Rivian reported its Q4 2022 and full-year earnings this week, and it failed to meet earnings expectations based on the consensus from Wall Street. While the company has struggled with much adversity over the years, it's looking forward to 2023 and beyond with grand plans.
Rivian's revenue came in a $663 million compared to the ~$742 million that Wall Street analysts forecasted. Meanwhile, the US electric truck maker upped its earnings per share to $1.73. Again, Wall Street expected even more success, predicting $1.94 per share.
As expected, Rivian suffered massive overall losses yet again, though they weren't nearly as bad as the $2.5 billion the company lost in Q4 2021. Rivian cut its losses to $1.72 billion this time around. That said, the company noted that it still has over $12 billion in cash on hand.
We've been following Tesla since the beginning, and we imagine Rivian is going to have many more reports that are considered negative by Wall Street. As the company continues to push forward and work to grow its production and footprint, it will also continue to lose money. It may be years before Rivian is lucky enough to provide a notably positive earnings report, and we can only hope it happens sooner rather than later.
The EV startup hopes to be profitable by the end of 2024, which probably seems like a stretch considering the nature of this report thus far. Yet, some Wall Street analysts expected Rivian to reach profitability sooner.
Rivian also provided some details about its future plans. The electric carmaker aims to double production for 2023, making some 50,000 EVs for the year as a whole. While that may seem optimistic, Wall Street yet again expected more. According to Teslarati, some analysts thought Rivian would set a goal for 60,000 vehicles for the year.
Rivian is making plans for its upcoming R2 vehicles, which will not only reduce costs and help with future profitability, but also introduce new features and even stronger overall vehicle capability. The vehicles will be produced at a new factory in Georgia, though few details have been revealed to date, and there's not yet an official timeline.
For many more details from Rivian, check out its Q4 2022 Shareholder Letter. Once you've had a chance to peruse it, scroll down and leave us your takeaways in the comment section below.