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

According to news in the morning of March 1, Beijing time, electric vehicle startup Rivian today announced its results for the fourth quarter and full year of fiscal 2022.

According to the report, Rivian's fourth-quarter revenue was $663 million, compared with $54 million a year earlier, up sharply from a year earlier; a net loss of $1.723 billion, compared with a year-earlier net loss of $2.461 billion; and a net diluted loss of $1.87 per common share, compared with a net diluted loss of $4.83 a share a year earlier.

Rivian beat Wall Street analysts' expectations for adjusted loss per share in the fourth quarter and full year, but missed revenue expectations in both the fourth quarter and the full year. At the same time, Rivian's outlook for car production for fiscal 2023 fell short of analysts' expectations, causing its shares to fall more than 7 per cent in after-hours trading.

Summary of fourth quarter results: RIvian's total revenue for the quarter ended December 31, 2022 was $663 million, compared with $54 million a year earlier, a significant increase from the same period a year earlier, driven by the company's delivery of 8054 vehicles, but the performance still fell short of analysts' expectations. On average, 17 analysts had expected Rivian's fourth-quarter revenue to reach $742.39 million, according to Yahoo Finance.

Rivian posted a fourth-quarter net loss of $1.723 billion, compared with a year-earlier net loss of $2.461 billion, narrowing year-on-year. Excluding certain one-time items (not in accordance with GAAP), Rivian's adjusted net loss attributable to common shareholders was $1.594 billion in the fourth quarter, compared with $1.242 billion in the same period last year.

Rivian's basic loss per share and diluted loss per share were both $1.87 per share for the fourth quarter, compared with $4.83 per share for the same period last year. Excluding certain one-time items (not in accordance with GAAP), Rivian's basic loss per share and diluted loss per share for the fourth quarter were both $1.73 per share for common shareholders, compared with $2.43 per share for the same period last year, which beat analysts' expectations. On average, 16 analysts had expected Rivian to post a diluted net loss of $1.94 per share in the fourth quarter, according to Yahoo Finance.

Rivian posted a fourth-quarter gross loss of $1 billion, compared with a $383 million gross loss a year earlier.

Rivian's total operating expenses were $795 million in the fourth quarter, compared with $2.071 billion in the same period last year. Of this total, Rivian spent $402 million on research and development in the fourth quarter, compared with $726 million in the same period last year; sales, general and administrative expenses were $393 million, compared with $682 million in the same period last year; and other expenses were zero, compared with $663 million in the same period last year.

Rivian posted an operating loss of $1.795 billion in the fourth quarter, compared with an operating loss of $2.454 billion a year earlier.

Rivian's adjusted EBITDA (net income before interest, tax, depreciation and amortization) was-$1.461 billion in the fourth quarter, compared with-$1.108 billion in the same period last year.

Rivian's net cash for business operations was $1.461 billion in the fourth quarter, compared with $1.086 billion for business operations in the same period last year.

Rivian's capital expenditure was $294 million in the fourth quarter, down from $455 million a year earlier.

Rivian's free cash flow was-$1.74 billion in the fourth quarter, compared with-$1.541 billion in the same period last year. Rivian defines free cash flow as net cash used for business operations minus capital expenditure.

As of December 31, 2022, Rivian had cash and cash equivalents and restricted cash balances of $12.099 billion.

Summary of full-year results: for the entire fiscal year 2022, Rivian's revenue was $1.658 billion, compared with $55 million in the previous fiscal year, a significant increase from the same period last year, but the performance still fell short of analysts' expectations. On average, 21 analysts had expected Rivian's full-year revenue to reach $1.73 billion, according to Yahoo Finance.

Rivian posted a full-year net loss of $6.752 billion, compared with a year-on-year net loss of $4.688 billion in the previous fiscal year. Excluding certain one-time items (not in accordance with GAAP), Rivian's adjusted net loss attributable to common shareholders for the full year was $5.783 billion, compared with an adjusted net loss attributable to common shareholders of $3.013 billion in the previous fiscal year.

Rivian's basic loss per share and diluted loss per share attributable to common shareholders for the full year were both $7.40, compared with $22.98 per share for the previous fiscal year. Excluding certain one-time items (not in accordance with GAAP), Rivian's basic loss per share and diluted loss per share attributable to common shareholders for the full year were both $6.34, compared with $14.78 per share for the same period last year, which beat analysts' expectations. On average, 17 analysts had expected Rivian to post an adjusted loss of $6.71 per share in the fourth quarter, according to Yahoo Finance.

Rivian posted a full-year gross loss of $3.123 billion, compared with a gross loss of $465 million in the previous fiscal year.

Rivian's total operating expenses for the full year were $3.733 billion, compared with $3.755 billion in the previous fiscal year. Of this total, R & D expenditure was $1.944 billion, compared with $1.85 billion in the previous fiscal year; sales, general and administrative expenses were $1.789 billion, compared with $1.242 billion in the previous fiscal year; and other expenditures were zero, compared with $663 million in the previous fiscal year.

Rivian posted a full-year operating loss of $6.856 billion, compared with an operating loss of $4.22 billion in the previous fiscal year.

Without GAAP, Rivian's full-year adjusted EBITDA (net profit before interest, tax, depreciation and amortization) was-$5.217 billion, compared with-$2.79 billion in the previous fiscal year.

Rivian's net cash for business operations for the full year was $5.052 billion, compared with $2.622 billion for the previous fiscal year.

Rivian's full-year capital expenditure was $1.369 billion, compared with $1.794 billion in the previous fiscal year.

Rivian's free cash flow for the full year was-$6.421 billion, compared with-$4.416 billion in the previous fiscal year.

Performance outlook: for the entire fiscal year 2023, Rivian predicts that it will produce 50,000 vehicles, with an adjusted EBITDA of-$4.3 billion and capital expenditure of $2 billion.

Rivian's forecast for car production in fiscal 2023 is roughly double that of the previous fiscal year, but it still falls short of the average estimate of about 60, 000 vehicles that several Wall Street analysts had expected.

Rivian also said its gross margin was expected to remain negative in fiscal year 2023, but it expected its gross margin in dollar terms to improve as factory production increased and the company made progress in reducing business, engineering and operating costs.

Changes in stock prices:

Rivian shares rose 85 cents, or 4.61 percent, to close at $19.30 in regular Nasdaq trading. Rivian shares fell 7.46%, or 7.46%, to $17.86 in after-hours trading as of 05:28 est (06:28 Beijing time, March 1). In the past 52 weeks, the highest price for Rivian is $66.54 and the lowest price is $15.28.

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