Rivian Releases Third Quarter 2024 Financial Results
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.
- 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.
- 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
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
The operational metrics show mixed signals. The Gen 2 R1 cost improvements and
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
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
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'
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
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
Gross Profit:
Rivian generated negative gross profit of
Cost of revenues for the third quarter of 2024 included
Operating Expenses and Operating Loss:
Total operating expenses in the third quarter of 2024 decreased to
In the third quarter of 2024, the company recognized a non-cash, stock-based compensation expense within operating expenses of
Net Loss:
Rivian’s net loss for the third quarter of 2024 was
Adjusted EBITDA (non-GAAP)*
Adjusted EBITDA* for the third quarter of 2024 was
Capital Expenditures:
Capital expenditures for the third quarter of 2024 were
Liquidity:
Rivian ended the third quarter of 2024 with
The third quarter of 2024’s ending cash, cash equivalents, and short-term investments balance of
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 |
|
|
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, |
|
|
— |
|
|
|
— |
|
Common stock, |
|
|
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
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
*Non-GAAP Financial Measures
In addition to our results determined in accordance with generally accepted accounting principles in
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107928108/en/
Investors: ir@rivian.com
Media: Harry Porter: media@rivian.com
Source: Rivian Automotive, Inc.
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