Automotive reported a better-than-expected first-quarter loss, pushing its shares up 4% in after-hours trading.
Revenue was $661M, exceeding the predicted $652.1M, and the loss per share was $1.25, beating the estimated $1.59.
- Rivian's net loss reduced to $1.35B, or $1.45 per share, from $1.59B, or $1.77 per share, a year ago.
- As of March 31, the corporation still had $11.8B in cash, while Q1 capital expenditures dropped from $418M to $283M.
- Despite lower production and deliveries in the first quarter due to factory downtime, Rivian is still on schedule to fulfill its full-year production goal of 50,000 vehicles and to invest $2B in capital expenditures.
- The company is working on developing its smaller R2 platform and increasing manufacturing output.
