Rep. Jodey Arrington, R-Texas, explains how Fed Chair pick Kevin Warsh will restore integrity in the Federal Reserve on ‘The Bottom Line.’
The U.S. national debt has now surpassed the size of the U.S. economy, a historic threshold that hasn’t been crossed since the conclusion of World War II.
Data released by the Bureau of Economic Analysis on Thursday showed that the national debt held by the public reached $31.27 trillion as of March 31, while nominal gross domestic product (GDP) was estimated at $31.22 trillion for the 12-month period ending in March.
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That pushed the debt held by the public as a percentage of GDP above 100%, meaning that the public debt is now larger than the size of the U.S. economy. Public debt as a share of GDP is a measure preferred by economists in assessing a country’s government debt burden because it excludes debt held in government accounts.
With the latest data showing the public debt eclipsing the size of the U.S. economy, the federal government is quickly approaching the all-time record debt to GDP percentage of 106%, which was set in 1946 as the U.S. was in the process of demobilizing after the end of World War II.
The national debt held by the public as a share of GDP topped 100% at the end of March, and the debt now exceeds the size of the economy. (Eric Lee/Bloomberg via Getty Images / Getty Images)
The nonpartisan Congressional Budget Office (CBO) released a 10-year budget and economic outlook earlier this year that projected the U.S. will break the post-WWII record in 2030 with the debt held by the public estimated at 108% that year. A decade from now, debt held by the public as a share of GDP is projected to reach 120%.
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Making the budget picture even worse, the CBO estimates that the debt held by the public is expected to grow faster than U.S. GDP as projected in the years ahead, which could have far-reaching implications for the nation’s fiscal and economic outlook.
It said that dynamic could slow economic growth and reduce private investment, while hiking interest costs from servicing the debt.
“With debt now above 100% of GDP, it’s only a matter of time until we pass the all-time record of 106% reached in the immediate aftermath of World War II,” said Maya MacGuineas, president of the nonpartisan Committee for a Responsible Federal Budget (CRFB).
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“This time, the borrowing isn’t borne from a seismic global conflict, but rather a total bipartisan abdication of making hard choices.
“The higher we allow our debt to grow, the more we erode our own prosperity and that of future generations. Rising debt compromises affordability by slowing income growth, pushing up interest rates, and increasing inflationary pressures,” MacGuineas added.
“Debt squeezes our budgets with massive interest costs. It exposes us needlessly to challenges from geopolitical rivals. And without corrective action, rising debt could spark a devastating fiscal crisis.”
The national debt has surpassed a World War II-era milestone. (iStock)
MacGuineas added that lawmakers “need to stop the bleeding” to get the country’s fiscal outlook on a more sustainable path, urging them to reject new borrowing as well as offsetting new spending or tax cuts twice over to reduce budget deficits.
She also said that to stabilize and reduce the national debt as a share of the economy, the U.S. will need to go further and reduce budget deficits by about $10 trillion in the years ahead.
“One option among many is to follow the bipartisan momentum towards bringing deficits down to 3% of GDP, which would help bring the debt below 100% of GDP over time. What’s most important is turning this pattern of inaction around. There is no time to lose,” MacGuineas said.
| Revenue of $471.80M (-57.58% Y/Y) beats by $9.95M
Vistance Networks, Inc. (VISN) Q1 2026 Earnings Call April 30, 2026 8:30 AM EDT
Company Participants
Jenny Thompson – Head of Investor Relations Charles Treadway – President, CEO & Director Kyle Lorentzen – Executive VP & CFO
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Conference Call Participants
Samik Chatterjee – JPMorgan Chase & Co, Research Division Amit Daryanani – Evercore ISI Institutional Equities, Research Division George Notter – Wolfe Research, LLC Kevin Niederpruem – BofA Securities, Research Division Timothy Savageaux – Northland Capital Markets, Research Division
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Presentation
Operator
Good day, and thank you for standing by. Welcome to the Vistance Networks First Quarter 2026 Earnings Conference Call. [Operator Instructions] Please be advised that today’s conference is being recorded. I would now like to hand the conference over to your speaker today, Jenny Thompson, VP of Investor Relations. Please go ahead.
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Jenny Thompson Head of Investor Relations
Good morning, and thank you for joining us today to discuss Vistance Networks 2026 First Quarter Results. I’m Jenny Thompson, Vice President of Investor Relations for Vistance Networks. And with me on today’s call are Chuck Treadway, President and CEO; and Kyle Lorentzen, Executive Vice President and CFO.
You can find the slides that accompany this report on our Investor Relations website. Please note that some of our comments today will contain forward-looking statements based on the current view of our business, and actual future results may differ materially. Please see our recent SEC filings, which identify the principal risks and uncertainties that could affect future performance.
Before I turn the call over to Chuck, I have a few housekeeping items to review. Today, we will discuss certain adjusted or non-GAAP financial measures, which are described in more detail in this morning’s earnings materials. Reconciliations of our non-GAAP financial measures and other associated disclosures are contained in our earnings materials and posted on our website. All references during today’s discussion will
DES MOINES, Iowa — Two lucky tickets sold in Indiana and Kansas matched all six numbers in Wednesday night’s Powerball drawing to split a $143 million jackpot, while dozens of other players across the country became instant millionaires with $1 million and $2 million prizes in one of the luckiest drawings in recent memory.
Powerball
The winning numbers drawn Wednesday, April 29, were 3, 19, 35, 51 and 67, with a Powerball of 15. The Power Play multiplier was 2x, boosting secondary prizes for players who opted into the add-on. The jackpot carried an estimated cash value of $65.2 million before taxes.
Powerball officials confirmed the two jackpot-winning tickets were sold in Indiana and Kansas. Each winner will receive approximately $71.5 million before taxes if they choose the annuity option paid over 30 years, or a lump-sum cash payout of roughly $32.6 million each after federal and state taxes, depending on their residency. Winners have up to 180 days in most states to claim their prizes.
The drawing produced an extraordinary number of high-tier winners. A total of 62 tickets matched the first five white balls for the $1 million prize, with another 27 tickets that also included the Power Play option doubling their winnings to $2 million. That means nearly 90 new millionaires were created in a single night across more than 20 states.
The $2 million prizes (Match 5 plus Power Play) were sold in: Arkansas, Illinois, Indiana (five winners), Kansas, Louisiana (five), Mississippi, New Jersey (four), Oregon (three), Pennsylvania (two), Rhode Island, South Carolina and Wisconsin (two).
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The $1 million prizes (Match 5 without Power Play) landed in: Arizona, Arkansas, California, Georgia, Illinois (three), Indiana (14), Kansas (five), Kentucky, Louisiana (six), Michigan, Minnesota, Missouri, Nebraska (two), New Jersey (14), Oregon, Pennsylvania (five) and Wisconsin (four).
Indiana emerged as one of the biggest winners of the night, with 14 tickets claiming $1 million and five more securing $2 million, in addition to its share of the jackpot. New Jersey followed closely with 14 $1 million winners and four $2 million prizes.
The surge in big prizes reflects strong ticket sales as the jackpot climbed from $130 million earlier in the week. Powerball, played in 45 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands, typically sees sales accelerate as jackpots grow into nine figures.
Lottery officials have not yet released exact retailer locations for the jackpot tickets, but winners in Indiana and Kansas are already being urged to sign the back of their tickets, secure them in a safe place and contact their state lottery offices for guidance on claiming. Anonymity rules vary by state — some allow winners to remain private while others require public disclosure.
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Financial advisers caution that sudden wealth brings complex decisions. Winners should assemble a team including a tax professional, financial planner and attorney before claiming. The lump-sum option provides immediate funds but triggers higher immediate taxes, while the annuity spreads payments and taxes over decades.
This drawing stands out for its breadth of winners. While most large Powerball jackpots produce one or two top-tier matches, Wednesday’s combination of numbers apparently resonated widely, creating what some are calling one of the “luckiest” recent drawings in terms of millionaire creation.
The jackpot now resets to an estimated $20 million for Saturday’s drawing, with a cash value of about $9.1 million. Sales typically slow after a jackpot is hit, but interest often rebuilds quickly.
Powerball’s popularity stems from its massive top prizes and the relative ease of play: players select five numbers from 1 to 69 and one Powerball from 1 to 26. Tickets cost $2, or $3 with the Power Play option. Odds of hitting the jackpot are approximately 1 in 292.2 million, making Wednesday’s dual winners especially rare.
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State lotteries use proceeds for education, infrastructure, public safety and other programs. In many states, a significant portion supports schools or veterans’ programs. Wednesday’s drawing will contribute millions more to those causes.
For players who didn’t win big but matched fewer numbers, smaller prizes remain available. Matching just the Powerball pays $4, while the Power Play boosts lower-tier prizes as well. Full prize details and retailer locations for secondary winners are available on state lottery websites.
Lottery experts note that while jackpots capture headlines, the real story often lies in the distribution of prizes. Wednesday’s drawing distributed tens of millions in prizes beyond the jackpot, spreading wealth across the country and highlighting the game’s broad appeal.
As the two jackpot winners step forward in coming weeks, their stories will likely emerge — tales of routine ticket purchases that changed lives overnight. For now, the focus remains on celebration for the dozens of new millionaires who can begin planning life-changing moves, from paying off debts to funding dreams or supporting family.
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The next Powerball drawing is scheduled for Saturday, May 2, at 10:59 p.m. Eastern time. While the jackpot is smaller, players still have a chance at life-altering prizes, especially with the possibility of it rolling over again.
Wednesday’s results serve as a powerful reminder that someone has to win — and on this night, fortune smiled on players from coast to coast. Whether claiming a share of the $143 million or one of the many million-dollar prizes, these winners represent the enduring allure of the lottery: the dream that a single ticket can rewrite a life story in an instant.
More than 20,000 people have started taking Eli Lilly‘s GLP-1 pill Foundayo in its first few weeks on the market, Lilly CEO Dave Ricks told CNBC on Thursday.
The FDA approved Lilly’s once-daily pill Foundayo earlier this month, making it the second oral GLP-1 drug behind Novo Nordisk’s Wegovy pill. Investors have been closely tracking weekly prescriptions for clues on how the launch is going.
More than 1,000 people are starting Foundayo a day, Ricks said in an exclusive interview with CNBC. He said it’ll take time to build the brand since it’s a new drug that doctors and patients don’t know. He contrasted it against the launch of the company’s Zepbound weight loss injection, which had the same active ingredient as its existing diabetes drug, Mounjaro, and against Novo’s Wegovy pill, which had the same brand name and active ingredient as the shot.
“So what we’re seeing now is basically organic demand, which is pretty strong to us,” Ricks said.
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“This is going to play out over quarters, not days, and I just ask people to take a beat and let us execute,” Ricks said. “I think it’s going to be just fine.”
More than 80% of people taking Foundayo are new to GLP-1s, he said.
Ricks spoke to CNBC after Eli Lilly posted first-quarter earnings and revenue that easily beat expectations. Due to the timing of the launch, Foundayo was not included in the results.
During the quarter, sales of Mounjaro and Zepbound spiked 125% and 80%, respectively.
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Eli Lilly is trying to maintain its dominance in the GLP-1 market following the successful launch of Novo Nordisk’s oral drug. It held a 60.1% share of the U.S. obesity and diabetes drug market in the first quarter, versus 39.4% for Novo Nordisk, according to an earnings presentation.
FOX Business host Larry Kudlow discusses Iran’s economic struggles amid the Middle East conflict on ‘Kudlow.’
If any of the Iranian thugs from the Islamic Revolutionary Guard Corps think a minor bump up in gas prices is gonna kill the American economy, and force President Trump to withdraw our military and make some watered-down Obama-Biden deal, those thugs had better think twice. Not only is Mr. Trump not going to back down on his key demands to end Iran’s nuclear capability, and transfer the enriched uranium to America from Iran, and stop the state-sponsored terrorism, and long-range missile building, but the economic fact is the American economy is doing quite well despite the bump in gas prices.
It’s the Iranian economy that’s sinking and will continue to sink with the United States Navy’s blockade, basically ending Iran’s money and ability to pay their IRGC troops. The IRGC controls about a third of Iran’s economy. And roughly half of their energy revenues. They’ve been stealing and looting from the Iranian people for decades. It’s like a mafia-run operation. And Mr. Trump and Treasury man Scott Bessent are putting an end to it. Secretary Bessent spoke to me last night about Operation Economic Fury.
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Former Army special ops intel analyst Brett Velicovich and Fox News contributor Marc Thiessen discuss the effectiveness of a U.S. naval blockade of the Strait of Hormuz against Iran on ‘Kudlow.’
“The president gave the operation, gave the order for maximum pressure campaign more than a year ago,” Mr. Bessent said. “It was that pressure that brought the Iranian economy to a standstill,” and “the largest bank in Iran collapsed. The central bank had to monetize the debt, and that created massive inflation.” He added that “their currency is down about 60 or 70 percent versus the U.S. Dollar, so they’re in the middle of a currency crisis. And what we’re doing now is we’ve been in a long race and we are sprinting for the finish line.”
Now, as far as the American economy. Lots of good economic numbers today and a record-breaking stock market. Over the past year, real GDP has increased 2.7 percent. If the Democrats hadn’t shut down the economy last winter, we’d have had growth higher than 3 percent. Yet inside that number the One, Big, Beautiful Bill and its 100 percent cost expensing has produced an amazing business investment boom. It’s up by 17 percent in the first quarter and almost 10 percent over the past year. It’s huge. And don’t forget record-breaking tax refunds from the One, Big, Beautiful Bill used by more than 50 million Americans, which is offsetting the temporary gas price spike, and even then consumer spending doing better than you think, up nearly 2.5 percent over the past year.
Economist Art Laffer and American Action Forum president Douglas Holtz-Eakin discuss the U.S. economy’s resilience amid the Iran conflict on ‘Kudlow.’
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And more recently in April, Redbook consumer sales year to year in April rose almost 7 percent. Our energy dominance is producing record-breaking exports of oil, diesel and gasoline fuels. Here at home we’re setting oil production records.
Here’s one other thing, inflation numbers came in a bit on the high side today, but call me skeptical, the Cleveland Fed’s median consumer price index is up only 2.7 percent over the past year. And its 16 percent trimmed mean, a weighted average of recent inflation statistics, is up 2.6 percent. Unit labor costs rose by 2.4 percent. And the big, big story is profits, the mothers’ milk of stocks and the lifeblood of the economy. Profits drive business, and business drives the economy. Profits and profit margins are breaking records, running 15 percent or better, and that’s driving productivity. And that’s producing an economy that’s the envy of the world.
Once the world normalizes, the American economy will grow even faster, and the inflation rate will move even lower. Remember this, though, it is the strong American economy that is creating the resources to destroy gruesome Nazi-like regimes such as Iran. Never bet against the Trumpian America First economy.
The initial public offering (IPO) of Value 360 Communications Limited will open for bidding on Monday, May 4. The company plans to raise Rs 41.69 crore via the issue which will end on Wednesday, May 6.
The initial public offering will comprise up to 42.54 lakh equity shares of R 10 face value at price range of Rs 95 to Rs 98 per share per share.
Following the IPO, the company’s shares will be listed on SME platform NSE Emerge.
The public relations and communications company will use the proceeds of the IPO to power the next phase of growth.
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The funds will be utilised for capital expenditure towards infrastructure and cutting-edge technology for expansion into content production verticals, investment in influencer marketing platform Irida Interactive Private Limited (ClanConnect) and expanding ownership to fulfil potential acquisition in the near future.
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Some part of the proceeds will also be used for prepayment or repayment of certain outstanding borrowings, for working capital requirement and general corporate purposes. Value 360 Communications IPO GMP The shares of SME IPO were not commanding any grey market premium (GMP) so far. Lead managers Horizon Management Private Limited has been appointed as the Book Running Lead Manager (BRLMs) to the issue, while KFin Technologies Limited will serve as the registrar to the Issue.
About the company Value 360 Communications Limited is an integrated communications and marketing solutions provider, offering end-to-end services across public relations, digital marketing, influencer marketing, and strategic communications.
Established in 2007, the company has evolved into a full-service platform delivering data-driven and AI-powered marketing solutions to a diverse clientele across industries.
As on January 2026, the company reported total income of Rs 55.07 crore and net profit of Rs 7.61 crore.
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(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)
The headquarters of the U.S. Food and Drug Administration in Silver Spring, Maryland, Nov. 4, 2009.
Jason Reed | Reuters
The Food and Drug Administration on Thursday proposed excluding the active ingredients in Novo Nordisk and Eli Lilly‘s blockbuster obesity and diabetes medications from the list of drugs that outsourcing facilities can use for compounding in bulk.
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If that proposal is finalized, the exclusion would likely limit the mass compounding — or the making of custom, often cheaper alternatives — of those medicines unless they appear on the FDA’s drug shortage list. The agency said it will consider public comments, which can be submitted until late June, before making a final decision.
The FDA finds “no clinical need” for outsourcing facilities to compound them from bulk drug substances, the agency said in a release.
The proposal includes semaglutide, the active ingredient in Novo’s obesity drug Wegovy and diabetes counterpart Ozempic, and tirzepatide, which is in Lilly’s weight loss injection Zepbound and diabetes shot Mounjaro. It also covers Novo’s older molecule liraglutide.
“When FDA-approved drugs are available, outsourcing facilities cannot lawfully compound using bulk drug substances unless there is a clear clinical need,” FDA Commissioner Marty Makary said in the release.
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The agency’s proposal specifically targets 503B outsourcing facilities, which manufacture compounded drugs in bulk with or without prescription and are largely regulated by FDA guidelines.
The proposal does not impact 503A pharmacies, which make compounded drugs according to individual prescriptions for a specific patient and are largely regulated by states rather than the FDA.
Lilly and Novo have invested billions to ramp up manufacturing capacity over the last several years, which has helped alleviate supply constraints. The companies have also pursued efforts to make their branded medications more affordable to win over users who had flocked to cheaper compounded medications.
Leadership does not always start in a boardroom. Sometimes it starts in a classroom. Sometimes it starts on a construction site in rural West Virginia.
Born and raised in midtown Manhattan, Schuyler grew up surrounded by energy, culture, and opportunity. Today, she is a sophomore at Xavier University in Cincinnati, Ohio, majoring in elementary education. Her focus is clear: serve, teach, and build strong communities through education.
Her path has not been linear. It has been intentional.
Early Life in New York City
Schuyler attended Loyola School in New York City. While there, she was part of the Mock Trial Cheering Squad — a small but spirited group that supported classmates during competitions.
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Growing up in Manhattan exposed her to a wide range of people and perspectives. That diversity shaped her interest in service.
Her early experiences built confidence and curiosity. They also planted the seeds for her career choice.
Why Did Schuyler Tansey Choose Elementary Education?
After high school, Schuyler enrolled at Tulane University. Over time, she realized she wanted to pursue elementary education — a program Tulane did not offer. She made a difficult decision to transfer.
“I had to be honest with myself,” she says. “If I wanted to teach, I needed to be in the right program.”
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She transferred to Xavier University in Cincinnati, Ohio, where she is now a sophomore majoring in elementary education.
That shift reflects a leadership trait often overlooked: course correction.
Her academic focus centers on building strong foundational skills for children. Research consistently shows that early childhood education impacts long-term academic performance, income potential, and community stability.
Schuyler understands that.
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“Elementary school is where everything begins.”
Global Perspective Through Study Abroad
Schuyler also attended Richmond University in London for a semester abroad. Studying overseas expanded her understanding of global education systems.
“It reminded me that education is both local and global.”
Community Service as a Core Commitment
Outside of academics, Schuyler’s resume reflects deep involvement in service.
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She volunteered in Mingo County, West Virginia, helping build for people in need. She worked at the Romero Center in Camden, New Jersey. She has served at St. James Church in New York and participated in the Ines tutoring program at her time at the Loyola School.
These are not short-term activities. They are ongoing commitments.
Housing insecurity remains a challenge in many parts of the United States. Service projects like these expose volunteers to economic realities beyond their own communities.
“Service takes you out of your bubble,” she says. “It teaches humility.”
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At the Romero Center and other organizations, she worked directly with cleaning up and beautifying the community.
How Service Shapes Her Leadership Style
Schuyler views teaching as more than lesson plans and grading.
“Kids notice when you’re present,” she says. “They notice when you care.”
Her volunteer work has strengthened her patience and listening skills. Those are practical leadership tools in a classroom.
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Research shows that strong teacher-student relationships improve attendance and academic outcomes. Schuyler sees that as common sense.
“If a child must feel cared for and is treated properly, to learn better,” she says.
She believes service prepares future educators for real-world classrooms.
A Career Still in Progress
Schuyler is still a full-time student. Her career is in development. But her direction is clear.
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Education remains one of the most important sectors in society. Teachers influence workforce readiness, civic engagement, and community health. According to national education data, teacher shortages persist in many regions, especially in early childhood education.
Her leadership does not come from title or tenure. It comes from action. From transferring schools to pursue the right major. From building homes in West Virginia. From tutoring younger students.
Success, for her, is about making the world better, even if it is one community at a time.
“I want to be the kind of teacher students remember,” she says.
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Schuyler Tansey represents a new generation of educators who blend academic focus with community service. Her career is just beginning. But her foundation is strong.
Rivian Automotive on Thursday said it has renegotiated a $6.57 billion loan from the U.S. Department of Energy down to $4.5 billion and is adjusting its production expectations at an under-construction plant in Georgia.
The DOE loan was previously set to support two phases of production for a total of 400,000 units annually. The amended loan covers one phase of production with a total capacity of 300,000 vehicles, the company said Thursday.
The changes enable Rivian to draw on the loan sooner and have greater initial production but lowers its total production capacity for the plant amid uncertain demand for all-electric vehicles.
The initial loan terms were negotiated under the Biden administration. It had been in limbo under the Trump administration, which has taken action to cut or reduce such loans and has pulled back government investments to promote EVs.
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Rivian said it plans to tap into the loan in 2027, a year ahead of previously scheduled. The automaker also said production of the company’s upcoming R2 electric vehicle is on track to begin at the facility in late 2028, following its recent start to production at its current facility in Normal, Illinois.
Rivian CEO RJ Scaringe on Thursday told CNBC’s Phil LeBeau that any future expansion of the Georgia plant would be funded by the company, which has been raising capital through partnerships with companies such as Volkswagen and Uber.
The EV maker announced the new loan details in connection with its first-quarter results, which included a net loss of $416 million, or 33 cents per share, down from a loss of $541 million, or 48 cents per share, a year ago. Those per-share results were not comparable to Wall Street expectations.
Rivian’s revenue for the quarter was $1.38 billion, up from $1.24 billion a year earlier and slightly ahead of the $1.36 billion expected by analysts, according to LSEG.
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The company’s gross profit, which is closely watched by investors, was $119 million — down $87 million during the first quarter compared with a year earlier. That included a $62 million loss for its automotive segment and a $181 million profit for its software and services division.
The decline in automotive profit was primarily due to a $100 million slump in sales of automotive regulatory credits and lower production volumes, Rivian said.
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