Rivian (RIVN) Soars 23% on Revenue Jump

We recently published 10 Big Names Leading Wall Street Gains. Rivian Automotive, Inc. (NASDAQ:RIVN) is one of the best-performing stocks on Wednesday.

Rivian recovered by 23.36 percent on Wednesday to close at $15.42 apiece as investors cheered its revenue expansion in the third quarter of the year.

In its financial statement, Rivian Automotive, Inc. (NASDAQ:RIVN) said revenues for the period jumped by 78 percent to $1.558 billion from $874 million in the same period last year on the back of higher revenues from automotive which grew 47 percent to $1.14 billion versus $776 million year-on-year.

Rivian Automotive, Inc. (NASDAQ:RIVN) said it achieved higher deliveries during the quarter as a result of higher selling prices and accelerated purchases ahead of the expiration of 45W tax credits.

Photo by BezeVision on Unsplash

“As we’ve said previously, we expect the third quarter will be our highest delivery quarter for the year,” Rivian Automotive, Inc. (NASDAQ:RIVN) said.

Meanwhile, revenues from software and service rose by 324 percent to $416 million from $98 million due to vehicle electrical architecture and software development carryovers from the previous quarter, remarketing, vehicle repair, and maintenance service.

However, net loss attributable to shareholders increased by 6.6 percent to $1.173 billion from $1.1 billion year-on-year.

For the full-year 2025, Rivian Automotive, Inc. (NASDAQ:RIVN) is maintaining its outlook for adjusted EBITDA loss of $2 billion to $2.25 billion, as well as capital expenditures of $1.8 billion to $1.9 billion.

It also targets to deliver between 41,500 and 43,500 vehicles for the full year.

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Disclosure: None. This article is originally published at Insider Monkey.