On March 10, Rivian Automotive Inc. (RIVN) declared its financial results for Q4 and fiscal 2021 in a letter to shareholders. The webcast and conference call for earnings discussion and company developments was held at 5:00 pm, EST on the same day. Consequently, the stock collapsed in the after hours.
During the regular trading session, the stock remained in the red with a loss of 6.35%. The volume of shares exchanged during the session was above the average at 31.48 million. RIVN closed the session at a price of $41.16 per share. Following the announcement, the stock plunged down to a new low of $35.93 in the after-hours against its previous 52-week low of $39.77. Thus, the stock declined by a huge 12.71% in the after-hours as 7.84 million shares exchanged hands.
The electric adventure vehicles developer, Rivian Automotive Inc. was founded in 2009. Currently, the company has a market capitalization of $39.57 billion with its 892.49 million shares outstanding. With a year-to-date loss of 60.30%, the stock has declined by 19.15% in the past five days alone.
RIVN’s Q4 and Fiscal 2021 Results
Total Revenue & Vehicle Deliveries
RIVN reported total revenues of $54 million for Q4 and $55 million for fiscal 2021. The total revenues were supported by 909 and 920 vehicle deliveries in Q4 and fiscal 2021, respectively.
Net Loss
Moreover, the net loss in Q4 2021 was $2,461 million against $353 million in the year-ago period. The net loss for fiscal 2021 was $4,688 million against $1,018 million in the previous year.
Adjusted EBITDA
The company had adjusted EBITDA loss of $1,108 million in Q4 and $2,790 in fiscal 2021. Comparatively, the same was $341 million and $992 million in the respective periods of 2020.
2022 Outlook
For fiscal 2022 the company expects to produce 25,000 vehicles. The expected capital expenditures are $2,600 million with an adjusted EBITDA loss of $4,750 million for fiscal 2022.
Recent Participation
In February, the company participated in the Wolfe Research Virtual Global Auto, Auto Tech, and Mobility Conference. The company’s founder, Chairman, and CEO, RJ Scaringe participated in a fireside chat with auto analyst Rod Lache at the conference on February 24, 2022.
Conclusion
In the latest earnings report, RIVN fell short in most of the elements, including wider loss, missed revenues, and poor outlook. Due to expected supply chain constraints, the company provided guidance for half the vehicles its facilities can produce in 2022. Therefore, the stock plunged to a new low in the after hours.
