Rivian Automotive Inc. (NYSE: RIVN), the EV-maker, released its first-quarter earnings for FY22 after the closing bell on Wednesday, May 11, 2022. The EV manufacturer missed the revenue expectations. However, the SEC filings reported they had not lowered the production volume.
Based on our latest understanding of the supply chain environment, we reaffirm the annual guidance provided during our fourth quarter and fiscal year 2021 earnings call of 25,000 total units of production.
From Rivian 10Q
The stock had declined ~10% during the trading hours on Wednesday, but once the earnings were published, the price gained 6% (at the time of writing) as the company reassured its growth.
Here are all the essential takeaways from the latest disclosure.
- Revenue: $95 million reported vs. $113.64 million expected
- EPS: (-$1.77) reported vs. (-$1.50) expected
- Net Loss: $ 1.593 billion
Financial Highlights
- Total production for Q1 2022 was 2,553 vehicles.
- Delivered 1,227 vehicles in Q1, generating $95 million in Revenue.
Analysts Estimate
The Zacks Consensus Estimate for loss per share was pinned at $1.50. The revenue was estimated to be $113.64 million.
Earnings History
Rivian’s fourth-quarter and full-year earnings FY22 highlights include:
- Total revenues for Q4 2021 were $54 million, driven by the delivery of 909 vehicles. For the fiscal year 2021, total revenues were $55 million, supported by 920 total vehicle deliveries.
- Rivian generated a negative gross profit of $(383) million for Q4 2021. For the fiscal year 2021, the company generated a negative gross profit of $(465) million.
- Total operating expenses for Q4 2021 grew to $2,071 million, compared to $353 million in Q4 2020. For the fiscal year 2021, operating expenses grew to $3,755 million, compared to $1,021 million in 2020.
- Research and development (R&D) expense in Q4 2021 was $726 million, as compared to $255 million in Q4 2020.
Earnings Forecast
Analysts estimated the loss per share for the second quarter of FY22 to be $1.52. The estimated revenue is much higher than this quarter’s estimate, and the forecast is $325.83 million. For the full year of FY22, the estimated loss per share is $6.37, and the revenue estimate is $1.87 billion.
Rivian IPO and Achievements
Rivian Automotive Inc. went public on NYSE on November 9, 2021. On Wednesday, amazon-backed Rivian Inc. stock prices surged as much as 53 percent in its Nasdaq debut, flowing in $12 billion in fresh cash on the first day of its trading, giving a market capitalization of more than $100 billion.
That made Rivian IPO the world’s biggest initial public offering this year and the second most valuable U.S. automaker after Tesla Inc. Rivian reached a market value of over $100 billion two days after its initial public offering. In contrast, Tesla Inc. went public in 2010 with a market cap of $2 billion and couldn’t reach $90 billion until 2020.
