Electric vehicle (EV) company Rivian Automotive, which is backed by Ford and Amazon, reported second-quarter revenue that surpassed Wall Street forecasts.

Here Are the Numbers

Based on $364 million in revenue, Rivian reported a net loss of $1.71 billion in the second quarter of 2022. Although modest compared to the previous quarter, when Rivian reported a net loss of $1.59 billion based on $95 million in revenue, it is a sign that the company's EV business is gaining up speed, according to a report by The Verge.

Even yet, the company's revenue exceeded Wall Street projections by around $26 million.

However, it revised its forecasts for the entire year's financial outlook, warning that investors should now anticipate a larger loss and smaller capital expenditures than initially projected, as per CNBC.

The following key figures from Rivian's second-quarter report are listed together with the average Wall Street analyst forecasts:

• Revenue of $364 million as opposed to the anticipated $337.5 million.

• Compared to an estimated adjusted loss per share of $1.63, the actual loss per share was $1.62.

Rivain's EV Demand 

As of June 30, according to Rivian, it had approximately 98,000 net preorders for its R1-series truck and SUV. At the time of May 11 when it released its first-quarter results, it had "over 90,000" preorders, CNBC reported.

Additionally, the company reaffirmed its earlier, revised guidance from March, stating that it still projects producing around 25,000 vehicles in 2022. To reach its target of 25,000 vehicles produced this year, The Verge noted that the company will still need to manufacture 18,046 vehicles over the remaining eight months, or around 9,023 vehicles per quarter.

On July 6, Rivian said that 4,467 vehicles were delivered during the second quarter.

Expenditures

It did, however, state that it now anticipates its adjusted loss before income taxes, depreciation, and amortization for the entire full-year to be $5.4 billion, which is higher than the $4.75 billion loss on the same basis that it had previously guided to.

Compared to its May forecast of $2.6 billion, Rivian stated that it now anticipates $2 billion in capital expenditures for the entire year.

According to the company's letter to shareholders, the revised forecast takes into account the effects of the production ramp-up delay, higher raw material and freight costs, and ongoing supply-chain issues.

Read More: Rivian Adventure Network Now Has Three Fast Charging Sites - Where are They Located?

Rivian Recently Laid Off Staff

The EV automaker reportedly let go of 6% of its workforce. Rivian plans to reduce its workforce by 6% in the midst of concerns about a US recession. The company's 14,000 employees were informed of the move by email from the company's founder and CEO RJ Scaringe.

Of Rivian's 14,000 workers, 840 received layoff notices last month. Inflation, rising interest rates, and rising commodity prices, according to Scaringe, were some of the issues that drove the decision to implement Rivian layoffs

Related Article: Rivian is Laying Off Around 800 Employees