Rivian (RIVN) Reports Q4 and FY22 Results: Key Takeaways
Financial Performance
Rivian expects to report:
* Revenue: $1.386 billion (up 5.4% YoY)
* Adjusted EPS loss: $0.65
* Adjusted EBITDA loss: $399.8 million
Despite an increase in annual adjusted EBITDA loss, Rivian anticipates a "modest gross profit" in Q4.
Production and Deliveries
* Full-year production: 49,476 vehicles
* Full-year deliveries: 51,579 vehicles
* Q4 production: 12,727 vehicles
* Q4 deliveries: 14,183 vehicles
Rivian maintained its annual production guidance of 47,000-49,000 units.
Partnership and Funding
* Expanded partnership with Volkswagen (VWAGY) for joint venture and R2 SUV development.
* Conditional commitment from the Department of Energy (DOE) for a $6.6 billion loan for Atlanta assembly plant construction.
Regulatory Environment
* Potential repeal of federal EV tax credit could impact pure-play automakers like Rivian.
Growth and Outlook
* Opening orders for EDV commercial delivery van to diversify revenue streams.
* Management to provide demand expectations for FY25, updates on Georgia plant loan, and EDV commercialization.