Rivian Reports Strong Q4 Results, Exceeding Expectations

Financial Performance

* Gross profit of $170 million, driven by cost improvements, increased revenue, and reduced fixed costs.
* Revenue of $1.73 billion, surpassing consensus estimates by 32%.
* Adjusted loss per share of $0.46, better than projected $0.65 loss.
* Adjusted EBITDA loss of $277 million, beating expectations of $399.8 million.

Guidance

* 2025 full-year adjusted EBITDA loss range of $1.7 billion to $1.9 billion.
* Vehicle deliveries between 46,000 and 51,000.
* Lower deliveries expected in Q1 due to seasonality and California wildfires.

Production and Deliveries

* Produced 12,727 vehicles and delivered 14,183 in Q4.
* Produced 49,476 vehicles and delivered 51,579 in 2024.

Cash Position

* Cash and cash equivalents of $5.29 billion, down from $7.85 billion a year ago.

Partnerships and Expansion

* Expanded partnership with Volkswagen, leveraging Rivian's electrical architecture and software.
* Won conditional commitment from the Department of Energy for a $6.6 billion loan to support assembly plant construction.

Regulatory Considerations

* Scrutiny of DOE loan by the Trump White House and Department of Government Efficiency.
* Potential repeal of federal EV tax credit, which could impact pure-play automakers like Rivian.

Other Developments

* Opening orders for EDV commercial delivery van, expanding potential revenue stream.