Electric adventure-vehicle maker Rivian (RIVN) reported third quarter results that beat expectations, in addition to upping its production forecast for the year, and narrowing its full-year loss projection. Rivian stock is trading slightly higher in after-hours trading following release of the results.
For the quarter, Rivian reported revenue of $1.34 billion vs $1.31 billion estimated, with an adjusted EPS loss of $1.19 vs $1.32 expected. That revenue figure represents a 19.6% jump from Q2’s $1.12 billion and 150% more than the $536 million reported a year ago. On an adjusted EBITDA basis, Rivian reported a loss of $942 million vs $1.04 billion expected, which is also narrower than the $1.307 billion loss reported a year ago.
From a production standpoint, Rivian boosted its full-year forecast to 54,000 from 52,000 units. Its prior forecast of 52,000 units was lifted earlier in the…
