Rivian Automotive (NASDAQ:RIVN) lowered its earnings forecast for the year after missing Wall Street’s third-quarter expectations, including a significant miss in revenue.
Loss per share proved 99 cents adjusted vs. a loss of 92 cents expected as revenue dropped to $874 million vs. $990 million expected
Rivian said it now expects adjusted earnings before interest, taxes, depreciation and amortization of between a loss of $2.83 billion and a loss of $2.88 billion. That compares to a previous guidance of a roughly $2.7 billion loss.
But Rivian reconfirmed plans Thursday to achieve a “modest positive gross profit” during the fourth quarter of this year, which is being closely monitored by Wall Street.
“Our core focus is on driving toward profitability,” Rivian CEO RJ Scaringe told the media on Thursday. “Looking at Q4, we continue to guide toward gross margin.”
The company reported a negative gross profit of $392 million for the third quarter compared with a loss of $477 million a year earlier.
The automaker’s net loss narrowed year over year to $1.1 billion compared to $1.37 billion during the third quarter of 2023. Its revenue, including $8 million in sales of regulatory credits, dropped 34.6% compared to a year ago amid supplier disruptions that affected the company’s production.
RIVN shares docked 16 cents, or 1.6%, to $9.89.