Rivian reports upbeat Q3 results, boosts full-year guidance as R2 sales ramp up

Rivian ( RIVN ) reported upbeat third quarter results after the bell on Thursday and boosted its guidance, citing strong R2 sales.

Rivian reported Q3 revenue of $2.155 billion vs. $2.02 billion per Bloomberg consensus, up 38% from a year ago. Rivian posted an adjusted loss per share of $0.48 vs. $0.61, and an adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) loss of $435 million vs. $575.9 million, narrower than the $602 million loss from last year.

Rivian also reported a gross profit of $176 million, up $152 million from a quarter ago, though the automotive segment remained negative.

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More importantly, Rivian improved its full-year profit guidance, now seeing an adjusted EBITDA loss of $1.75 billion to $1.85 billion (prior $1.8 billion to $2 billion) and trimmed capital expenditures to $1.40 billion to $1.50 billion (prior $1.7 billion to $1.8 billion), topping analyst expectations of an EBITDA loss of $1.88 billion and capital expenditures of $1.75 billion, respectively.

Rivian also raised its full-year delivery guidance to 67,000 - 70,000 (prior 65,000 to 70,000 vehicles), topping analysts' consensus estimates of 67,227.

"We had great results with R2 becoming our bestselling vehicle by volume in the third quarter. Customer and media feedback on R2 has been exceptional," CEO RJ Scaringe said in a statement. "Regarding our technology roadmap, our autonomy platform is progressing rapidly, and we are super excited about Point to Point [self-driving]."

Earlier this month, Rivian said it produced 19,751 vehicles at its plant in Normal, Illinois, and delivered 19,248 during the quarter, topping Bloomberg estimates of 18,952 and 18,902, respectively. Deliveries jumped 46% from a year ago and 58% from Q2, with R2 deliveries, which began in June, most likely fueling the growth.

Rivian's cash position is also in the spotlight. Rivian ended the quarter with $5.502 billion in cash, cash equivalents, and short-term investments, with $6.095 billion of total liquidity including a revolving credit facility.

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