Rivian (RIVN) reported robust fourth quarter outcomes after the bell on Thursday and got here by means of on its purpose of posting a “gross revenue” for the quarter, with a smaller-than-expected full-year 2024 EBITDA (earnings earlier than curiosity, taxes, depreciation, and amortization) loss as well. The corporate additionally sees a smaller loss in 2025 in comparison with a 12 months in the past.
Rivian reported a gross revenue of $170 million within the fourth quarter, primarily pushed by “enhancements in variable prices, income per delivered unit, and glued prices,” the corporate mentioned in an announcement.
“This quarter we achieved constructive gross revenue and eliminated $31,000 in automotive price of products bought per automobile delivered in This fall 2024 relative to This fall 2023,” Rivian CEO RJ Scaringe mentioned in an announcement. “Our give attention to price effectivity throughout the enterprise is crucial for the launch of our mass market product, R2. The R2 invoice of supplies is roughly 95% sourced and is predicted to be roughly half that of the improved R1 invoice of supplies.”
When it comes to steerage, Rivian sees its 2025 full-year adjusted EBITDA loss within the vary of $1.7 billion to $1.9 billion, with automobile deliveries between 46,000 and 51,000.
On the convention name, CFO Claire McDonough mentioned the corporate expects fewer deliveries in Q1 on account of seasonality and the results of the wildfires on the state of California, the place many Rivian purchases are made. McDonough mentioned the corporate expects solely 8,000 deliveries in Q1, and 14,000 items produced.
Rivian inventory was up over 3% in after-hours buying and selling, however pared a few of these beneficial properties.
At shut: February 20 at 4:00:01 PM EST
For the quarter, Rivian reported income of $1.73 billion versus $1.38 billion anticipated per Bloomberg consensus estimates, 32% greater than the $1.31 billion reported a 12 months in the past. The corporate reported an adjusted loss per share of $0.46, beating estimates for a $0.65 loss, with an adjusted EBITDA lack of $277 million, higher than the $399.8 million anticipated.
For the 12 months 2024, Rivian posted an adjusted EBITDA lack of $2.68 billion, decrease than the $2.87 billion loss projected final quarter and an enchancment in comparison with the $3.78 billion loss from a 12 months in the past.
In early January, the corporate mentioned it produced 49,476 autos and delivered 51,579 in 2024. In This fall, Rivian produced 12,727 autos and delivered 14,183 autos.
Rivian mentioned it had $5.29 billion in money and money equivalents, down from the $7.85 billion it had a 12 months in the past.
The fourth quarter was an attention-grabbing one for Rivian. The corporate introduced an growth of its partnership with Volkswagen (VWAGY) in November, with the German automaker pouring more cash right into a three way partnership.
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