Rivian Q2 Highlights: Double Beat, CEO Calls R2 a 'Game Changer'

Electric vehicle company Rivian Automotive (NASDAQ:RIVN) reported second-quarter financial results Thursday after market close.

Here are the key highlights.

Rivian Q2 Earnings

Rivian reported second-quarter revenue of $1.66 billion, up 27% year-over-year. The revenue total beat a Street consensus estimate of $1.51 billion, according to data from Benzinga Pro.

Automotive revenue was $1.14 billion in the quarter, up 23% year-over-year, while software and services revenue totaled $515 million, up 37% year-over-year.

The company reported a loss of 63 cents per share, beating a Street estimate of a loss of 74 cents per share.

Automotive gross profit was a loss of $36 million, an improvement from a loss of $335 million year-over-year.

Rivian produced 12,613 vehicles in the quarter and delivered 12,194 vehicles. The R2 began external deliveries in the second quarter.

The company ended the quarter with $5.3 billion in cash, cash equivalents and short-term investments. Rivian expects financing of $1 billion from Volkswagen later this year and $250 million from Uber Technologies.

"I believe R2 will be a game changer for our customers and a driver of Rivian’s long-term growth and profitability," Rivian CEO RJ Scaringe said. "The U.S. automotive marketplace is starved for high-quality EV choice, and I believe R2 is an attractively priced option for everyday adventures that will resonate with a broad set of consumers."

Scaringe said the company hosted over 57,000 demos in the quarter, a new company record.

What’s Next for Rivian

Rivian expects to deliver 65,000 to 70,000 vehicles for the full year. This guidance was recently increased from a previous range of 62,000 to 67,000 earlier this month.

Adjusted EBITDA is expected to be in the range of a loss of $2.0 billion to a loss of $1.8 billion.

The company expects capital expenditures for the year to total $1.7 billion to $1.8 billion.

Rivian Stock Price Action

Rivian stock is flat at $16.83 in after-hours trading Thursday versus a 52-week trading range of $11.57 to $22.69.

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