Rivian: 4Q22 -- Maybe Someone Else Can Find Some Good News In The Numbers

Updates

Later, 11:04 p.m. CT: Now that money is no longer free, one wonders if that’s the death knell for a lot of these hobby horses and/or science experiments.

Original Post

Numbers are out. The headlines don't even begin to reflect how badly these numbers are:

Link here.

Letter to shareholders here.

We experienced a loss from operations in the fourth quarter of 2022 totaling $(1,795) million, as compared to $(2,454) million in the same period last year. For fiscal year 2022, we recorded a loss from operations of $(6,856) million as compared to $(4,220) million in 2021.

Good luck with the newsletter.

Let's see what analysts have to say. 

But first, the market.

RIVN: down 8% after hours. 

Link here.

• Rivian Automotive Inc on Tuesday forecast 2023 production well below analysts' estimates as it grapples with lingering supply chain bottlenecks, and announced a recall of more than 12,700 vehicles. 
• Rivian said its recall announcement, its third since going public in Nov. 2021, was due to an issue with a sensor in the front passenger seat-belt system. 
• In October, it recalled about 13,000 cars due to a potential issue that could cause a driver to lose control of the steering. 
• The company said it is targeting production of 50,000 cars this year, compared with analysts' estimate of 67,170 units. 
• The Irvine, California-based company also reported lower-than-expected fourth quarter revenue as the electric-vehicle firm delivered far fewer vehicles than it produced. 
• Rivian produced 24,337 vehicles in 2022, slightly short of its target of 25,000 units. 
• However, it delivered only 20,332 cars last year. 
• Revenue for the quarter ended December 31, stood at $663 million, compared with analysts' estimate of $742.4 million. 
• The company reported fourth-quarter net loss of $1.72 billion, or $1.87 per share, compared with $2.46 billion, or $4.83 per share, a year earlier. 
• Rivian reported cash and cash equivalents of $11.57 billion, down from $13.27 billion at the end of the preceding quarter.