Posted 3/1/2024, 11:21:00 AM
Rivian Misses Earnings Estimates With Wider Losses, But Resolves Going Concern Fears
- 2023 net losses widened to $1.37 billion vs. $724 million loss in 2022, missing expectations
- Revenue dropped 27% to $891.3 million, below analyst estimates
- Resolved previous "going concern" warning that raised doubts about its ability to continue operating
- Stock fell as much as 14% premarket on earnings miss, but pared some losses
- Comes after recent positive funding update from Department of Energy