Rivian missed estimates for third-quarter revenue, but shares rose as it reported a smaller-than-expected loss, a higher number of preorders, and reaffirmed its full-year production outlook.
"While we think Rivian's balance sheet is in better shape than most other upstart EV manufacturers from a liquidity standpoint, the company is far from reaching the scale needed to drive down its unit costs and move closer to profitability," CFRA Research analyst Garrett Nelson said on Wednesday.
As they have for other EV makers, supply-chain disruptions have pressured Rivian, forcing the company earlier this year to cut its production forecast by half to 25,000 vehicles. Quarterly revenue was $536 million, compared with analysts' expectations of $551.6 million, according to Refinitiv data.
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