Rivian Q3 Revenue Beat, Loss Narrowing, and Higher Delivery Guidance
Beat on revenue, narrowed losses, and higher delivery guidance backed by a positive pre-market move; however, price targets were trimmed, which could cap upside.
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Beat on revenue, narrowed losses, and higher delivery guidance backed by a positive pre-market move; however, price targets were trimmed, which could cap upside.
What happened, with direct paths to the underlying reporting
Rivian reported Q3 revenue of $2.155 billion, up 38% year over year and above consensus. The company guided full-year deliveries to 67k-70k and projected an adjusted EBITDA loss of $1.75-$1.85 billion, an improvement of about $100 million at the midpoint. CEO RJ Scaringe framed Rivian as building a fully electric, autonomous and AI-defined platform, sending shares higher before the market opened.
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