Rivian Automotive Inc (NASDAQ:RIVN) posted lower-than-expected third-quarter revenue of $874 million after supply chain issues, which affected the sourcing of parts, hit both the top and bottom lines.
The electric truck maker's turnover was around $16 million below estimates with an adjusted loss per share of $0.99 versus a forecast of $0.92.
Rivian now anticipates a wider full-year adjusted EBITDA loss, revised to $2.82-$2.87 billion from the previously estimated $2.7 billion.
However, it reaffirmed its production goal of 47,000-49,000 vehicles for the year and projects a modest gross profit in the fourth quarter.
Rivian ended the quarter with $7.85 billion in cash, partly bolstered by a joint venture with Volkswagen, which includes an initial $1 billion investment to support future EV software development.
The shares closed out the after-market session up 3.5% after clawing back losses sustained earlier in the week ahead of the numbers and look set to add a further 1.7% Friday (based on pre-market data).