Rivian Reports Robust Q4 Results, Exceeds Gross Profit Goal
Key Highlights:
* Gross Profit: $170 million, driven by cost improvements and increased revenue per delivered unit
* Smaller-than-Expected 2024 EBITDA Loss: $2.68 billion, down from $2.87 billion projected last quarter
* Improved 2025 EBITDA Loss: Anticipated between $1.7 billion and $1.9 billion
* Vehicle Deliveries: Outlook for 46,000-51,000 units in 2025
Financial Performance:
* Q4 Revenue: $1.73 billion, exceeding Bloomberg consensus estimates by 32%
* Q4 Adjusted Loss Per Share: $0.46, beating expectations ($0.65 loss)
* Q4 Adjusted EBITDA Loss: $277 million, better than projected ($399.8 million loss)
Operational Updates:
* Produced 49,476 vehicles and delivered 51,579 units in 2024
* Announced expansion of partnership with Volkswagen (VWAGY) for upcoming R2 SUV launch
* Secured conditional commitment for $6.6 billion loan from the Department of Energy (DOE) to support Atlanta assembly plant construction
* Opened orders for EDV commercial delivery van, expanding revenue potential
Regulatory Considerations:
* Potential repeal of federal EV tax credit poses uncertainty for Rivian and other pure-play automakers
* Volkswagen subsidiary, Electrify America, invests in Rivian's EV charging infrastructure expansion
Market Reaction:
* Rivian stock rose over 3% in after-hours trading, but later pared some gains