Rivian Stock Jumps Nearly 6% After EV Maker Narrows Quarterly Losses

On Tuesday, Rivian Automotive Inc. reported a narrower loss for the first quarter, leading to a nearly 6% rise in its shares in the aftermarket. 

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Despite the loss of $1.35 billion, or $1.45 a share, compared to a loss of $1.6 billion, or $1.77 a share, in the same period last year, Rivian managed to keep its guidance for the year intact. 

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The company's revenue jumped to $661 million from $95 million a year ago, and its rising production enabled it to spread out fixed costs, according to CEO RJ Scaringe. 

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The company reaffirmed its production outlook of 50,000 vehicles for the year, and executives said they believed the supply chain would continue to limit facility output. 

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CFO Claire McDonough confirmed that the company had enough cash to fund operations through 2025, adding that the balance sheet had been strengthened ahead of the launch of the R2, a cheaper, new-generation EV platform in 2026. 

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Despite the positive quarterly report, analysts warn that there is still much work to be done to ramp up production and narrow losses. 

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While Rivian's guidance remained intact, Fisker Inc. and Lucid Group Inc. both cut their outlook for the year. 

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Rivian's shares have lost 40% over the past 12 months, in contrast to gains of about 3.3% for the S&P 500 index, and are down 16% so far this year.

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