Rivian reported its first-quarter earnings on Wednesday, beating Wall Street’s revenue estimates. This gave investors with an interest in the electric vehicle market a slight boost in confidence following the disappointing results of Fisker and Lucid.
For the period of January until March, Rivian’s top-line revenue was $661 million, thereby beating analysts’ estimates of $660.3 million. While slightly lower than the $663 million reported in Q4 of 2022, this revenue far outweighed the $95 million reported in the first quarter of last year.
The company reported a narrow adjusted earnings per share (EPS) loss for the quarter of $1.25, however, this still outperformed an estimated loss of $1.56 per share.
Deliveries for the quarter hit 7,946 electric vehicles, thereby topping estimates of 7,752 posted by Bloomberg. The company produced 9,395 vehicles, outpacing an estimate of 8,752 units.
Looking forward, the EV maker expects to post an adjusted EBITDA loss for the year of $4.3 billion, notably improving on the $5.2 billion EBITDA loss for 2022. The company did, however, state that it expects to achieve a gross profit for the year in 2024.