In the electric vehicle market, Tesla is still far and away the dominant force, but groups like Rivian are still creating and moving their own products in the space, and Rivian just happened to drop its latest quarter’s earnings results today. In Rivian’s Q1 2023 earnings reporting, it shared that it was able to put up better revenue and less earnings-per-share (EPS) losses than Wall Street estimates expected.
Rivian posted its Q1 2023 earnings results on its investor relations website on May 9, 2023. According to the announcement, Rivian was able to put up $661 million in total revenue. This was up against the $652 million expected by Wall Street analysts. Meanwhile, Rivian’s EPS came out to a loss of $1.25 per share. This was better than Wall Street’s estimate of $1.59 per share in losses.
Among many vehicle companies getting into the electric vehicle space, Rivian has survived and built an arguably solid product and delivery pipeline where others outside of Tesla have failed. The company has certainly had a bumpy road, including breaking off an exclusivity deal with Amazon for electric vans, as well losing stock value on word of the company working to raise $1.3 billion in capital.
Regardless, it’s not all bad for Rivian. The company produced 9,395 vehicles during its Q1 2023, and was able to ship 7,946 vehicles in the quarter. Rivian’s product is clearly moving, even if the company faces difficulty in finding firm footing.
With Rivian’s first quarter in the books, stay tuned for more tech and video game company earnings results reporting as further financial quarters wrap up. We’ll have those results here at Shacknews as they drop.