Rivian will give investors a second quarter update on its financials as the pure-play adventure EV maker aims to make its production more efficient while gearing up for its mass-market EV releases in two years' time.

For the quarter, Rivian is expected to report revenue of $1.165 billion, per Bloomberg consensus, a substantial 76% jump from a year ago. The revenue bump will not translate into profit yet, with the company expected to report an adjusted loss per share of $1.20, with an adjusted net income loss of $1.194 billion. Operating profit is expected to come in slightly worse, with a $1.371 billion loss and EBITDA of negative $892.3 million.

Last quarter, Rivian reaffirmed its adjusted EBITDA loss forecast of $2.7 billion for 2024 but now sees its capital expenditure outlays improving to $1.2 billion from $1.75 billion seen earlier. Rivian said this was due to the company moving the start of R2 production to its Normal, Ill., plant, and further savings expected in 2025 and 2026. Investors will be looking to see if these loss projections improve for the balance of the year.

Investors will also be on the lookout for any updates on Rivian’s full-year profitability metrics. In its Q1 report the company said that as a result of its retooling upgrade and other improvements, Rivian remains "confident in its path to achieving modest gross profit in the fourth quarter of this year."

Retooling upgrades had an effect on Rivian’s Q2 deliveries. Last month the company said it produced 9,612 vehicles at its Normal assembly plant and delivered 13,790 vehicles. Both figures were down compared to the 13,980 produced and 13,588 delivered in Q1. Rivian said its Q2 production and deliveries would be “choppy” due to factory shutdowns needed for the retooling.

Rivian's updated R1T and R1S models could be a driver of new sales, along with continued aggressive lease financing for its vehicles. Those new vehicles were available to order starting in June, the company said.

This may have led Rivian to reaffirm its guidance for annual production of 57,000 total vehicles, despite the Q2 drop in vehicles produced.

Shoring up Rivian's cash position

Rivian said last quarter it had $5.98 billion in hand versus $7.86 billion at the end of Q4. Part of preserving cash and bringing down costs came in the form of another staff reduction of around 1%, following a 10% salaried staff reduction in Q1 that Rivian said was due to economic uncertainty.

A big boost to Rivian’s cash position came in June in the form of a joint venture deal with Volkswagen, which announced plans to work with Rivian to create “next generation software-defined vehicle (SDV) architectures” to be used in both companies’ future EVs.

In exchange, Volkswagen will invest an initial $1 billion in Rivian through an “unsecured convertible note that will convert into Rivian’s common stock,” with up to $4 billion in additional investment staged through 2026 for a total infusion of $5 billion.

For Rivian, the news of fresh capital allays concerns over the company’s runway as it bridges to the release of its next-generation vehicles, the R2 and R3 mass-market SUVs.

"This news is meaningfully positive for RIVN as the agreement should provide the company with access to capital to not only fund the ramp-up of production of the R2 at its Normal, IL facility but also to build a new facility in Georgia for its mid-size vehicle platform," Bank of America analyst John Murphy wrote in a note shortly after the deal. "We have assumed RIVN would need to raise more capital, and VW's investments in RIVN will prove valuable in helping it achieve the scale necessary to get to positive free cash flow."

Pras Subramanian is a reporter for Yahoo Finance covering the auto industry. You can follow him on X and on Instagram.

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