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

According to news in the morning of May 10, Beijing time, electric vehicle startup Rivian today announced its results for the first quarter of fiscal 2023. According to the report, Rivian's total revenue in the first quarter was $661 million, up 596% from $95 million in the same period last year. The net loss attributable to common shareholders was $1.349 billion, while the net loss attributable to common shareholders in the same period last year was $1.593 billion, narrowing year-on-year. Excluding GAAP, Rivian posted an adjusted net loss of $1.165 billion for common shareholders in the first quarter, compared with an adjusted net loss of $1.281 billion for the same period last year.

Rivian's first-quarter revenue beat Wall Street analysts' expectations and beat analysts' expectations in terms of loss per share, sending its shares up nearly 6 per cent in after-hours trading.

Summary of first quarter results:

RIvian's total revenue for the quarter ended March 31, 2022 was $661 million, up from $95 million a year earlier, driven by the company's delivery of 7946 vehicles, which beat analysts' expectations. On average, 16 analysts had expected Rivian's first-quarter revenue to reach $652.05 million, according to Yahoo Finance.

The net loss attributable to common shareholders was $1.349 billion, compared with $1.593 billion in the same period last year, narrowing year-on-year. Excluding certain one-time items (not in accordance with GAAP), Rivian's adjusted net loss attributable to common shareholders was $1.165 billion in the first quarter, compared with an adjusted net loss of $1.281 billion in the same period last year.

Rivian's basic loss per share and diluted loss per share attributable to common shareholders for the first quarter were both $1.45, compared with $1.77 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 first quarter were both $1.25 for common shareholders, compared with $1.43 for both adjusted basic loss per share and diluted loss per share for the same period last year, which beat analysts' expectations. On average, 14 analysts expected Rivian to post an adjusted loss of $1.59 per share in the first quarter, according to data provided by Yahoo Finance.

Rivian posted a gross loss of $535 million in the first quarter, compared with a gross loss of $502 million a year earlier.

Rivian's total operating expenses were $898 million in the first quarter, compared with $1.077 billion in the same period last year. Of this total, R & D expenditure was $496 million, compared with $547 million in the same period last year, and sales, general and administrative expenses were $402 million, compared with $530 million in the same period last year. During the quarter, Rivian recognized non-cash equity incentive expenses of $165 million in operating expenses, compared with $3.07 in the same period last year, and depreciation and amortization expenses of $58 million, compared with $38 million in the same period last year.

Rivian posted an operating loss of $1.433 billion in the first quarter, compared with a $1.579 billion operating loss in the same period a year earlier.

Rivian's adjusted EBITDA (net income before interest, tax, depreciation and amortization) was-$1.062 billion in the first quarter, compared with-$1.144 billion in the same period last year.

Rivian's net cash for business operations was $1.521 billion in the first quarter, compared with $1.034 billion for business operations in the same period last year, mainly due to an increase in inventory balances.

Rivian's capital expenditure was $283 million in the first quarter, compared with $418 million in the same period last year, mainly because the company was in the early stages of increasing production and therefore spent more on equipment and construction.

Rivian's free cash flow was-$1.804 billion in the first quarter, compared with-$1.452 billion in the same period last year. Rivian defines free cash flow as net cash used for business operations minus capital expenditure.

As of March 31, 2022, Rivian had cash and cash equivalents and restricted cash balances of $11.78 billion.

Business Outlook:

Rivian said the company's core focus remains on increasing production and implementing core technologies aimed at reducing costs and improving customer supply. Based on the latest understanding of the supply chain environment, Rivian reiterated its annual guidance provided during the company's fourth quarter and fiscal year 2022 earnings call that total production will reach 50,000 vehicles in 2023, adjusted EBITDA will be-$4.3 billion and capital expenditure will reach $2 billion.

Rivian said it remained confident that the supply chain would remain a major constraint on the output of its normal facilities, and said the company's team would continue to work on introducing new engineering changes and key technologies that would take effect in the second half of 2023 to help ease expected supply chain constraints.

Changes in stock prices:

Rivian shares fell 0.07 per cent, or 0.07 per cent, to $13.86 in regular Nasdaq trading. Rivian shares rose 79 cents, or 5.70 percent, to $14.65 in after-hours trading as of 07:19 est (07:19 Beijing time on the 10th). In the past 52 weeks, the highest price for Rivian is $40.86 and the lowest price is $11.68.

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