Rivian climbs after-hours as it beats on top and bottom lines
Rivian posted its third-quarter earnings after the bell on Tuesday.
Rivian posted its third-quarter earnings results after the bell on Tuesday, and its final quarter with the $7,500 EV tax credit saw better-than-expected results.
The electric vehicle maker, which delivered 10% more vehicles in its third quarter than Wall Street expected, closed down more than 5% on the day. In after-hours trading, shares rose more than 3%.
The company posted an adjusted net loss per share of $0.65, better than the $0.72 loss per share expected by analysts polled by FactSet. In the same quarter last year, Rivian lost $0.99 per share.
Rivian also:
Booked $1.56 billion in revenue, up 78% from last year and better than the $1.51 billion Wall Street expected.
Reported a gross profit of $24 million, compared to a $392 million loss in the same quarter last year. Analysts had expected a $39 million loss.
Looking ahead, Rivian maintained its recently narrowed full-year delivery outlook of between 41,500 and 43,500 vehicles. The automaker also reaffirmed its full-year negative earnings before interest and taxes guidance of between $2 billion and $2.25 billion.
Rivian has been cutting costs in recent weeks, performing two rounds of layoffs in two months as it prepares for its 2026 launch of a midsize SUV — the R2 — for around $45,000. Its shares are down about 6% this year, significantly underperforming the S&P 500.
