Rivian Automotive (RIVN) is up on Thursday’s intraday after the company reiterated its full-year production target.
The company reported an adjusted loss per share of $1.43 in Q1, slightly beating consensus estimates of a loss per share of $1.45. Rivian’s revenue came at $95 million, however, which is far below the Street’s estimates of $131.2 million.
Rivian’s adjusted EBITDA losses stood at $1.14 billion, which was a bit better than analysts’ expectations of a $1.16 billion loss.
More importantly, Rivian stated that it still expects to produce 25,000 vehicles this year. The company also stated that it had gained over 90,000 net R1 preorders from the United States and Canada as of May 9. Rivian also stated that it had received over 10,000 R1 preorders in the US and Canada since it updated its prices in March, with an average price of over $93,000.
Bank of America analyst John Murphy stated that Rivian delivered “OK” Q1 results. Wedbush Securities analyst Dan Ives, for his part, noted that Rivian does appear to be on the right track. However, Ives also opted to share his honest thoughts about Rivian and its execution after it went public.
“Rivian has been a train wreck since its IPO and an overall black eye for the EV industry.” Ives also stated that Rivian’s communication with investors could be described as “a case study for what not to do.”
“To say the Rivian story has been disappointing to us (and the Street) so far would be an understatement. We believe Rivian from a core engineering and design perspective along with the Amazon commercial relationship has potential to be a major EV stalwart over the next decade. However, for that to happen they need to start delivering models to customers and stop the excuses,” Ives stated.
Ives ultimately cut his price target for Rivian from $60 to $30 per share.
As of writing, RIVN stock is up 25% at $25.85 per share.