Rivian Q2 Earnings Are a Much-Needed Nothing Burger

David Shultz

David Shultz reports on clean technology and electric vehicles, among other industries, for dot.LA. His writing has appeared in The Atlantic, Outside, Nautilus and many other publications.

Rivian R1S at a charging station in the desert.
Rivian's Q2 numbers are delightfully boring.

Rivian, the fledgling electric vehicle startup in Irvine, CA, released its Q2 earnings yesterday. I’m happy to report they’re pretty boring! There were no big surprises from RJ Scaringe’s EV hopeful, but here are the report highlights:

  • ~$15 billion of cash, cash equivalents, and restricted cash as of June 30 2022.
  • 98,000 net R1 preorders
  • Amazon has ordered 100,000 electric delivery vans
  • Rivian has produced 8k vehicles so far
  • The company is still on pace to deliver 25,000 vehicles in 2022
  • -Actual revenue was $364 million.

    If you’ve been paying close attention to Rivian, none of these numbers are new or surprising. Revenue was a bit higher than anticipated–about 10% more than the $337.5 million expected. But even with the revenue bump, the company remains heavily in the red—as expected. Rivian lost $1.7 billion in Q2.

    At its current burn rate, Rivian could run out of cash in about two and a half years. Obviously, the company will need to increase production to avoid this. Part of that effort will involve the company’s third consumer vehicle, the R2, which will be cheaper than the R1T and R1S models currently on offer. R2 production is expected to take place at Rivian’s gigafactory in Georgia, set to come online in 2025. Scaringe has indicated he believes the company has sufficient cash on hand to reach that milestone.

    Rivian’s stock price has remained basically flat since the earnings call–a welcome change from the company’s turbulent spring. In the run up to the earnings call, some analysts were forecasting as much as a 12 point swing in either direction.

    Boring Q2 numbers may actually be a good sign for the embattled EV maker. An even better sign would be positive cash flow, but the newest numbers indicate that milestone is likely still a few years away at the very least.

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    Genies Wants To Help Creators Build ‘Avatar Ecosystems’

    Christian Hetrick

    Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.

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    Genies representatives told dot.LA that the firm is now seeking more creators to try its creation tools for 3D avatars, digital fashion items and virtual experiences. On Thursday, the startup launched a three-week program called DIY Collective, which will mentor and financially support up-and-coming creatives.

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    Christian Hetrick

    Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.

    Here's What To Expect At LA Tech Week

    LA Tech Week—a weeklong showcase of the region’s growing startup ecosystem—is coming this August.

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    From fireside chats with prominent founders to a panel on aerospace, here are some highlights from the roughly 30 events happening during LA Tech Week, including one hosted by dot.LA.

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    LA Tech ‘Moves’: HyperDraft Taps LegalZoom Exec

    Decerry Donato

    Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

    LA Tech ‘Moves’: HyperDraft Taps LegalZoom Exec
    Photo by James Opas | Modified by Joshua Letona

    “Moves,” our roundup of job changes in L.A. tech, is presented by Interchange.LA, dot.LA's recruiting and career platform connecting Southern California's most exciting companies with top tech talent. Create a free Interchange.LA profile here—and if you're looking for ways to supercharge your recruiting efforts, find out more about Interchange.LA's white-glove recruiting service by emailing Sharmineh O’Farrill Lewis (sharmineh@dot.la). Please send job changes and personnel moves to moves@dot.la.

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