Rivian Automotive cut its profit forecast for the year after the company missed Wall Street's expectations for the third quarter, including a significant drop in revenue.

Here's how the company performed in the quarter compared to LSEG's average estimates:

• Loss per share: 99 cents adjusted vs. a Loss of 92 cents expected
• Revenue: $874 million versus expected $990 million

Rivian said it now expects adjusted earnings before interest, taxes, depreciation and amortization to be between a loss of $2.83 billion and a loss of $2.88 billion. That compares with an earlier forecast of a loss of about $2.7 billion.

Rivian on Thursday reaffirmed its plans to achieve “modestly positive gross profit” in the fourth quarter of this year. The company reported negative gross profit of $392 million for the third quarter, compared with a loss of $477 million a year earlier.

The automaker's net loss narrowed year-over-year to $1.1 billion, compared to $1.37 billion in the third quarter of 2023. Sales fell 34.6% year-over-year as supply disruptions hampered production of the company.

Rivian last month cut its annual production forecast from 57,000 units to 47,000 to 49,000 due to the disruption.

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