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RIVN posted 1Q adjusted EPS of -$1.25 ahead of the -$1.61 consensus. The beat was driven by lower-than-expected costs, as revenue of $661 million came in just short of the $665M consensus.
Analysts wrote in a note, “While we believe RIVN has significant work to do to turn the corner operationally, we thought the fact it didn’t lower full year guidance as Lucid (NASDAQ:LCID) and Fisker (NYSE:FSR) just did in tandem with their earnings releases was a positive. RIVN maintains a more favorable liquidity position than EV peers given its cash position of $11.8B at quarter-end. The stock’s current short interest is also considerably lower than that of peers.”
Shares of RIVN are up 7% in premarket trading on Wednesday.
