Rivian Stock Upshifts On Strong Q3 Earnings, Increased Production Guidance and More

$Rivian Automotive(RIVN.US)$ rose some 2% in after-hours trading Tuesday after the EV make reported third-quarter financial results after the bell.

Here's a look at the key metrics from the quarter:

Earnings

Rivian reported third-quarter revenue of $1.337 billion, which beat the consensus estimate of $1.327 billion, according to Benzinga Pro.

The company also reported a quarterly loss of $1.19 per share, which beat analyst estimates for a loss of $1.32 per share.

Heading into the print, Rivian had beat earnings expectations in six of eight quarters since going public. However, the company had beaten revenue estimates just 50% of the time.

"The key drivers of our path to positive gross profit are ramping production and leveraging our fixed costs, material cost reduction, and increasing average selling prices," the company said in a letter to shareholders.

Rivian said it produced 16,304 vehicles in the third quarter and delivered 15,564. The company reports production and delivery numbers on a monthly basis, so these figures were already public.

The EV maker also raised its 2023 production guidance to 54,000, citing progress on production lines, the ramp of its in-house motor line and an improved supply chain outlook.

Rivian added that $Amazon(AMZN.US)$ remains focused on bringing 100,000 Rivian-built delivery vans to the road. As of the end of the quarter, Amazon has over 10,000 electric delivery vehicles in its fleet.

Lastly, Rivian said it ended the quarter with $9.13 billion in cash, cash equivalents and short-term investments.

Outlook

Rivian anticipates an adjusted EBITDA loss of $4 billion for full-year 2023. The company also reduced its capital expenditures guidance to $1.1 billion.

"We remain focused on ramping production and implementing core technologies designed to reduce cost and improve the customer offering," Rivian said.