Skip to main content

Share of electric carmaker Rivian skidded in post market trade Thursday, as the company reported a worse than expected $1.2 billion loss in the third quarter.

The company produces last-mile vehicles for shopping behemoth Amazon and has found substantial consumer interest in its electric truck model, which it said had 71,000 preorders as of Dec. 15.

The it only began delivering its first vehicles in September, and comments by Rivian executives after the release of results indicated any orders placed now will not likely be delivered until 2023.

The first glimpse at Rivian's financials since it went public last month, the company cited supply chain shortages, labor shortages and a snarled production process as boosting its operating expenses, which ballooned 141% from the same period last year to $694 million.

TheStreet Recommends

Shares of Rivian fell 10% to as low as $96.25 in post-earnings trade on news of the results, before trimming some of those losses to $108.87 a share at last check. Its share price was down 5.3% to $110.67 at market close on Thursday.

The stock itself has fallen about 6% over the last month, despite largely buy and hold ratings from the 15 analysts who report their estimates to data provider FactSet. 

While it did not issue a per share amount of loss in its letter to shareholders, Rivian said it had lost an adjusted $766 million in the third quarter. Factset's analyst poll had estimated $900,000 in sales for the quarter, at a loss of $12.04 a share.

Despite those numbers, the company's executive team sounded some sanguine notes on the analyst call.

“The good news is that we do not believe any of our supply-chain challenges are long term,” Chief Executive RJ Scaringe said in a call after earnings were released. “They are solvable problems.”