Rivian stock down on 75M share sale, pre-announces Q2 revenue

Rivian (RIVN) amazed investors by announcing a caller stock offering aft Monday's close, a determination that sent the banal slipping connected Tuesday aft caller affirmative momentum.

Rivian said it would connection up 75 cardinal shares of Class A communal stock, with underwriters holding a 30-day enactment to bargain up to 11.25 cardinal further shares. Based connected Rivian's July 6 closing terms of astir $20, the basal offering could rise astir $1.5 billion, oregon astir $1.7 cardinal including the overallotment option.

Rivian said proceeds volition spell toward wide firm purposes, including equity contributions tied to its Department of Energy indebtedness statement supporting the company's Georgia manufacturing buildout.

Rivian banal slid 10% successful aboriginal commercialized connected Tuesday.

Alongside the offering, Rivian disclosed preliminary second-quarter full gross of betwixt $1.55 cardinal and $1.65 billion, up from $1.30 cardinal a twelvemonth earlier. Rivian attributed the summation chiefly to higher conveyance deliveries, "partially offset by little mean selling prices resulting from a higher premix of commercialized vans," on with maturation successful conveyance electrical architecture, bundle improvement services, and regulatory recognition revenues.

The institution besides estimated cash, currency equivalents, and short-term investments climbed to astir $5.3 cardinal arsenic of June 30, up from $4.8 cardinal astatine the extremity of the archetypal quarter.

News of the stock offering comes aft a agelong of affirmative quality for Rivian.

Earlier this month, the institution reported second-quarter accumulation of 12,613 vehicles and deliveries of 12,194 vehicles, some good up of Wall Street expectations and the company's ain anterior guidance of 9,000 to 11,000 deliveries.

Those results travel up of the transportation ramp for R2, Rivian's caller midsize SUV and expected measurement seller. Factors similar aboriginal R2 reviews and conversion of pre-orders apt led the institution to rise its full-year 2026 transportation guidance to a scope of 65,000 to 70,000 vehicles, up from 62,000 to 67,000 previously.

Investors volition get much connected fiscal metrics similar profitability, margins, and currency burn, erstwhile Rivian reports afloat second-quarter results aft the doorbell connected July 30.

Pras Subramanian is the pb car newsman for Yahoo Finance. You tin travel him on X and on Instagram.

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