Rivian Automotive Inc. (Nasdaq: RIVN), the Irvine-based electric vehicle manufacturer, reported second-quarter revenue of $364 million, topping the $337.5 million average estimate of 13 analysts.
The company also reaffirmed its production guidance of 25,000 units in 2022. It produced 4,401 vehicles in its R1 and RCV lines during the second quarter, up from 2,553 in the first quarter.
It also reported a loss from operations tripled to $1.7 billion from the same period a year ago. It ended the quarter with $15.5 billion in cash and equivalents.
“The second quarter of 2022 represented important progress as we delivered against key operational and commercial milestones,” the company said in a letter on its website.
During the quarter, it also rolled out EDV 700s with Amazon in more than a dozen cities in the U.S., started production validation builds for the EDV 500, launched its fast-charging Rivian Adventure Network, and initiated a new consumer vehicle reservation system.
Rivian’s net consumer preorder backlog as of June 30 was approximately 98,000.
The stock in after-hours trading was up almost 1% to $39.25. In regular trading, it rose 4.1% to $38.95 and a $34.4 billion market cap.