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Rivian Releases Fourth Quarter and Full Year 2024 Financial Results

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Rivian (NASDAQ: RIVN) reported strong Q4 2024 financial results, achieving a gross profit of $170 million and record revenues. The company produced 12,727 vehicles and delivered 14,183 vehicles in Q4, while full-year 2024 production reached 49,476 units with 51,579 deliveries.

Two major financial developments strengthened Rivian's position: a joint venture with Volkswagen Group worth up to $5.8 billion, and a Department of Energy loan of up to $6.6 billion for their Georgia facility. The company reduced automotive cost of goods sold by $31,000 per vehicle in Q4 2024 compared to Q4 2023.

The company's commercial van program with Amazon reached a milestone with over 1 billion packages delivered in 2024. Rivian has now opened commercial van sales to all U.S. fleet sizes. The company expects modest gross profit for 2025, with the upcoming R2 model's bill of materials projected to be approximately half that of the improved R1.

Rivian (NASDAQ: RIVN) ha riportato risultati finanziari solidi per il quarto trimestre del 2024, raggiungendo un utile lordo di 170 milioni di dollari e ricavi record. L'azienda ha prodotto 12.727 veicoli e consegnato 14.183 veicoli nel quarto trimestre, mentre la produzione totale per il 2024 ha raggiunto 49.476 unità con 51.579 consegne.

Due importanti sviluppi finanziari hanno rafforzato la posizione di Rivian: una joint venture con il Gruppo Volkswagen del valore di fino a 5,8 miliardi di dollari e un prestito del Dipartimento dell'Energia fino a 6,6 miliardi di dollari per il loro stabilimento in Georgia. L'azienda ha ridotto il costo dei beni venduti nel settore automobilistico di 31.000 dollari per veicolo nel quarto trimestre del 2024 rispetto al quarto trimestre del 2023.

Il programma di furgoni commerciali dell'azienda con Amazon ha raggiunto un traguardo con oltre 1 miliardo di pacchi consegnati nel 2024. Rivian ha ora aperto le vendite di furgoni commerciali a tutte le dimensioni delle flotte negli Stati Uniti. L'azienda prevede un utile lordo modesto per il 2025, con il costo dei materiali del prossimo modello R2 previsto essere circa la metà di quello del migliorato R1.

Rivian (NASDAQ: RIVN) reportó resultados financieros sólidos para el cuarto trimestre de 2024, alcanzando un beneficio bruto de 170 millones de dólares y ingresos récord. La compañía produjo 12,727 vehículos y entregó 14,183 vehículos en el cuarto trimestre, mientras que la producción total para 2024 alcanzó 49,476 unidades con 51,579 entregas.

Dos desarrollos financieros importantes fortalecieron la posición de Rivian: una empresa conjunta con el Grupo Volkswagen por un valor de hasta 5.8 mil millones de dólares y un préstamo del Departamento de Energía de hasta 6.6 mil millones de dólares para su instalación en Georgia. La compañía redujo el costo de bienes vendidos en el sector automotriz en 31,000 dólares por vehículo en el cuarto trimestre de 2024 en comparación con el cuarto trimestre de 2023.

El programa de furgones comerciales de la compañía con Amazon alcanzó un hito con más de 1 mil millones de paquetes entregados en 2024. Rivian ha abierto ahora las ventas de furgones comerciales a todos los tamaños de flotas en EE. UU. La compañía espera un beneficio bruto modesto para 2025, con el costo de materiales del próximo modelo R2 proyectado en aproximadamente la mitad del del mejorado R1.

리비안 (NASDAQ: RIVN)은 2024년 4분기 강력한 재무 결과를 보고하며 1억 7천만 달러의 총 이익과 기록적인 수익을 달성했습니다. 회사는 12,727대의 차량을 생산하고 14,183대를 배송했으며, 2024년 전체 생산량은 49,476대로 51,579대가 배송되었습니다.

리비안의 입지를 강화한 두 가지 주요 재무 개발이 있었습니다: 폭스바겐 그룹과의 최대 58억 달러 규모의 합작 투자와 조지아 시설을 위한 에너지부의 최대 66억 달러 대출입니다. 회사는 2024년 4분기 차량당 판매된 자동차 원가를 2023년 4분기 대비 31,000달러 줄였습니다.

회사의 아마존과의 상업용 밴 프로그램은 2024년 10억 개 이상의 패키지를 배송하며 이정표를 세웠습니다. 리비안은 이제 모든 미국 플릿 규모에 상업용 밴 판매를 개방했습니다. 회사는 2025년에는 소폭의 총 이익을 예상하고 있으며, 다가오는 R2 모델의 자재 비용은 개선된 R1의 약 절반에 이를 것으로 예상하고 있습니다.

Rivian (NASDAQ: RIVN) a annoncé de solides résultats financiers pour le quatrième trimestre 2024, atteignant un bénéfice brut de 170 millions de dollars et des revenus record. L'entreprise a produit 12 727 véhicules et en a livré 14 183 au quatrième trimestre, tandis que la production totale pour l'année 2024 a atteint 49 476 unités avec 51 579 livraisons.

Deux développements financiers majeurs ont renforcé la position de Rivian : une coentreprise avec le groupe Volkswagen d'une valeur allant jusqu'à 5,8 milliards de dollars et un prêt du département de l'Énergie allant jusqu'à 6,6 milliards de dollars pour leur installation en Géorgie. L'entreprise a réduit le coût des biens vendus dans le secteur automobile de 31 000 dollars par véhicule au quatrième trimestre 2024 par rapport au quatrième trimestre 2023.

Le programme de camionnettes commerciales de l'entreprise avec Amazon a atteint une étape importante avec plus d'un milliard de colis livrés en 2024. Rivian a maintenant ouvert les ventes de camionnettes commerciales à toutes les tailles de flottes aux États-Unis. L'entreprise s'attend à un bénéfice brut modeste pour 2025, avec le coût des matériaux du prochain modèle R2 prévu pour être environ la moitié de celui du R1 amélioré.

Rivian (NASDAQ: RIVN) hat für das vierte Quartal 2024 starke Finanzzahlen veröffentlicht und einen Bruttogewinn von 170 Millionen Dollar sowie Rekordumsätze erzielt. Das Unternehmen produzierte 12.727 Fahrzeuge und lieferte 14.183 Fahrzeuge im vierten Quartal, während die Gesamtproduktion für 2024 49.476 Einheiten mit 51.579 Auslieferungen erreichte.

Zwei wichtige finanzielle Entwicklungen stärkten die Position von Rivian: ein Joint Venture mit der Volkswagen Gruppe im Wert von bis zu 5,8 Milliarden Dollar und ein Darlehen des Energieministeriums von bis zu 6,6 Milliarden Dollar für ihre Einrichtung in Georgia. Das Unternehmen senkte die Kosten der verkauften Automobile im vierten Quartal 2024 um 31.000 Dollar pro Fahrzeug im Vergleich zum vierten Quartal 2023.

Das kommerzielle Lieferwagenprogramm des Unternehmens mit Amazon erreichte einen Meilenstein mit über 1 Milliarde gelieferten Paketen im Jahr 2024. Rivian hat nun den Verkauf von Lieferwagen für alle US-Flottengrößen geöffnet. Das Unternehmen erwartet einen moderaten Bruttogewinn für 2025, wobei die Materialkosten des kommenden R2-Modells voraussichtlich etwa die Hälfte dessen betragen werden, was beim verbesserten R1 anfällt.

Positive
  • Achieved Q4 2024 gross profit of $170 million
  • Secured up to $12.4 billion in combined funding through VW joint venture ($5.8B) and DOE loan ($6.6B)
  • Reduced automotive cost of goods sold by $31,000 per vehicle YoY
  • Delivered 51,579 vehicles in 2024
  • Reached milestone of 1 billion Amazon packages delivered by EDVs
  • Expanded commercial van sales to all U.S. fleet sizes
Negative
  • External factors could impact 2025 expectations due to challenging demand environment
  • Company continues to operate with significant debt load

Insights

Rivian's Q4 2024 results mark a pivotal transition from growth-at-all-costs to operational efficiency, evidenced by their first-ever quarterly gross profit of $170 million. The $31,000 reduction in per-vehicle costs represents a remarkable 30% improvement in manufacturing efficiency, positioning Rivian ahead of several EV startup peers in cost optimization.

The dual capital injections - up to $5.8 billion from Volkswagen and $6.6 billion from the DOE - provide Rivian with a fortress balance sheet to fund R2 development and Georgia facility construction. This capital structure transformation effectively addresses previous investor concerns about cash burn and production scalability.

The R2 platform strategy reveals sophisticated cost engineering:

  • 95% component sourcing completion indicates strong supplier relationships and supply chain maturity
  • 50% lower bill of materials versus R1 suggests potential gross margins comparable to mainstream automakers
  • Shared electrical architecture with VW enables economies of scale typically reserved for legacy automakers

Amazon's milestone of 1 billion packages delivered via EDVs demonstrates commercial viability and recurring revenue potential. The expansion of commercial van sales to broader fleet customers could create a significant secondary growth vector, diversifying revenue streams beyond consumer vehicles.

Looking ahead, Rivian's transition from premium to mass-market positioning with R2 appears well-timed, supported by proven cost reduction capabilities and strategic partnerships. The combination of operational improvements and secured capital provides a clear path to sustainable profitability, though execution risks remain in scaling production and managing the transition to mass-market vehicles.

  • Achieved Q4 2024 gross profit of $170 million
  • Closed Joint Venture with Volkswagen Group and loan from the Department of Energy which provides up to $10 billion of incremental capital*
  • $729 million improvement in Q4 2024 Adjusted EBITDA compared to Q4 2023**
  • Over 1 billion Amazon packages delivered by EDVs

IRVINE, Calif.--(BUSINESS WIRE)-- Rivian Automotive, Inc. (NASDAQ: RIVN) today announced fourth quarter and full year 2024 financial results. Rivian reported a gross profit of $170 million in the fourth quarter of 2024, primarily driven by improvements in variable costs, revenue per delivered unit, and fixed costs. Rivian expects these improvements to benefit it over the long-term and position the company well to achieve modest gross profit for 2025. Rivian achieved record revenues in the fourth quarter of 2024 driven by the sale of regulatory credits and software and services revenue growth as well as increasing R1 average selling prices with the increased availability of its Tri-Motor offering.

In the fourth quarter, Rivian produced 12,727 vehicles at its manufacturing facility in Normal, Illinois and delivered 14,183 vehicles. For the full-year 2024, Rivian produced 49,476 vehicles and delivered 51,579.

During the fourth quarter of 2024, Rivian and Volkswagen Group closed their joint venture, Rivian and Volkswagen Group Technology (the “Joint Venture”). With a total deal size of up to $5.8 billion, including $3.5 billion of proceeds expected to be received over the next several years, the Joint Venture plans to bring next-generation electrical architecture and best-in-class software technology for Rivian and Volkswagen Group future electric vehicles, starting with the R2. Furthermore, Rivian closed a loan agreement with the U.S. Department of Energy’s (DOE) Loan Programs Office (LPO) for up to $6.6 billion (including $6 billion of principal and approximately $600 million of capitalized interest). The loan is expected to support the construction of Rivian’s next U.S. manufacturing facility in Georgia, which aims to create approximately 7,500 jobs in the local area. The capital associated with the Joint Venture and DOE loan, in addition to Rivian’s current cash, cash equivalents, and short-term investments, is expected to provide the capital resources to fund operations through the ramp of R2 in Normal, as well as the midsize platform in Georgia - enabling a path to positive free cash flow and meaningful scale.

Rivian’s commercial van offering continues to progress. In 2024 more than 1 billion packages were delivered by Amazon in the Rivian Electric Delivery Van (EDV) in the U.S. alone. Earlier this month, Rivian opened sales for its commercial van to fleets of all sizes in the U.S. The Rivian Commercial Van is the platform on which Amazon’s custom EDV is based, and is designed from the ground up, prioritizing safety, driver comfort, total cost of ownership and sustainability.

RJ Scaringe, Founder and CEO, Rivian said:

“This quarter we achieved positive gross profit and removed $31,000 in automotive cost of goods sold per vehicle delivered in Q4 2024 relative to Q4 2023. Our focus on cost efficiency across the business is critical for the launch of our mass market product, R2. The R2 bill of materials is approximately 95% sourced and is expected to be approximately half that of the improved R1 bill of materials. I couldn't be more excited about R2, and I believe the combination of capabilities and cost efficiencies along with the amazing level of excitement from customers will make R2 a truly transformational product for Rivian."

External factors could impact Rivian's 2025 expectations, including changes to government policies and regulations and a challenging demand environment. Rivian’s guidance represents management's current view on potential adjustments to incentives, regulations, and tariff structures.

2025 Guidance

 

Vehicles Delivered

46,000 - 51,000

Adj. EBITDA

$(1,700) million - $(1,900) million

Capital Expenditures

$1,600 million - $1,700 million

Rivian will host an audio webcast to discuss the company’s results and provide a business update at 2:00pm PT / 5:00pm ET on Thursday, February 20, 2025. The link to the webcast will be available at https://rivian-q4-earnings-webcast-2025.open-exchange.net/registration.

*$10B for potential future funds incremental to the $2 billion of funds already received in association with the Joint Venture. Receipt of funds is subject to certain conditions and milestones, as discussed further in Rivian’s Current Reports on Form 8-K filed on November 12, 2024 and January 16, 2025.
** A reconciliation of non-GAAP financial measures to the most comparable GAAP measure is provided below.

Consolidated Balance Sheets
(in millions, except per share amounts)
 

Assets

 

December 31, 2023

 

December 31, 2024

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

7,857

 

 

$

5,294

 

Short-term investments

 

 

1,511

 

 

 

2,406

 

Accounts receivable, net

 

 

161

 

 

 

443

 

Inventory

 

 

2,620

 

 

 

2,248

 

Other current assets

 

 

164

 

 

 

192

 

Total current assets

 

 

12,313

 

 

 

10,583

 

Property, plant, and equipment, net

 

 

3,874

 

 

 

3,965

 

Operating lease assets, net

 

 

356

 

 

 

416

 

Other non-current assets

 

 

235

 

 

 

446

 

Total assets

 

$

16,778

 

 

$

15,410

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

981

 

 

$

499

 

Accrued liabilities

 

 

1,145

 

 

 

835

 

Current portion of deferred revenues, lease liabilities, and other liabilities

 

 

361

 

 

 

917

 

Total current liabilities

 

 

2,487

 

 

 

2,251

 

Long-term debt

 

 

4,431

 

 

 

4,441

 

Non-current lease liabilities

 

 

324

 

 

 

379

 

Other non-current liabilities

 

 

395

 

 

 

1,777

 

Total liabilities

 

 

7,637

 

 

 

8,848

 

Commitments and contingencies

 

 

 

 

Stockholders' equity:

 

 

 

 

Preferred stock, $0.001 par value; 10 shares authorized and 0 shares issued and outstanding as of December 31, 2023 and 2024

 

 

 

 

 

 

Common stock, $0.001 par value; 3,508 and 3,508 shares authorized and 968 and 1,131 shares issued and outstanding as of December 31, 2023 and 2024, respectively

 

 

1

 

 

 

1

 

Additional paid-in capital

 

 

27,695

 

 

 

29,866

 

Accumulated deficit

 

 

(18,558

)

 

 

(23,305

)

Accumulated other comprehensive income (loss)

 

 

3

 

 

 

(4

)

Noncontrolling interest

 

 

 

 

 

4

 

Total stockholders' equity

 

 

9,141

 

 

 

6,562

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

16,778

 

 

$

15,410

 

Consolidated Statements of Operations 1  
(in millions, except per share amounts)  
 

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

Automotive

 

$

1,208

 

 

$

1,520

 

 

$

4,132

 

 

$

4,486

 

Software and services

 

 

107

 

 

 

214

 

 

 

302

 

 

 

484

 

Total revenues

 

 

1,315

 

 

 

1,734

 

 

 

4,434

 

 

 

4,970

 

Automotive

 

 

1,819

 

 

 

1,410

 

 

 

6,150

 

 

 

5,693

 

Software and services

 

 

102

 

 

 

154

 

 

 

314

 

 

 

477

 

Total cost of revenues

 

 

1,921

 

 

 

1,564

 

 

 

6,464

 

 

 

6,170

 

Gross profit

 

 

(606

)

 

 

170

 

 

 

(2,030

)

 

 

(1,200

)

Operating expenses

 

 

 

 

 

 

 

 

Research and development

 

 

526

 

 

 

374

 

 

 

1,995

 

 

 

1,613

 

Selling, general, and administrative

 

 

449

 

 

 

457

 

 

 

1,714

 

 

 

1,876

 

Total operating expenses

 

 

975

 

 

 

831

 

 

 

3,709

 

 

 

3,489

 

Loss from operations

 

 

(1,581

)

 

 

(661

)

 

 

(5,739

)

 

 

(4,689

)

Interest income

 

 

131

 

 

 

83

 

 

 

522

 

 

 

385

 

Interest expense

 

 

(73

)

 

 

(81

)

 

 

(220

)

 

 

(318

)

Loss on convertible notes, net

 

 

 

 

 

(82

)

 

 

 

 

 

(112

)

Other income (expense), net

 

 

2

 

 

 

1

 

 

 

6

 

 

 

(7

)

Loss before income taxes

 

 

(1,521

)

 

 

(740

)

 

 

(5,431

)

 

 

(4,741

)

Provision for income taxes

 

 

 

 

 

(3

)

 

 

(1

)

 

 

(5

)

Net loss

 

$

(1,521

)

 

$

(743

)

 

$

(5,432

)

 

$

(4,746

)

Less: Net income attributable to noncontrolling interest

 

 

 

 

 

1

 

 

 

 

 

 

1

 

Net loss attributable to common stockholders

 

$

(1,521

)

 

$

(744

)

 

$

(5,432

)

 

$

(4,747

)

Net loss attributable to common stockholders, basic and diluted

 

$

(1,521

)

 

$

(744

)

 

$

(5,432

)

 

$

(4,747

)

Net loss per share attributable to common stockholders, basic and diluted

 

$

(1.58

)

 

$

(0.70

)

 

$

(5.74

)

 

$

(4.69

)

Weighted-average common shares outstanding, basic and diluted

 

 

963

 

 

 

1,058

 

 

 

947

 

 

 

1,013

 

1 The prior periods have been recast to conform to current period presentation.

 

 

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows 1  
(in millions)  
 

 

 

Years Ended December 31,

 

 

 

2023

 

 

 

2024

 

Cash flows from operating activities:

 

 

 

 

Net loss

 

$

(5,432

)

 

$

(4,746

)

Depreciation and amortization

 

 

937

 

 

 

1,031

 

Stock-based compensation expense

 

 

821

 

 

 

692

 

Loss on convertible notes, net

 

 

 

 

 

112

 

Inventory LCNRV write-downs and losses on firm purchase commitments

 

 

107

 

 

 

 

Other non-cash activities

 

 

115

 

 

 

28

 

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable, net

 

 

(59

)

 

 

(282

)

Inventory

 

 

(1,604

)

 

 

307

 

Other assets

 

 

(146

)

 

 

(221

)

Accounts payable and accrued liabilities

 

 

105

 

 

 

(572

)

Deferred revenue

 

 

149

 

 

 

1,619

 

Other liabilities

 

 

141

 

 

 

316

 

Net cash used in operating activities

 

 

(4,866

)

 

 

(1,716

)

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

Purchases of short-term investments

 

 

(2,410

)

 

 

(4,392

)

Maturities of short-term investments

 

 

925

 

 

 

3,553

 

Capital expenditures

 

 

(1,026

)

 

 

(1,141

)

Net cash used in investing activities

 

 

(2,511

)

 

 

(1,980

)

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

Proceeds from issuance of capital stock including employee stock purchase plan

 

 

61

 

 

 

64

 

Proceeds from issuance of convertible notes

 

 

3,195

 

 

 

1,000

 

Proceeds from funding of 50% interest in Rivian and VW Group Technology, LLC

 

 

 

 

 

79

 

Purchase of capped call options

 

 

(108

)

 

 

 

Other financing activities

 

 

(18

)

 

 

(7

)

Net cash provided by financing activities

 

 

3,130

 

 

 

1,136

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

 

5

 

 

 

(3

)

Net change in cash

 

 

(4,242

)

 

 

(2,563

)

Cash, cash equivalents, and restricted cash—Beginning of period

 

 

12,099

 

 

 

7,857

 

Cash, cash equivalents, and restricted cash—End of period

 

$

7,857

 

 

$

5,294

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

Cash paid for interest

 

$

169

 

 

$

279

 

Supplemental disclosure of non-cash investing and financing activities:

 

 

 

 

Capital expenditures included in liabilities

 

$

374

 

 

$

423

 

Capital stock issued to settle bonuses

 

$

137

 

 

$

179

 

Conversion of convertible notes

 

$

 

 

$

1,133

 

 

1 The prior periods have been recast to conform to current period presentation.

 
Reconciliation of Non-GAAP
Financial Measures
(in millions)  
 

Adjusted EBITDA1

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

 

 

 

 

 

 

 

Net loss attributable to common shareholders

 

$

(1,521

)

 

$

(744

)

 

$

(5,432

)

 

$

(4,747

)

Interest income, net

 

 

(58

)

 

 

(2

)

 

 

(302

)

 

 

(67

)

Provision for income taxes

 

 

 

 

 

3

 

 

 

1

 

 

 

5

 

Depreciation and amortization

 

 

270

 

 

 

218

 

 

 

937

 

 

 

1,031

 

Stock-based compensation expense

 

 

215

 

 

 

154

 

 

 

821

 

 

 

692

 

Other (income) expense, net

 

 

(2

)

 

 

(1

)

 

 

(6

)

 

 

7

 

Loss on convertible note, net

 

 

 

 

 

82

 

 

 

 

 

 

112

 

Cost of revenue efficiency initiatives

 

 

60

 

 

 

 

 

 

95

 

 

 

193

 

Restructuring expenses

 

 

 

 

 

 

 

 

42

 

 

 

30

 

Asset impairments and write-offs

 

 

30

 

 

 

 

 

 

55

 

 

 

30

 

Joint venture formation expenses and other items2

 

 

 

 

 

13

 

 

 

 

 

 

25

 

Adjusted EBITDA (non-GAAP)

 

$

(1,006

)

 

$

(277

)

 

$

(3,789

)

 

$

(2,689

)

 

 

 

 

 

 

 

 

 

1 The prior periods have been recast to conform to current period presentation.

2 Defined in Non-GAAP Financial Measures below.

Forward-Looking Statements:

This press release and statements that are made on our earnings call contain forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release and made on our earnings call that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding our future operations, initiatives and business strategy, including expected cost reduction initiatives, our future financial results, vehicle profitability and future gross profits, our future capital expenditures, the underlying trends in our business (including customer preferences and expectations, and potential tailwinds for 2025), our market opportunity, and our potential for growth, our production ramp and manufacturing capacity expansion and anticipated production levels, our expected future production and deliveries, scaling our service infrastructure, our expected future products and technology and product enhancements (including the launches of R2 and R3), potential expansion of commercial van sales, future revenue opportunities, including with respect to the emerging autonomous driving market, our joint venture with Volkswagen Group, including the expected benefits from the partnership and future VW investments, and other expected incremental available capital pursuant to agreements with VW and the U.S. Department of Energy. These statements are neither promises nor guarantees and involve known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements, including, but not limited to: our history of losses as a growth-stage company and our limited operating history; we may underestimate or not effectively manage our capital expenditures and costs; that we will require additional financing and capital to support our business; our ability to maintain strong demand for our vehicles and attract and retain a large number of consumers; our ability to grow sales of our commercial vehicles, risks relating to the highly competitive automotive market, including competitors that may take steps to compete more effectively against us; consumers’ willingness to adopt electric vehicles; risks associated with our joint venture with Volkswagen Group, risks associated with additional strategic alliances or acquisitions, that we may experience significant delays in the manufacture and delivery of our vehicles; that our long-term results depend on our ability to successfully introduce and market new products and services; that we have experienced and could continue to experience cost increases or disruptions in supply of raw materials or other components used in our vehicles; our dependence on suppliers and volatility in pricing of components and raw materials; our ability to accurately estimate the supply and demand for our vehicles and predict our manufacturing requirements; our ability to scale our business and manage future growth effectively; our ability to maintain our relationship with one customer that has generated a significant portion of our revenues; that we are highly dependent on the services and reputation of our Founder and Chief Executive Officer; our ability to offer attractive financing and leasing options; that we may not succeed in maintaining and strengthening our brand; that our focus on delivering a high-quality and engaging Rivian experience may not maximize short-term financial results; risks relating to our distribution model; that we rely on complex machinery, and production involves a significant degree of risk and uncertainty; that our operations, IT systems and vehicles rely on highly technical software and hardware that could contain errors or defects; that we may not successfully develop the complex software and technology systems in coordination with the Volkswagen Group joint venture and our other vendors needed to produce our vehicles; inadequate access to charging stations and not being able to realize the benefits of our charging networks; risks related to our use of lithium-ion battery cells; that we have limited experience servicing and repairing our vehicles; that the automotive industry is rapidly evolving and may be subject to unforeseen changes; risks associated with advanced driver assistance systems technology; the unavailability, reduction or elimination of government and economic incentives and credits for electric vehicles; that we may not be able to obtain the government grants, loans, and other incentives, including regulatory credits, for which we apply or on which we rely; that vehicle retail sales depend heavily on affordable interest rates and availability of credit; insufficient warranty reserves to cover warranty claims; that future field actions, including product recalls, could harm our business; risks related to product liability claims; risks associated with international operations; our ability to attract and retain key employees and qualified personnel; our ability to maintain our culture; that our business may be adversely affected by labor and union activities; that our financial results may vary significantly from period to period; that we have incurred a significant amount of debt and expect to incur significant additional indebtedness; risks related to third-party vendors for certain product and service offerings; potential conflicts of interest involving our principal stockholders or their affiliates; risks associated with exchange rate and interest rate fluctuations; that breaches in data security, failure of technology systems, cyber-attacks or other security or privacy-related incidents could harm our business; risks related to our use of artificial intelligence technologies; risk of intellectual property infringement claims; that our use of open source software in our applications could subject our proprietary software to general release; our ability to prevent unauthorized use of our intellectual property; risks related to governmental regulation and legal proceedings; delays, limitations and risks related to permits and approvals required to operate or expand operations; our internal control over financial reporting; effect of trade tariffs or other trade barriers; and the other factors described in our filings with the SEC. These factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, except as may be required by law, we disclaim any obligation to do so, even if subsequent events cause our views to change.

*Non-GAAP Financial Measures

In addition to our results determined in accordance with generally accepted accounting principles in the United States (“GAAP”), we review financial measures that are not calculated and presented in accordance with GAAP (“non-GAAP financial measures”). We believe our non-GAAP financial measures are useful in evaluating our operating and cash performance. We use the following non-GAAP financial information, collectively, to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors, because it focuses on underlying operating results and trends, provides consistency and comparability with past financial performance, and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. A reconciliation of each historical non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP is provided above. Reconciliations of forward-looking non-GAAP financial measures are not provided because we are unable to provide such reconciliations without unreasonable effort due to the uncertainty regarding, and potential variability of, certain items, such as stock-based compensation expense and other costs and expenses that may be incurred in the future. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures.

Our non-GAAP financial measures include adjusted EBITDA, defined as net loss before interest expense (income), net, provision for income taxes, depreciation and amortization, stock-based compensation, other expense (income), net, and special items. Our management team ordinarily excludes special items from its review of the results of ongoing operations. Special items is comprised of (i) cost of revenue efficiency initiatives which include costs incurred as we transition between major vehicle programs, cost incurred for negotiations with major suppliers regarding changing demand forecasts or design modifications, and other costs for enhancing our capital and cost optimization, (ii) restructuring expenses for significant actions taken, (iii) significant asset impairments and write-offs, and (iv) other items that we do not necessarily consider to be indicative of earnings from ongoing operating activities, including loss (gain) on convertible note, net, and joint venture formation expenses.

About Rivian:

Rivian (NASDAQ: RIVN) is an American automotive manufacturer that develops and builds category-defining electric vehicles as well as software and services that address the entire lifecycle of the vehicle. The company creates innovative and technologically advanced products that are designed to excel at work and play with the goal of accelerating the global transition to zero-emission transportation and energy. Rivian vehicles are built in the United States and are sold directly to consumer and commercial customers. Whether taking families on new adventures or electrifying fleets at scale, Rivian vehicles all share a common goal — preserving the natural world for generations to come.

Learn more about the company, products, and careers at www.rivian.com.

Investors: ir@rivian.com

Media: Harry Porter: media@rivian.com

Source: Rivian Automotive, Inc.

FAQ

What was Rivian's (RIVN) Q4 2024 gross profit?

Rivian reported a gross profit of $170 million in Q4 2024, driven by improvements in variable costs, revenue per delivered unit, and fixed costs.

How many vehicles did Rivian (RIVN) deliver in 2024?

Rivian delivered 51,579 vehicles in full-year 2024, with 14,183 deliveries in Q4 alone.

How much funding did Rivian (RIVN) secure through the Volkswagen joint venture and DOE loan?

Rivian secured up to $5.8 billion through the Volkswagen Group joint venture and up to $6.6 billion through a Department of Energy loan, totaling approximately $12.4 billion in potential funding.

What is the cost reduction for Rivian's (RIVN) R2 compared to R1?

The R2's bill of materials is expected to be approximately half that of the improved R1 bill of materials, with 95% of components already sourced.

How many packages were delivered by Rivian's (RIVN) EDVs for Amazon in 2024?

Over 1 billion packages were delivered by Amazon using Rivian's Electric Delivery Vans (EDVs) in the U.S. during 2024.

Rivian Automotive, Inc. / De

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