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Rivian Automotive Reports Better Than Expected Q2 Results

Rivian Automotive (NASDAQ:RIVN) reported its Q2 results last week, with EPS of ($1.62) coming in slightly better than the Street estimate of ($1.63).
Revenue was $364 million, beating the Street estimate of $335.38 million. R1 net preorders were up to approximately 98,000 in US/Canada as of June 30. The average daily preorder rate accelerated in Q2 compared to Q1. The company reiterated its 25,000 production target.
On the negative side, the 2022 EBITDA guidance was adjusted to ($5.45) billion vs. ($4.75) billion prior, reflecting the latest estimates of ramp and inflation.

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