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Rivian Releases Third Quarter 2024 Financial Results

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Rivian Automotive (NASDAQ: RIVN) announced its Q3 2024 financial results. The company produced 13,157 vehicles and delivered 10,018. Revenue was $874 million, driven by vehicle deliveries and regulatory credit sales. Gross profit was negative at $(392) million, improving from $(477) million YoY. Net loss for the quarter was $(1,100) million, down from $(1,367) million last year. Operating expenses decreased to $777 million from $963 million YoY. Adjusted EBITDA was $(757) million, improving from $(902) million YoY. Rivian ended Q3 with $6,739 million in cash and equivalents. The company reaffirmed its 2024 delivery outlook of 50,500 to 52,000 vehicles but revised its production guidance to 47,000-49,000 vehicles due to component shortages. Rivian announced a strategic supply agreement with LG Energy Solution for R2 battery cells and launched the R1 Tri-Motor configuration. They are on track for positive gross profit in Q4 2024.

Rivian Automotive (NASDAQ: RIVN) ha annunciato i risultati finanziari per il terzo trimestre 2024. L'azienda ha prodotto 13.157 veicoli e ne ha consegnati 10.018. Il fatturato è stato di 874 milioni di dollari, sostenuto dalle consegne di veicoli e dalle vendite di crediti normativi. Il profitto lordo è stato negativo a (392) milioni di dollari, in miglioramento rispetto a (477) milioni di dollari anno su anno. La perdita netta per il trimestre è stata di (1.100) milioni di dollari, in calo rispetto a (1.367) milioni di dollari dell'anno scorso. Le spese operative sono diminuite a 777 milioni di dollari rispetto a 963 milioni di dollari anno su anno. L'EBITDA rettificato è stato di (757) milioni di dollari, in miglioramento rispetto a (902) milioni di dollari anno su anno. Rivian ha concluso il terzo trimestre con 6.739 milioni di dollari in contante e equivalenti. L'azienda ha confermato le proprie previsioni di consegna per il 2024 di tra 50.500 e 52.000 veicoli, ma ha rivisto al ribasso le previsioni di produzione a 47.000-49.000 veicoli a causa di carenze di componenti. Rivian ha annunciato un accordo strategico di fornitura con LG Energy Solution per le celle della batteria R2 e ha lanciato la configurazione R1 Tri-Motor. Sono in pista per un profitto lordo positivo nel quarto trimestre del 2024.

Rivian Automotive (NASDAQ: RIVN) anunció sus resultados financieros del tercer trimestre de 2024. La compañía produjo 13,157 vehículos y entregó 10,018. Los ingresos fueron de 874 millones de dólares, impulsados por las entregas de vehículos y las ventas de créditos regulatorios. El beneficio bruto fue negativo en (392) millones de dólares, mejorando con respecto a (477) millones de dólares en comparación interanual. La pérdida neta para el trimestre fue de (1,100) millones de dólares, disminuyendo desde (1,367) millones de dólares el año pasado. Los gastos operativos disminuyeron a 777 millones de dólares desde 963 millones de dólares interanualmente. El EBITDA ajustado fue de (757) millones de dólares, mejorando respecto a (902) millones de dólares interanualmente. Rivian terminó el tercer trimestre con 6,739 millones de dólares en efectivo y equivalentes. La compañía reafirmó su perspectiva de entrega para 2024 de entre 50,500 y 52,000 vehículos, pero revisó su guía de producción a 47,000-49,000 vehículos debido a la escasez de componentes. Rivian anunció un acuerdo de suministro estratégico con LG Energy Solution para celdas de batería R2 y lanzó la configuración R1 Tri-Motor. Están en camino de lograr un beneficio bruto positivo en el cuarto trimestre de 2024.

리비안 오토모티브 (NASDAQ: RIVN)는 2024년 3분기 재무 결과를 발표했습니다. 이 회사는 13,157대의 차량을 생산하고 10,018대를 배송했습니다. 매출은 8억 7,400만 달러로, 이는 차량 배송 및 규제 신용 판매에 의해 촉진되었습니다. 총 이익은 (3억 9,200만) 달러로 부정적이며, 전년 동기 대비 (4억 7,700만) 달러에서 개선되었습니다. 이번 분기의 순손실은 (11억 달러)로 지난해 (13억 6,700만) 달러에서 감소했습니다. 운영 비용은 전년 동기 대비 9억 6,300만 달러에서 7억 7,700만 달러로 감소했습니다. 조정 EBITDA는 (7억 5,700만) 달러로, 전년 동기 대비 (9억 200만) 달러에서 개선되었습니다. 리비안은 3분기를 현금 및 현금 등가물 67억 3,900만 달러로 마감했습니다. 이 회사는 2024년 배송 전망을 50,500대에서 52,000대 사이로 재확인했으나, 부품 부족으로 생산 가이드를 47,000대에서 49,000대로 수정했습니다. 리비안은 R2 배터리 셀에 대한 LG 에너지 솔루션과 전략적 공급 계약을 발표하고 R1 트라이 모터 구성을 출시했습니다. 2024년 4분기 긍정적인 총 이익을 위한 궤도에 있습니다.

Rivian Automotive (NASDAQ: RIVN) a annoncé ses résultats financiers pour le troisième trimestre 2024. La société a produit 13 157 véhicules et en a livré 10 018. Le chiffre d'affaires s'élevait à 874 millions de dollars, porté par les livraisons de véhicules et les ventes de crédits réglementaires. Le bénéfice brut était négatif à (392) millions de dollars, s'améliorant par rapport à (477) millions de dollars d'une année sur l'autre. La perte nette pour le trimestre s'élevait à (1 100) millions de dollars, en baisse par rapport à (1 367) millions de dollars l'année précédente. Les dépenses opérationnelles ont diminué pour atteindre 777 millions de dollars, contre 963 millions de dollars d'une année sur l'autre. L'EBITDA ajusté était de (757) millions de dollars, s'améliorant par rapport à (902) millions de dollars d'une année sur l'autre. Rivian a terminé le troisième trimestre avec 6 739 millions de dollars en liquidités et équivalents. La société a réaffirmé ses prévisions de livraison pour 2024, situées entre 50 500 et 52 000 véhicules, mais a revu ses prévisions de production à 47 000-49 000 véhicules en raison de pénuries de composants. Rivian a annoncé un accord de fourniture stratégique avec LG Energy Solution pour les cellules de batterie R2 et a lancé la configuration R1 Tri-Motor. Ils sont en bonne voie pour atteindre un bénéfice brut positif au quatrième trimestre 2024.

Rivian Automotive (NASDAQ: RIVN) hat seine finanziellen Ergebnisse für das dritte Quartal 2024 bekannt gegeben. Das Unternehmen produzierte 13.157 Fahrzeuge und lieferte 10.018 aus. Der Umsatz betrug 874 Millionen US-Dollar, was durch Fahrzeuglieferungen und den Verkauf von regulatorischen Krediten unterstützt wurde. Der Bruttogewinn war negativ mit (392) Millionen US-Dollar, was eine Verbesserung gegenüber (477) Millionen US-Dollar im Vorjahr darstellt. Der Nettoverlust für das Quartal betrug (1.100) Millionen US-Dollar, was einen Rückgang gegenüber (1.367) Millionen US-Dollar im letzten Jahr bedeutet. Die Betriebskosten sanken auf 777 Millionen US-Dollar von 963 Millionen US-Dollar im Vorjahr. Das bereinigte EBITDA betrug (757) Millionen US-Dollar, was eine Verbesserung gegenüber (902) Millionen US-Dollar im Vorjahr bedeutet. Rivian beendete das dritte Quartal mit 6.739 Millionen US-Dollar in Bar und Äquivalenten. Das Unternehmen bestätigte seine Lieferprognose für 2024 von 50.500 bis 52.000 Fahrzeugen, hat jedoch seine Produktionsprognose aufgrund von Komponentenengpässen auf 47.000-49.000 Fahrzeuge revisionsweise angepasst. Rivian gab eine strategische Liefervereinbarung mit LG Energy Solution für R2-Batteriezellen bekannt und brachte die R1 Tri-Motor-Konfiguration auf den Markt. Sie sind auf dem besten Weg zu einem positiven Bruttogewinn im vierten Quartal 2024.

Positive
  • Revenue of $874 million in Q3 2024.
  • Gross profit improved to $(392) million from $(477) million YoY.
  • Net loss reduced to $(1,100) million from $(1,367) million YoY.
  • Operating expenses decreased to $777 million from $963 million YoY.
  • Adjusted EBITDA improved to $(757) million from $(902) million YoY.
  • Cash and equivalents at $6,739 million.
  • Reaffirmed 2024 delivery outlook of 50,500 to 52,000 vehicles.
  • Strategic supply agreement with LG Energy Solution for R2 battery cells.
  • On track for positive gross profit in Q4 2024.
Negative
  • Revised 2024 production guidance to 47,000-49,000 vehicles due to component shortages.
  • Net loss of $(1,100) million for Q3 2024.
  • Negative gross profit of $(392) million for Q3 2024.
  • Adjusted EBITDA of $(757) million for Q3 2024.
  • Annual adjusted EBITDA guidance revised to a loss of $(2.825) billion to $(2.875) billion.

Insights

The Q3 results reveal significant operational challenges. Revenue declined 35% year-over-year to $874 million, with deliveries at 10,018 vehicles. While the negative gross margin improved slightly, reaching $(392) million versus $(477) million last year, the company still faces substantial losses with a net loss of $(1.1) billion.

Key concerns include production disruptions due to component shortages, leading to reduced 2024 production guidance to 47,000-49,000 vehicles. The cash burn continues, with cash reserves declining to $6.7 billion. However, positive developments include the LG Energy Solution partnership for R2 batteries and progress toward positive gross profit in Q4 2024, driven by higher ASPs and improved cost efficiencies.

The operational metrics show mixed signals. The Gen 2 R1 cost improvements and 85% sourcing achievement for R2 bill of materials demonstrate supply chain optimization. However, the Enduro motor component shortage affecting both R1 and RCV platforms raises concerns about supply chain resilience.

The Normal facility's expansion for R2 production and the strategic Arizona battery manufacturing alignment with LGES indicate strong vertical integration plans. The transition to Tri-Motor configuration, delivering 850 horsepower while potentially reducing complexity compared to Quad-Motor, suggests smart manufacturing optimization.

  • Reaffirmed 2024 delivery outlook of 50,500 to 52,000 vehicles
  • Secured R2 battery cell supply with multi-year LG Energy Solution contract
  • Company on track for positive gross profit for fourth quarter 2024
  • Launched R1 Tri-Motor configuration

IRVINE, Calif.--(BUSINESS WIRE)-- Rivian Automotive, Inc. (NASDAQ: RIVN) today announced its third quarter 2024 financial results. In the third quarter the company produced 13,157 vehicles at its manufacturing facility in Normal, Illinois and delivered 10,018 vehicles during the same period.

The company remains on track for positive gross profit for the fourth quarter of 2024. This is expected to be driven primarily by improvements in revenue per unit, variable cost per unit, and fixed and semi-fixed costs per unit. The increase in revenue per unit is primarily due to an increase in the sale of regulatory credits and increased R1 average selling prices from an improvement in mix towards more premium variants. The variable and fixed / semi-fixed cost improvements are driven primarily by improvements in material cost and operational efficiencies in the production of R1 second generation vehicles.

Rivian has continued to make rapid progress in the design, development, sourcing, and manufacturing facility expansion in Normal, which are critical steps toward achieving our target of launching R2 in the first half of 2026. R2 has been designed to maximize cost efficiency and manufacturability while still delivering on the performance and utility consumers expect from a Rivian. Eighty five percent of the bill of materials has been sourced within Rivian's cost targets.

RJ Scaringe, Rivian Founder and CEO, said:

“This quarter we have made progress against our key objectives and have seen meaningful progress on our Gen 2 R1 cost structure due to the new technologies incorporated into the vehicle and manufacturing process. We are excited about the future and our midsize SUV, R2, which we believe will be a fundamental driver of Rivian’s growth. We’re also looking forward to closing our proposed joint venture with Volkswagen Group which is expected in the fourth quarter.”

Today Rivian is announcing a strategic supply agreement with LG Energy Solution (LGES) to power its next-generation midsize electric vehicle platform, underpinning the company’s R2 midsize SUV. Under the terms of the agreement, LGES will supply 4695 cylindrical battery cells to Rivian for its midsize platform. Within the first year of production, the batteries are expected to be manufactured at LGES' Queen Creek, Arizona plant, aligning with Rivian's focus on U.S. domestic manufacturing and IRA compliance.

This quarter Rivian introduced its second generation Tri-Motor R1 configuration, combining performance levels that surpass the company’s original Quad-Motor offerings. Tri-Motor packs two in-house Ascent motors in the rear and one Enduro motor in front for a blend of exceptional power and range. With 850 horsepower and 1,103 Ib-ft of torque, it reaches 0-60 mph in 2.9 seconds.

In August the company introduced Connect+, a streaming and connectivity service for Rivian owners. Connect+ is a paid subscription that offers seamless access to enhanced connectivity features and a host of new apps in Rivian’s consumer vehicles. Because of Rivian’s fully integrated software platform, Connect+ shows streaming services natively within the vehicle’s display, making for a simple, convenient and immersive infotainment experience. Following the launch of Connect+, Rivian provided customers a 60 day free trial period and has seen the majority of customers subscribe to Connect+ following the free trial period.

As previously disclosed on October 4, the company is experiencing a production disruption due to a shortage of a shared component within its Enduro motor system on the R1 and RCV platforms. As a result of this disruption Rivian revised its latest full year 2024 production guidance to between 47,000 to 49,000 vehicles, and is also revising its annual adjusted EBITDA guidance to between a $(2.825) billion loss to a $(2.875) billion loss. Rivian is reaffirming its delivery outlook of between 50,500 to 52,000 vehicles and $1,200 million in capital expenditures.

Rivian believes the formation of the joint venture is a landmark development for the industry. The joint venture will benefit from Rivian's differentiated and well-proven zonal network architecture and full-stack software technologies, enhanced software and electrical architecture innovation. The joint venture validates Rivian’s technology leadership and creates new growth opportunities for Rivian to be a technology partner to other manufacturers.

Financial Highlights:

Revenues:

Total revenues for the third quarter of 2024 were $874 million, primarily driven by the delivery of 10,018 vehicles. Total revenues from the sale of regulatory credits were $8 million for the quarter.

Gross Profit:

Rivian generated negative gross profit of $(392) million for the third quarter of 2024 as compared to $(477) million for the third quarter of 2023.

Cost of revenues for the third quarter of 2024 included $37 million of costs the company does not anticipate being part of its long-term cost structure which was made up of cost of revenue efficiency initiatives primarily related to certain supplier liabilities incurred.

Operating Expenses and Operating Loss:

Total operating expenses in the third quarter of 2024 decreased to $777 million, as compared to $963 million in the same period last year.

In the third quarter of 2024, the company recognized a non-cash, stock-based compensation expense within operating expenses of $105 million as compared to $219 million in the third quarter of 2023 and depreciation and amortization expense within operating expenses of $73 million as compared to $80 million in the third quarter of 2023.

Net Loss:

Rivian’s net loss for the third quarter of 2024 was $(1,100) million as compared to $(1,367) million for the same period last year.

Adjusted EBITDA (non-GAAP)*

Adjusted EBITDA* for the third quarter of 2024 was $(757) million as compared to $(902) million for the same period last year.

Capital Expenditures:

Capital expenditures for the third quarter of 2024 were $277 million, as compared to $190 million for the same period last year.

Liquidity:

Rivian ended the third quarter of 2024 with $6,739 million in cash, cash equivalents, and short-term investments. Including the capacity under its asset-based revolving-credit facility, the company ended the third quarter of 2024 with $8,105 million of total liquidity.

The third quarter of 2024’s ending cash, cash equivalents, and short-term investments balance of $6,739 million includes $1 billion of an unsecured convertible note issued to Volkswagen International America, Inc. in association with the announcement of our expected joint venture with Volkswagen Group. The convertible note will automatically convert into shares of Class A common stock on December 1, 2024 as all conversion conditions have been satisfied as of September 30, 2024.

For further information please see Rivian’s latest shareholder letter at www.rivian.com/investors.

The company will host an audio webcast to discuss its results and provide a business update at 2:00pm PT / 5:00pm ET on Thursday, November 7, 2024. The link to the webcast will be made available on the company’s Investor Relations website at rivian.com/investors. After the call, a replay will be available at rivian.com/investors for four weeks. The letter is available on its investor relations website (https://rivian.com/investors).

Condensed Consolidated Balance Sheets

 

(in millions, except per share amounts)

(unaudited)

 

Assets

 

December 31, 2023

 

September 30, 2024

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

7,857

 

 

$

5,396

 

Short-term investments

 

 

1,511

 

 

 

1,343

 

Accounts receivable, net

 

 

161

 

 

 

217

 

Inventory

 

 

2,620

 

 

 

2,680

 

Other current assets

 

 

164

 

 

 

201

 

Total current assets

 

 

12,313

 

 

 

9,837

 

Property, plant, and equipment, net

 

 

3,874

 

 

 

3,819

 

Operating lease assets, net

 

 

356

 

 

 

397

 

Other non-current assets

 

 

235

 

 

 

209

 

Total assets

 

$

16,778

 

 

$

14,262

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

981

 

 

$

617

 

Accrued liabilities

 

 

1,145

 

 

 

887

 

Current portion of lease liabilities and other current liabilities

 

 

361

 

 

 

429

 

Total current liabilities

 

 

2,487

 

 

 

1,933

 

Long-term debt (includes $1,030 at fair value as of September 30, 2024)

 

 

4,431

 

 

 

5,468

 

Non-current lease liabilities

 

 

324

 

 

 

361

 

Other non-current liabilities

 

 

395

 

 

 

601

 

Total liabilities

 

 

7,637

 

 

 

8,363

 

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 September 30, 2024

 

 

 

 

 

 

Common stock, $0.001 par value; 3,508 and 3,508 shares authorized and 968 and 1,021 shares issued and outstanding as of December 31, 2023 and September 30, 2024, respectively

 

 

1

 

 

 

1

 

Additional paid-in capital

 

 

27,695

 

 

 

28,455

 

Accumulated deficit

 

 

(18,558

)

 

 

(22,561

)

Accumulated other comprehensive income

 

 

3

 

 

 

4

 

Total stockholders' equity

 

 

9,141

 

 

 

5,899

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

16,778

 

 

$

14,262

 

Condensed Consolidated Statements of Operations

 
(in millions, except per share amounts)
(unaudited)

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

Revenues

 

$

1,337

 

 

$

874

 

 

$

3,119

 

 

$

3,236

 

Cost of revenues

 

 

1,814

 

 

 

1,266

 

 

 

4,543

 

 

 

4,606

 

Gross profit

 

 

(477

)

 

 

(392

)

 

 

(1,424

)

 

 

(1,370

)

Operating expenses

 

 

 

 

 

 

 

 

Research and development

 

 

529

 

 

 

350

 

 

 

1,469

 

 

 

1,239

 

Selling, general, and administrative

 

 

434

 

 

 

427

 

 

 

1,265

 

 

 

1,419

 

Total operating expenses

 

 

963

 

 

 

777

 

 

 

2,734

 

 

 

2,658

 

Loss from operations

 

 

(1,440

)

 

 

(1,169

)

 

 

(4,158

)

 

 

(4,028

)

Interest income

 

 

126

 

 

 

95

 

 

 

391

 

 

 

302

 

Interest expense

 

 

(55

)

 

 

(87

)

 

 

(147

)

 

 

(237

)

Fair value gain (loss) on convertible note, net

 

 

 

 

 

60

 

 

 

 

 

 

(30

)

Other income (expense), net

 

 

2

 

 

 

1

 

 

 

4

 

 

 

(8

)

Loss before income taxes

 

 

(1,367

)

 

 

(1,100

)

 

 

(3,910

)

 

 

(4,001

)

Provision for income taxes

 

 

 

 

 

 

 

 

(1

)

 

 

(2

)

Net loss

 

$

(1,367

)

 

$

(1,100

)

 

$

(3,911

)

 

$

(4,003

)

Net loss attributable to common stockholders, basic and diluted

 

$

(1,367

)

 

$

(1,100

)

 

$

(3,911

)

 

$

(4,003

)

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

 

$

(1.44

)

 

$

(1.08

)

 

$

(4.15

)

 

$

(4.01

)

Weighted-average common shares outstanding, basic and diluted

 

 

952

 

 

 

1,014

 

 

 

942

 

 

 

998

 

Consolidated Statements of Cash Flows
 
(in millions)
(unaudited)

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

 

2024

 

Cash flows from operating activities:

 

 

 

 

Net loss

 

$

(3,911

)

 

$

(4,003

)

Depreciation and amortization

 

 

667

 

 

 

813

 

Stock-based compensation expense

 

 

606

 

 

 

538

 

Fair value loss on convertible note, net

 

 

 

 

 

30

 

Inventory LCNRV write-downs and losses on firm purchase commitments

 

 

114

 

 

 

14

 

Other non-cash activities

 

 

46

 

 

 

85

 

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable, net

 

 

(135

)

 

 

(57

)

Inventory

 

 

(1,471

)

 

 

(208

)

Other assets

 

 

(129

)

 

 

(41

)

Accounts payable and accrued liabilities

 

 

220

 

 

 

(339

)

Other liabilities

 

 

234

 

 

 

269

 

Net cash used in operating activities

 

 

(3,759

)

 

 

(2,899

)

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

Purchases of short-term investments

 

 

(1,405

)

 

 

(2,476

)

Maturities of short-term investments

 

 

225

 

 

 

2,696

 

Capital expenditures

 

 

(728

)

 

 

(814

)

Net cash used in investing activities

 

 

(1,908

)

 

 

(594

)

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

Proceeds from issuance of capital stock including employee stock purchase plan

 

 

39

 

 

 

37

 

Proceeds from issuance of convertible notes

 

 

1,485

 

 

 

1,000

 

Other financing activities

 

 

(15

)

 

 

(5

)

Net cash provided by financing activities

 

 

1,509

 

 

 

1,032

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

 

 

 

 

 

Net change in cash

 

 

(4,158

)

 

 

(2,461

)

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

 

 

12,099

 

 

 

7,857

 

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

 

$

7,941

 

 

$

5,396

 

 

 

 

 

 

Supplemental disclosure of non-cash investing and financing activities:

 

 

 

 

Capital expenditures included in liabilities

 

$

390

 

 

$

369

 

Capital stock issued to settle bonuses

 

$

137

 

 

$

179

 

Right-of-use assets obtained in exchange for operating lease liabilities

 

$

66

 

 

$

122

 

Reconciliation of Non-GAAP
Financial Measures
 
(in millions)
(unaudited)
 

Adjusted EBITDA1

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

Net loss

 

$

(1,367

)

 

$

(1,100

)

 

$

(3,911

)

 

$

(4,003

)

Interest income, net

 

 

(71

)

 

 

(8

)

 

 

(244

)

 

 

(65

)

Provision for income taxes

 

 

 

 

 

 

 

 

1

 

 

 

2

 

Depreciation and amortization

 

 

256

 

 

 

259

 

 

 

667

 

 

 

813

 

Stock-based compensation expense

 

 

242

 

 

 

111

 

 

 

606

 

 

 

538

 

Other (income) expense, net

 

 

(2

)

 

 

(1

)

 

 

(4

)

 

 

8

 

Fair value (gain) loss on convertible note, net

 

 

 

 

 

(60

)

 

 

 

 

 

30

 

Cost of revenue efficiency initiatives

 

 

15

 

 

 

37

 

 

 

35

 

 

 

193

 

Restructuring expenses

 

 

 

 

 

 

 

 

42

 

 

 

30

 

Asset impairments and write-offs

 

 

25

 

 

 

 

 

 

25

 

 

 

30

 

Joint venture formation expenses and other items

 

 

 

 

 

5

 

 

 

 

 

 

12

 

Adjusted EBITDA (non-GAAP)

 

$

(902

)

 

$

(757

)

 

$

(2,783

)

 

$

(2,412

)

 

 

 

 

 

 

 

 

 

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

 

 

 

 

About Rivian:

Rivian (NASDAQ: RIVN) is an American automotive manufacturer that develops and builds category-defining electric vehicles and accessories. 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. The company provides a full suite of services that address the entire lifecycle of the vehicle and stay true to its mission to keep the world adventurous forever. 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.

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, our cost reduction strategy and expectations regarding cost savings, our future financial results, vehicle profitability and future gross profits, our anticipated LCNRV charges, the planned use of our cash and cash equivalents, our future capital expenditures, the underlying trends in our business, 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, our anticipated production and timing of launching the R2 platform in Normal, timing of construction at our Georgia site, scaling our service infrastructure, our expected future products and technology and product enhancements (including R2, R3, and R3X, as well as our next generation RAN charger), potential expansion of commercial van sales, future revenue opportunities, statements regarding our expected joint venture with Volkswagen Group, including the expected formation of the joint venture, the expected benefits from the partnership, the potential applications of JV-developed software, future VW investments in Rivian shares, and the investments related to the JV. 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; 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 customers; risks relating to the highly competitive automotive market, including competitors that may take steps to compete more effectively against us, including with respect to pricing and features, and impact of competition and macroeconomic conditions on product demand; consumers’ willingness to adopt electric vehicles; we may experience significant delays in the manufacture and delivery of our vehicles; 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 maintain our relationship with one customer that has generated a significant portion of our revenues; we are highly dependent on the services and reputation of our Founder and Chief Executive Officer; our inability to manage our future growth effectively; our long-term results depend on our ability to successfully introduce and market new products and services; we may not succeed in establishing, maintaining, and strengthening our brand; our focus on delivering a high-quality and engaging Rivian experience may not maximize short-term financial results; risks relating to our distribution model; we rely on complex machinery, and production involves a significant degree of risk and uncertainty; our vehicles rely on highly technical software and hardware that could contain errors or defects; we may not successfully develop the complex software and technology systems 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; we have limited experience servicing and repairing our vehicles; the automotive industry and its technology are rapidly evolving and may be subject to unforeseen changes, and upgrades and adaptations to our vehicles may increase our costs and capital expenditures and also require planned, temporary manufacturing shutdowns from time to time; risks associated with advanced driver assistance systems technology; the reduction or elimination of government and economic incentives for electric vehicles; we may not obtain government grants and other incentives for which we may apply; vehicle retail sales depend heavily on affordable interest rates and availability of credit; insufficient warranty reserves to cover warranty claims; 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; our business may be adversely affected by labor and union activities; risks associated with the ongoing military conflict between Russia and the Ukraine and in the Middle East; risks related to health epidemics, pandemics, and other outbreaks; our financial results may vary significantly from period to period; we have incurred a significant amount of debt and may incur additional indebtedness; our vehicles may not operate properly; 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; breaches in data security, failure of information security systems, cyber-attacks or other security or privacy-related incidents could harmour business; risk of intellectual property infringement claims; 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; 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 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 the 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 capital and cost optimization of the Company (ii) restructuring expenses for significant actions taken by the Company, (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 fair value gain or loss on convertible note, net, and joint venture formation expenses.

Investors: ir@rivian.com



Media: Harry Porter: media@rivian.com

Source: Rivian Automotive, Inc.

FAQ

What were Rivian's Q3 2024 revenues?

Rivian reported revenues of $874 million for Q3 2024.

What is Rivian's revised production guidance for 2024?

Rivian revised its 2024 production guidance to 47,000-49,000 vehicles due to component shortages.

What is Rivian's delivery outlook for 2024?

Rivian reaffirmed its 2024 delivery outlook of 50,500 to 52,000 vehicles.

What was Rivian's net loss in Q3 2024?

Rivian's net loss for Q3 2024 was $(1,100) million.

What is Rivian's cash position at the end of Q3 2024?

Rivian ended Q3 2024 with $6,739 million in cash and equivalents.

What is Rivian's adjusted EBITDA for Q3 2024?

Rivian's adjusted EBITDA for Q3 2024 was $(757) million.

What is the strategic supply agreement Rivian announced?

Rivian announced a strategic supply agreement with LG Energy Solution for R2 battery cells.

Rivian Automotive, Inc.

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