🔹 Revenue: $1.73B (Est. $1.39B) 🟢; UP +32% YoY
🔹 Gross Profit: $170M (Est. $13.71M) 🟢; Achieved positive gross profit
🔹 Net Loss: $(744)M (Est. $(695.54)M) 🔴;
Q4 Operational Highlights:
🔹 Adj EBITDA: $(681)M (Est. $(409.13)M) 🔴
🔹 Cash & Cash Equivalents: $5.29B (Est. $5.88B) 🔴
🔹 Free Cash Flow: $(1.72)B (Est. $(516.36)M) 🔴
🔹 Vehicles Produced: 12,727
🔹 Vehicles Delivered: 14,183
2025 Guidance:
🔹 Vehicles Delivered: 46,000 - 51,000 (Est. 54,900)
🔹 Adjusted EBITDA Loss: $(1.7)B - $(1.9)B
🔹 Capital Expenditures: $1.6B - $1.7B
Strategic and Business Updates:
🔸 Joint Venture with Volkswagen: Closed $5.8B JV deal for next-gen EV platforms and software, with $3.5B proceeds expected over the next few years.
🔸 DOE Loan Agreement: Secured up to $6.6B to support construction of a new U.S. manufacturing facility in Georgia, aiming to create ~7,500 jobs.
🔸 Commercial Van Expansion: Over 1B Amazon packages delivered by Rivian EDVs; opened sales to commercial fleets beyond Amazon.
🔸 Cost Efficiency Gains: Reduced $31,000 per vehicle in COGS in Q4 2024 vs. Q4 2023.
Balance Sheet (as of December 31, 2024):
🔹 Total Assets: $15.41B (Est. $14.82B) 🟢
🔹 Total Liabilities: $8.85B (Est. $8.32B) 🟡
🔹 Stockholders’ Equity: $6.56B (Est. $6.40B) 🟢
🔹 Long-Term Debt: $4.44B
CEO RJ Scaringe’s Commentary:
🔸 “This quarter we achieved positive gross profit and made significant strides in reducing vehicle costs. Our focus on efficiency is crucial as we prepare for the R2 launch, which we expect to be a game-changer with a 50% lower bill of materials compared to R1. The strong customer excitement for R2 reinforces our belief in its transformational impact on Rivian.”
Additional Insights:
🔸 R2 Platform: ~95% of bill of materials sourced, targeting significant cost efficiencies.
🔸 Amazon EDV: Milestone of 1B packages delivered; expanded commercial offerings.