Shulou(Shulou.com)11/24 Report--

Beijing, Aug. 12 (Xinhua) Electric vehicle startup Rivian today announced its second-quarter results for fiscal year 2021. According to the report, Rivian's total revenue in the second quarter was $364 million; the net loss attributable to common shareholders was $1.712 billion, compared with a net loss of $580 million for common shareholders in the same period last year. Excluding GAAP, Rivian posted an adjusted net loss of $1.471 billion for common shareholders in the second quarter, compared with an adjusted net loss of $581 million for common shareholders in the same period last year.

Rivian's second-quarter revenue beat Wall Street analysts' expectations and slightly beat analysts' expectations in terms of loss per share. But at the same time, the company downgraded its full-year financial outlook, saying it expected bigger losses and lower capital expenditure than previously forecast, causing its shares to fall nearly 3 per cent in after-hours trading.

Summary of second quarter results: RIvian's total revenue for the quarter ended June 30, 2022 was $364 million, driven by the company's delivery of 4467 vehicles, which beat analysts' expectations. On average, 13 analysts had expected Rivian's second-quarter revenue to reach $337.52 million, according to Yahoo Finance.

Rivian posted a net loss of $1.712 billion attributable to common shareholders in the second quarter, compared with a net loss of $580 million attributable to common shareholders in the same period last year, which expanded year-on-year, mainly due to expanded operating losses. Excluding certain one-time items (not in accordance with GAAP), Rivian's adjusted net loss to common shareholders was $1.471 billion in the second quarter, compared with an adjusted net loss of $581 million a year earlier.

Rivian's basic loss per share and diluted loss per share for the second quarter were both $1.89, compared with $5.74 per share for the same period last year. Excluding certain one-time items (not in accordance with GAAP), Rivian's adjusted basic loss per share and diluted loss per share for the second quarter were both $1.62 for common shareholders, compared with $5.75 for both adjusted basic and diluted losses for common shareholders in the same period a year earlier, which slightly beat analysts' expectations. Analysts had on average expected Rivian to post an adjusted loss of $1.63 per share in the second quarter, according to Refinitiv, a provider of financial market data and infrastructure.

Rivian posted a gross loss of $704 million in the second quarter. Rivian's total operating expenses were $1.004 billion in the second quarter, compared with $580 million a year earlier. Of this total, R & D expenditure was $543 million, compared with $394 million in the same period last year, and sales, general and administrative expenses were $461 million, compared with $186 million in the same period last year. During the quarter, Rivian recognized $229 million in non-cash equity incentive expenses and $34 million in depreciation and amortization expenses in operating expenses.

Rivian posted an operating loss of $1.708 billion in the second quarter, compared with an operating loss of $580 million a year earlier.

Rivian's adjusted EBITDA (net income before interest, tax, depreciation and amortization) was-$1.305 billion in the second quarter, compared with-$559 million in adjusted EBITDA in the same period a year earlier.

Rivian's net cash for business operations was $1.204 billion in the second quarter, compared with $489 million for business operations in the same period last year, as the company continued to increase capacity at its Normal plant, expand its corporate and commercial operations, and improve its research and development capabilities.

Rivian's capital expenditure was $359 million in the second quarter, compared with $431 million in the same period last year, mainly due to the company's continued investment in business growth, including investment in manufacturing capacity at the Normal plant and facilities, including service centers.

Rivian's free cash flow was-$1.563 billion in the second quarter, compared with-$920 million a year earlier. Rivian defines free cash flow as net cash used for business operations minus capital expenditure.

As of June 30, 2022, Rivian had cash and cash equivalents and restricted cash balances of $15.463 billion.

Business outlook: Rivian said that the company's core focus remains on increasing production and that the productivity demonstrated in its production facilities continues to give the company confidence in the ability of systems, equipment and team members to increase production at the Normal plant. However, the company believes that supply chain constraints will continue to be a constraint on its production.

Given the current economic outlook, Rivian said it will continue to keep a close eye on market factors and is taking action to optimize the company's product roadmap and related expenses.

Based on the latest understanding of the supply chain environment, Rivian reiterated its production guidance of 25000 vehicles in 2022. At the same time, Rivian revised its annual adjusted EBITDA guidelines to-$5.45 billion, reflecting the company's latest estimates of the impact of capacity expansion at its Normal plant, raw material inflation, LCNRV (lower cost and net realizable value) adjustments, fast freight and supply chain challenges.

Rivian also lowered its 2022 capital expenditure guidance to $2 billion, a change that reflects the company's streamlined product roadmap and the impact of shifting some capital spending to 2023. Overall, Rivian expects the cash position at the end of 2022 to be in line with initial expectations.

Rivian said it was confident about its financial prospects and its ability to have enough cash to launch its R2 car in Georgia in 2025.

Share price movements: Rivian shares rose $1.55 to close at $38.95 in regular Nasdaq trading on the day. Rivian shares fell $1.05, or 2.70 per cent, to $37.90 in after-hours trading as of 06:23 est (06:23 Beijing time on Friday). In the past 52 weeks, the price of Rivian has been as high as $179.47 and as low as $19.25.

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