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Rivian (RIVN) earnings Q3 2022

Rivian electric pickup trucks sit in a parking lot at a Rivian service center on May 09, 2022 in South San Francisco, California. 

Justin Sullivan | Getty Images

Electric vehicle maker Rivian Automotive on Wednesday reaffirmed its 25,000-vehicle production target for 2022, but said it plans to spend less to do it as the company reported third-quarter revenue that fell short of Wall Street’s estimate.

Here are the key numbers from Rivian’s third-quarter earnings report, compared with average Wall Street analyst expectations as complied by Refinitiv.

  • Revenue: $536 million, versus $551.6 million expected.
  • Adjusted loss per share: $1.57, versus an expected loss of $1.82 per share.

Rivian’s net loss for the quarter was about $1.72 billion. As of September 30, the company had about $13.8 billion in cash remaining, down from $15.5 billion as of June 30.

Rivian said on Oct. 3 that it produced 7,363 vehicles in the third quarter and delivered 6,584 vehicles to customers during the period. Year to date, through the third quarter, Rivian produced 14,317 vehicles.

Rivian said it now has “over 114,000” preorders for its R1-series trucks and SUVs, up from about 98,000 preorders as of Aug. 11.

Rivian said that it now expects its full-year capital expenditures to total about $1.75 billion, down from the $2 billion it guided to after the second quarter.

This story is developing. Please check back for updates.

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