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Rivian shares fall 87% since IPO as Q2 deliveries lag outlook
Rivian reported 12,194 vehicles delivered in Q2 and guided full-year production to 65,000 to 70,000 units, alongside quarterly revenue of $1.66 billion and an $837 million loss.
Rivian, the electric-vehicle maker listed on Nasdaq as RIVN, has seen its stock drop 87% since going public on November 10, 2021, according to Yahoo Finance.
In its latest update, the company said it delivered 12,194 vehicles to customers in the second quarter and set its full-year outlook at 65,000 to 70,000 vehicles. Rivian also pointed to the start of external deliveries for its R2 model, describing it as a driver of long-term growth and profitability, though Yahoo Finance said evidence remains sparse.
Financially, Rivian reported revenue of $1.66 billion for the quarter, up 27% year over year, but it posted a loss of $837 million, improved from a $1.12 billion loss in the year-ago quarter. Yahoo Finance also highlighted investor concern tied to a prior management decision, when Rivian sold 86.25 million Class A shares in a follow-on equity offering to raise about $1.3 billion.
Yahoo Finance further noted that Rivian faces hurdles beyond R2, including the high price points of other models in its lineup, and the difficulty of achieving enough unit growth to reach break-even. The outlet also referenced earlier dilution from the share sale and suggested the company would need sales to accelerate substantially to reverse current investor concerns.
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