Rivian (RIVN) earnings This fall 2021

Shares of Rivian Automotive tumbled in after-hours buying and selling Thursday after the corporate missed Wall Avenue’s fourth-quarter earnings expectations and forecast a modest improve in automobile manufacturing for 2022.

Shares of the electric-vehicle automaker had been down greater than 13%, after earlier hitting a brand new 52-week low Thursday.

Rivian stated it expects to provide 25,000 electrical vans and SUVs this yr, because the start-up battles by way of provide chain constraints and inner manufacturing snags. That will be simply half of the automobile manufacturing it forecast to traders final yr as a part of its IPO roadshow.

“Within the speedy time period, we aren’t proof against the provision chain points which have challenged all the trade. These points, which we consider will proceed by way of not less than 2022, have added a layer of complexity to our manufacturing ramp-up,” the corporate stated in a letter to shareholders.

Rivian stated reservations for its autos have reached about 83,000 as of March 8, up from 71,000 in December.

A deliberate improve in manufacturing will come alongside an adjusted working lack of $4.75 billion and capital expenditures of $2.6 billion this yr, the corporate forecasted Thursday when reporting its fourth-quarter outcomes.

Here is how Rivian carried out in the course of the quarter, in contrast with analysts’ estimates as compiled by Refinitiv:

• Adjusted loss per share: $2.43 vs. $1.97 a share anticipated
• Income: $54 million vs. $60 million anticipated

Rivian reported an adjusted working lack of $2.8 billion for 2021, together with $1.1 billion within the fourth quarter, marking considerably wider losses than the year-ago interval. Its web loss for 2021 got here in at $4.7 billion, together with $2.5 billion throughout final quarter.

The corporate did not provide income steerage for 2022, although Refintiv consensus estimates predict a full-year, adjusted loss per share of $4.97 and income of about $3.16 billion.

The corporate stays financially sound, although, with $18.4 billion in money readily available on the finish of final yr. Rivian stated it expects capital expenditures to complete about $8 billion by way of the top of 2023. The corporate beforehand set a manufacturing objective of 150,000 autos per yr by that date.

Rivian CEO R.J. Scaringe stated Thursday the corporate can be able to producing greater than 50,000 models this yr if there have been no issues within the provide chain.

“We’re working as arduous as we are able to to get the suppliers ramped,” he advised traders.

Rivian is among the many leaders in early stage electrical automobile start-ups. Late final yr the corporate began producing three separate autos at its manufacturing facility in Regular, Illinois. The autos embrace an the R1T pickup and R1S SUV for shoppers and an electrical supply van. The primary orders of the vans are going to Amazon, which holds a 20% stake within the start-up.

The corporate declined to reveal what number of vans it has produced and delivered to Amazon. 

Throughout the earnings presentation, Scaringe additionally shared further particulars in regards to the new lower-cost and lower-range “Commonplace” battery packs, introduced on March 1.

The brand new packs will include lithium iron phosphate, or LFP, battery cells, which do not use nickel or cobalt – each of which have soared in value in current weeks. The brand new Commonplace battery packs will debut later this yr within the RCV supply vans the corporate is constructing for Amazon — however they will not be obtainable within the R1T and R1S fashions till 2024, Scaringe stated.

Shares of Rivian, which went public in November, are down about 60% this yr as of Thursday’s shut, after the corporate missed manufacturing targets for 2021.