Rivian has released its earnings report for the third quarter of 2022, disclosing a $1.72 billion net loss from operations and revenue of $536 million.
The net loss widened compared to the $1.23 billion posted a year earlier, while revenue did not meet analysts' expectations of $551 million, according to Refinitiv data quoted by Reuters.
The EV startup said it ended the third quarter of 2022 with $13.8 billion in cash, cash equivalents, and restricted cash, which is enough to fund the company's expansion operations through 2025, according to Rivian CFO Claire McDonough.
As announced last month, Rivian posted record production and delivery numbers in Q3 2022, building 7,363 vehicles (a 67 percent increase over Q2 2022) and shipping 6,584. The company said it recently added a second manufacturing shift in the Normal Factory, describing this development as "a key step for our R1 ramp."
This allows Rivian to maintain its 2022 production target of 25,000 units for the R1T pickup, R1S SUV and EDV delivery van. It also means the EV maker will have to build almost 11,000 vehicles in the fourth quarter; year to date, through the third quarter, Rivian produced 14,317 vehicles.
Demand remains strong for R1 series vehicles, with Rivian revealing it had more than 114,000 preorders as of November 7, 2022—from US and Canadian customers only. That's a healthy increase from the 98,000 reservations the company reported at the end of the second quarter.
These preorders are in addition to the 100,000 initial order of electric vans made by Amazon. Speaking of Amazon, the online retail giant recently announced that it now has more than 1,000 Rivian electric delivery vans making deliveries in US cities.
That said, Rivian announced it is pushing back the introduction of the smaller R2 platform to 2026 from 2025 previously. The R2 platform is designed for smaller, more affordable vehicles that likely would include both a pickup and one or more SUVs, according to automotive forecasters. Rivian's R2 vehicles will be made at a future $5 billion factory in Georgia.
"We continue to work with the state of Georgia and the Joint Development Authority and expect our R2 platform will launch in 2026. We expect the R2 platform will unlock a global market opportunity for Rivian and are excited about the early development work that is underway."
Rivian Q3 2022 Shareholder Deck
Earlier this year, Rivian said it would receive a total of $1.5 billion in state and local incentives and tax credits for the new EV plant located outside Atlanta, by far the biggest incentive package Georgia has ever offered to a company.