Rivian Automotive Inc. (NASDAQ:RIVN) reported third-quarter revenue of $2.155 billion on Thursday. That’s up 38% year-over-year.
The revenue total beat a Street consensus estimate of $1.984 billion, according to Benzinga Pro.
Automotive revenue was $1.55 billion in the quarter, up 36% year-over-year, while Software and Services revenue was $605 million, up 45% year-over-year.
The electric car company reported an adjusted loss of 48 cents per share, beating the Street consensus estimate of 72 cents per share.
Rivian previously reported third-quarter production of 19,751 units and deliveries of 19,248 units.
The company touted the recently released R2 as its best-selling vehicle by volume and highlighted strong momentum for its Autonomy+ driver-assistance platform.
What’s Next for Rivian
The company is updating several metrics after the strong quarter.
Rivian now guides for full-year deliveries of 67,000 to 70,000 units, up from a prior range of 65,000 to 70,000.
Adjusted EBITDA is expected to be a loss of $1.85 billion to $1.75 billion, an improvement of $100 million at the midpoint.
Capital expenditures are also guided lower by $300 million.
"We are laying the foundations for a future that we believe will be fully electric, autonomous and AI defined," Rivian CEO RJ Scaringe said. "I could not be more excited about the opportunity ahead for Rivian."
Rivian said it expects to begin a limited rollout of its Point to Point later this year, with a general release to all Autonomy+ subscribers in 2027.
The company will host an Autonomy and AI Day on Dec. 9.
Rivian Stock Price Action
Rivian shares are up 2.8% to $11.77 in after-hours trading Thursday versus a 52-week trading range of $11.38 to $22.69.
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