Rivian Automotive Inc RIVN shares are trading higher Thursday after the company reported third-quarter financial results and reaffirmed full-year production guidance.
Rivian reported third-quarter revenue of $536 million, which missed average analyst estimates of $551.57 million, according to Benzinga Pro. The company reported an adjusted net loss of $1.57 per share, which beat average estimates for a loss of $1.82 per share.
Rivian produced 7,363 vehicles during the quarter, up 67% sequentially. The company delivered 6,584 vehicles in the third quarter. Rivian also said it had 114,000 preorders for its R1 vehicle as of Nov. 7. The preorders are in addition to Amazon.com Inc's AMZN initial order of 100,000 electric vans.
Related Link: Rivian Q3 Earnings Highlights: Revenue Miss, Production Up 67% QoQ, Reaffirms 25,000 Production Goal For Year And More
Rivian said it continues to focus on ramping up production but acknowledged that supply-chain constraints will likely continue to be a limiting factor.
"Based on our latest understanding of the supply chain environment, we are reaffirming our 2022 production guidance of 25,000 total units produced," Rivian said.
"We remain confident in our ability to fund operations with cash on hand through 2025, excluding the impact of the investment in the currently contemplated joint venture with Mercedes-Benz."
Piper Sandler analyst Alexander Potter maintained Rivian with an Overweight rating and lowered the price target from $83 to $63 following the company's quarterly results.
RIVN Price Action: Rivian shares were up 8.51% at $30.46 at time of publication.
Photo: courtesy of Rivian.
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