$RIVN (+0.52%) | Rivian Q3 FY2024 Earnings Highlights:

🔹 Revenue: $874M (Est. $1.02B) 🔴; DOWN -35% YoY

🔹 EPS: -$1.08 (Est. -$1.09) 🟢

🔹 Cash Position: $6.74B; including $1B from a convertible note with Volkswagen

🔹 Production: 13,157 vehicles (Est. 12,624)

🔹 Deliveries: 10,018 vehicles

Guidance:

🔹 Reiterates positive gross profit target for Q4 2024, driven by regulatory credit sales and higher ASPs on premium R1 models

🔹 FY2024 Production Guidance: 47,000-49,000 vehicles

🔹 FY2024 Adjusted EBITDA Loss: $2.83B-$2.88B (revised from prior estimate of $2.7B)

🔹 Capital Expenditures: $1.2B (reaffirmed)

Key Metrics:

🔹 Gross Loss: -$392M vs. -$477M in Q3 2023

🔹 Adjusted EBITDA: -$757M vs. -$902M in Q3 2023

🔹 Capital Expenditures: $277M vs. $190M in Q3 2023

Business Highlights:

🔸 Announced a strategic joint venture with Volkswagen to advance EV tech, supported by a $5B deal

🔸 Secured multi-year battery supply with LG Energy Solution for R2 models

🔸 Launched Tri-Motor R1 configuration, targeting performance improvements

🔸 Connect+ connectivity service launched, with high customer adoption after free trial

CEO RJ Scaringe’s Commentary:

🔸 "We are making solid progress on our Gen 2 R1 cost structure and look forward to the upcoming R2 model launch, which will drive future growth. We're also preparing for increased commercial van deliveries with expanded Amazon orders for Q4."