Rivian Posts Strong Q4 Results, Meets Gross Profit Target
Rivian Automotive (RIVN) reported impressive fourth-quarter financial results, achieving its goal of posting a gross profit and projecting a narrower full-year 2024 EBITDA loss.
Revenue and Profitability Highlights
* Revenue: $1.73 billion, surpassing expectations of $1.38 billion
* Gross profit: $170 million, driven by cost improvements
* Adjusted loss per share: $0.46, beating estimates of $0.65
* Adjusted EBITDA loss: $277 million, better than the anticipated $399.8 million
Key Metrics and Guidance
* Vehicle deliveries: 14,183 in Q4, 51,579 in 2023
* 2025 full-year adjusted EBITDA loss guidance: $1.7 billion to $1.9 billion
* Vehicle deliveries guidance: 46,000 to 51,000 in 2025
Product Updates and Partnerships
* R2 SUV launch planned for H1 2026, utilizing Volkswagen's (VWAGY) electrical architecture
* Secured $6.6 billion conditional loan commitment from the Department of Energy for plant construction
Regulatory Considerations
* Potential repeal of the federal EV tax credit could impact Rivian's future performance
* NHTSA recall of 17,260 US vehicles due to a headlight issue
Financial Position
* Cash and cash equivalents: $5.29 billion, down from $7.85 billion a year ago
Stock Performance
Despite the positive results, Rivian stock declined 2% in pre-market trading on February 21st, but later recovered some of those losses in after-hours trading.