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RIVN Nasdaq· Rivian Automotive Inc
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RIVN Nasdaq· Rivian Automotive Inc
Earnings report Q3 2023

Rivian Automotive's Revenue Surges Amidst Operational Losses

Segments of Revenue

The company's revenue for the third quarter of 2023 was $1.34 billion, a significant increase from the $536 million reported in the same period of the previous year.

Strengths

The substantial increase in revenue can be attributed to the company's successful production and delivery of vehicles. During the nine months ended September 30, 2023, the company produced 39,691 vehicles and delivered 36,150 vehicles. The positive responses to the R1T, R1S, and EDV models and the growing establishment of the Rivian brand in attractive consumer and commercial vehicle market segments also contributed to the revenue growth.

Challenges

Despite the impressive revenue growth, the company reported a net loss of $1.37 billion for the quarter. The cost of revenues also increased to $1.81 billion from $1.45 billion in the same period of the previous year. The company's operating expenses, including research and development and selling, general, and administrative expenses, also increased.

Noteworthy

The company's interest income increased to $126 million from $69 million in the same period of the previous year. However, the interest expense also increased to $55 million from $24 million.

Summary

Rivian Automotive reported a significant increase in revenue for the third quarter of 2023, driven by successful vehicle production and deliveries. However, the company continues to face challenges with increasing costs and operational losses. The company's ability to grow revenue and expand margins will be crucial for its future success.

Source documents

Form 10-Q  filed on Nov 07, 2023
7 pages scanned

Reference data

Company financials Q3 revenue 1.32B
Analyst estimates Q3 EPS beat by 3.39%
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