Rivian (RIVN) earnings Q4 2021

Rivian signage at the Nasdaq on their IPO working day, November 10, 2021 in New York.

Supply: Rivian

Shares of Rivian Automotive tumbled in soon after-several hours investing Thursday following the organization skipped Wall Street’s fourth-quarter earnings anticipations and forecast a modest enhance in car output for 2022.

Shares of the automaker ended up down by more than 14%, following previously hitting a new 52-7 days low Thursday.

Rivian explained it expects to create 25,000 electrical vans and SUVs this calendar year, as the electric car or truck start off-up battles by supply chain constraints and inner output snags. It said reservations for its cars have attained about 83,000 as of March 8, up from 71,000 in December.

“In the instant phrase, we are not immune to the provide chain issues that have challenged the overall market. Those people difficulties, which we consider will carry on through at minimum 2022, have added a layer of complexity to our creation ramp-up,” the enterprise mentioned in a letter to shareholders Thursday.

The maximize in creation will arrive along with an altered operating reduction of $4.75 billion and cash expenses of $2.6 billion this year, the corporation forecasted Thursday when reporting its fourth-quarter effects.

Here is how Rivian performed, in comparison with analysts’ estimates as compiled by Refinitiv:

  • Adjusted loss for each share: $2.43 vs. $1.97 a share predicted
  • Revenue: $54 million vs. $60 million predicted

For 2022, Refintiv consensus estimates set Rivian’s total-12 months altered loss for each share at $4.97 and revenue at about $3.16 billion. Rivian did not disclose a profits forecast.

Rivian reported an modified functioning decline of $2.8 billion for 2021, together with $1.1 billion in the fourth quarter. Its net loss was $4.7 billion in 2021, including $2.5 billion for the duration of very last quarter.

The enterprise continues to be monetarily seem, with $18.4 billion in dollars on hand at the stop of final yr. Rivian has said it expects money expenditures to be about $8 billion by the end of 2023. The organization formerly set a generation intention of 150,000 automobiles per year by that day.

Rivian CEO R.J. Scaringe stated the organization would be capable of manufacturing extra than 50,000 models this calendar year if there were no issues in the supply chain.

“We are working as really hard as we can to get the suppliers ramped,” he told investors Thursday.

Shares of Rivian, which went community in November, are down about 60% this calendar year, right after the company skipped generation targets for 2021.