As a private firm, details surrounding Rivian’s financials have always been a mystery. Well that is starting to change as the company nears its Initial Public Offering (IPO), with preliminarily filing casting light on some significant financial losses.
Rivian’s initial filing with the U.S. Securities And Exchange Commission (SEC), uncovered by Automotive News, details a start-up that has lost nearly $1 billion in the first six months of 2021. In comparison, Rivian alleges it only burned through $377 million during the same period last year. Despite the losses, the company had $3.7 billion in cash on hand has of June 30th. The company also claims to be generating small revenues from selling products today.
The filing also confirms Rivian has 48,390 reservations for its R1T and R1S models. These $1,000 deposits are refundable and do not necessarily mean Rivian has 48,390 confirmed orders. Initial deliveries of the R1T are beginning right now, while the R1S is expected to launch at the beginning of next year.
For the first time details of the company’s relationship with Amazon are coming to light. Rivian is on the hook to deliver 100,000 electric last mile delivery vans to the company between now and 2030. Amazon also has exclusive rights to the van for four years with the options to leverage a right of first refusal two years after that. Rivian is expected to deliver 10,000 copies of the Amazon van this year alone. Rivian’s profit margin on the van isn’t disclosed in the report.