Rivian Automotive Inc. revealed on Tuesday that its revenue in the first quarter of fiscal 2024 amounted to $1.2 billion, skyrocketing 81% on an annual basis. In the January-to-March trimester, net loss expanded by 8% year over year, to stand at $1.4 billion, while loss from operations went from $1.4 billion to $1.5 billion.
"First-quarter results exceeded our outlook and set a strong foundation for the remainder of the year as we focus on continued demand generation, delivering cost and plant efficiency improvements, advancing R2 development, and driving towards profitability. We hit several milestones this quarter, including producing our 100,000th vehicle in Normal, successfully navigating the retooling upgrade, and unveiling our new midsize platform which underpins the R2, R3, and R3X," CEO RJ Scaringe mentioned.
The company's stock tumbled 3.91% in the after-hours trading following the release of the report.
