Rivian Reports Strong Q4, Beats Estimates
Rivian Automotive (RIVN) released impressive fourth-quarter results on Thursday, achieving a "gross profit" for the quarter. The company surpassed expectations with a narrowed full-year 2024 EBITDA loss and anticipates a reduced loss in 2025.
Key Financial Highlights:
* Gross profit: $170 million
* Revenue: $1.73 billion (32% increase YoY)
* Adjusted loss per share: $0.46 (better than $0.65 estimate)
* Adjusted EBITDA loss: $277 million (better than $399.8 million estimate)
Financial Guidance:
* 2025 adjusted EBITDA loss: $1.7 billion to $1.9 billion
* Vehicle deliveries: 46,000 to 51,000
Production and Deliveries:
* 2024 production: 49,476 vehicles
* 2024 deliveries: 51,579 vehicles
* Q4 production: 12,727 vehicles
* Q4 deliveries: 14,183 vehicles
Joint Venture and DOE Loan:
* Expansion of partnership with Volkswagen (VWAGY) for the development and production of the R2 SUV.
* Conditional commitment from the Department of Energy (DOE) for a $6.6 billion loan to support the construction of a new assembly plant.
Other Developments:
* Opening of orders for the EDV commercial delivery van.
* Safety recall of 17,260 vehicles due to a headlight issue.
Market Reaction:
Despite the positive financial performance, Rivian stock declined 2% in premarket trading on Friday. However, it recovered some losses in after-hours trading.
Conclusion:
Rivian's strong Q4 results demonstrate its progress towards profitability. The company's narrowed EBITDA loss, improved deliveries, and strategic partnerships position it well for growth in the future.