Rivian Q4 Earnings Beat Estimates, Raises Production Guidance
Key Highlights:
* Gross profit: $170 million, driven by cost improvements
* Revenue: $1.73 billion, exceeding expectations
* Adjusted EBITDA loss: $277 million, better than anticipated
* Vehicle deliveries: 14,183 in Q4, 51,579 in full year 2023
* Production guidance: 46,000-51,000 vehicles in 2025
Financial Performance:
Rivian posted a smaller-than-expected full-year 2024 EBITDA loss, signaling progress in cost efficiency. The company's fourth-quarter results surpassed consensus estimates, with revenue growing 32% year-over-year. Rivian's adjusted loss per share came in better than expected, at $0.46.
Production and Deliveries:
Rivian increased its vehicle production and delivery targets for 2025, reflecting ramp-up plans for its R2 vehicle. The company's Q4 production totaled 12,727 vehicles, with 14,183 delivered. Rivian expects fewer deliveries in Q1 2024 due to seasonality and wildfires.
Partnerships and Investments:
Rivian expanded its partnership with Volkswagen (VWAGY), leveraging its zonal architecture for the upcoming R2 SUV. The company also secured a conditional $6.6 billion loan from the Department of Energy (DOE) for its new assembly plant. However, the status of the DOE loan remains uncertain under the current administration.
Commercial Vehicle Expansion:
Rivian opened orders for its EDV commercial delivery van, providing a potential new revenue stream. The company aims to scale up, grow revenue, and further reduce costs.
Disclaimer:
This summary is solely for informational purposes and should not be considered financial advice. Please consult a qualified professional for investment decisions.