Rivian Automotive (NASDAQ:RIVN) experienced a more than 7% drop in its shares in pre-market today, following the release of its fiscal Q1/24 earnings that fell short of expectations. The electric vehicle maker reported an adjusted loss per share of $1.24, which was wider than the anticipated $1.15 loss per share. However, Rivian's quarterly revenue of $1.2 billion surpassed the consensus estimate of $1.15 billion.

The company also reported better-than-expected adjusted EBITDA of -$798 million for the quarter, against expectations of -$824 million. Rivian confirmed it produced 13,980 vehicles and delivered 13,588 during the quarter.

RJ Scaringe, Rivian's Founder and CEO, commented on the results, stating that the first quarter exceeded their outlook and laid a solid foundation for the year as they focus on increasing demand, improving cost and plant efficiencies, advancing the development of the R2 model, and moving towards profitability.

Scaringe highlighted several achievements for the quarter, including the production of the 100,000th vehicle at the Normal plant, a successful retooling upgrade, and the unveiling of a new midsize platform that will underpin the R2, R3, and R3X models.

Looking ahead, Rivian reaffirmed its 2024 production target of 57,000 vehicles and maintained its adjusted EBITDA forecast at -$2.7 billion. The company also lowered its capital expenditure forecast to $1.2 billion from $1.75 billion due to reduced spending on the R2 platform.

Rivian anticipates low single-digit growth in deliveries for the R1 and EDV platforms compared to 2023 and expects a decrease in operating expenses for the full year. Production of the R2 model is slated to begin in the first half of 2026 at the Illinois facility.