Rivian Expects Q2 Revenue Jump to $1.55B-$1.65B, But Shares Fall 9% Amid Share Offering
RIVN sits 60% above its 52-week low of $11.57.
Summary
Rivian anticipates its second-quarter revenue will range between $1.55 billion and $1.65 billion, a notable increase from $1.30 billion reported a year prior, primarily driven by higher vehicle deliveries. However, the company also expects that lower selling prices will weigh on its 2Q revenue. This revenue outlook follows Rivian exceeding its Q2 delivery expectations and subsequently raising its full-year guidance, as detailed in a July 2nd 8-K filing. Despite these positive revenue projections, Rivian's shares fell 9% in extended trading, a decline likely prompted by a concurrent announcement of a significant public offering of 75 million Class A common shares, which is expected to be dilutive to existing shareholders.
At the time of this announcement, RIVN was trading at $18.48 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $25.4B. The 52-week trading range was $11.57 to $22.69. This news item was assessed with negative market sentiment and an importance score of 9 out of 10. Source: Reuters.