Rivian has posted its Q1 2022 results and shareholder letter after market close today, showing $95 million in revenue and a loss of $1.593 billion for the quarter ($1.77 per share), up from a loss of $414 million from the same quarter last year. It ended the quarter with nearly $17 billion in cash, largely from its massive IPO late last year.
Rivian also reaffirmed 2022 annual guidance, expecting a total loss of $4.7 billion for the year with 25,000 units of total production and $2.6 billion expected in capital expenditures. While RIVN dropped 9.6% during trading hours today, the market has responded positively after market close, with the stock recovering by 5.5% in after hours trading.
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