- Achieved Q4 2024 gross profit of $170 million
- Closed Joint Venture with Volkswagen Group and loan from the
Department of Energy which provides up to $10 billion of
incremental capital*
- $729 million improvement in Q4 2024 Adjusted EBITDA compared
to Q4 2023**
- Over 1 billion Amazon packages delivered by EDVs
Rivian Automotive, Inc. (NASDAQ: RIVN) today announced fourth
quarter and full year 2024 financial results. Rivian reported a
gross profit of $170 million in the fourth quarter of 2024,
primarily driven by improvements in variable costs, revenue per
delivered unit, and fixed costs. Rivian expects these improvements
to benefit it over the long-term and position the company well to
achieve modest gross profit for 2025. Rivian achieved record
revenues in the fourth quarter of 2024 driven by the sale of
regulatory credits and software and services revenue growth as well
as increasing R1 average selling prices with the increased
availability of its Tri-Motor offering.
In the fourth quarter, Rivian produced 12,727 vehicles at its
manufacturing facility in Normal, Illinois and delivered 14,183
vehicles. For the full-year 2024, Rivian produced 49,476 vehicles
and delivered 51,579.
During the fourth quarter of 2024, Rivian and Volkswagen Group
closed their joint venture, Rivian and Volkswagen Group Technology
(the “Joint Venture”). With a total deal size of up to $5.8
billion, including $3.5 billion of proceeds expected to be received
over the next several years, the Joint Venture plans to bring
next-generation electrical architecture and best-in-class software
technology for Rivian and Volkswagen Group future electric
vehicles, starting with the R2. Furthermore, Rivian closed a loan
agreement with the U.S. Department of Energy’s (DOE) Loan Programs
Office (LPO) for up to $6.6 billion (including $6 billion of
principal and approximately $600 million of capitalized interest).
The loan is expected to support the construction of Rivian’s next
U.S. manufacturing facility in Georgia, which aims to create
approximately 7,500 jobs in the local area. The capital associated
with the Joint Venture and DOE loan, in addition to Rivian’s
current cash, cash equivalents, and short-term investments, is
expected to provide the capital resources to fund operations
through the ramp of R2 in Normal, as well as the midsize platform
in Georgia - enabling a path to positive free cash flow and
meaningful scale.
Rivian’s commercial van offering continues to progress. In 2024
more than 1 billion packages were delivered by Amazon in the Rivian
Electric Delivery Van (EDV) in the U.S. alone. Earlier this month,
Rivian opened sales for its commercial van to fleets of all sizes
in the U.S. The Rivian Commercial Van is the platform on which
Amazon’s custom EDV is based, and is designed from the ground up,
prioritizing safety, driver comfort, total cost of ownership and
sustainability.
RJ Scaringe, Founder and CEO, Rivian said:
“This quarter we achieved positive gross profit and removed
$31,000 in automotive cost of goods sold per vehicle delivered in
Q4 2024 relative to Q4 2023. Our focus on cost efficiency across
the business is critical for the launch of our mass market product,
R2. The R2 bill of materials is approximately 95% sourced and is
expected to be approximately half that of the improved R1 bill of
materials. I couldn't be more excited about R2, and I believe the
combination of capabilities and cost efficiencies along with the
amazing level of excitement from customers will make R2 a truly
transformational product for Rivian."
External factors could impact Rivian's 2025 expectations,
including changes to government policies and regulations and a
challenging demand environment. Rivian’s guidance represents
management's current view on potential adjustments to incentives,
regulations, and tariff structures.
2025 Guidance
Vehicles Delivered
46,000 - 51,000
Adj. EBITDA
$(1,700) million - $(1,900) million
Capital Expenditures
$1,600 million - $1,700 million
Rivian will host an audio webcast to discuss the company’s
results and provide a business update at 2:00pm PT / 5:00pm ET on
Thursday, February 20, 2025. The link to the webcast will be
available at
https://rivian-q4-earnings-webcast-2025.open-exchange.net/registration.
*$10B for potential future funds incremental to the $2 billion
of funds already received in association with the Joint Venture.
Receipt of funds is subject to certain conditions and milestones,
as discussed further in Rivian’s Current Reports on Form 8-K filed
on November 12, 2024 and January 16, 2025. ** A reconciliation of
non-GAAP financial measures to the most comparable GAAP measure is
provided below.
Consolidated Balance Sheets (in millions, except per share
amounts)
Assets
December 31, 2023
December 31, 2024
Current assets:
Cash and cash equivalents
$
7,857
$
5,294
Short-term investments
1,511
2,406
Accounts receivable, net
161
443
Inventory
2,620
2,248
Other current assets
164
192
Total current assets
12,313
10,583
Property, plant, and equipment, net
3,874
3,965
Operating lease assets, net
356
416
Other non-current assets
235
446
Total assets
$
16,778
$
15,410
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
981
$
499
Accrued liabilities
1,145
835
Current portion of deferred revenues,
lease liabilities, and other liabilities
361
917
Total current liabilities
2,487
2,251
Long-term debt
4,431
4,441
Non-current lease liabilities
324
379
Other non-current liabilities
395
1,777
Total liabilities
7,637
8,848
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value; 10
shares authorized and 0 shares issued and outstanding as of
December 31, 2023 and 2024
—
—
Common stock, $0.001 par value; 3,508 and
3,508 shares authorized and 968 and 1,131 shares issued and
outstanding as of December 31, 2023 and 2024, respectively
1
1
Additional paid-in capital
27,695
29,866
Accumulated deficit
(18,558
)
(23,305
)
Accumulated other comprehensive income
(loss)
3
(4
)
Noncontrolling interest
—
4
Total stockholders' equity
9,141
6,562
Total liabilities and stockholders'
equity
$
16,778
$
15,410
Consolidated Statements of Operations 1 (in millions,
except per share amounts)
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2024
2023
2024
Automotive
$
1,208
$
1,520
$
4,132
$
4,486
Software and services
107
214
302
484
Total revenues
1,315
1,734
4,434
4,970
Automotive
1,819
1,410
6,150
5,693
Software and services
102
154
314
477
Total cost of revenues
1,921
1,564
6,464
6,170
Gross profit
(606
)
170
(2,030
)
(1,200
)
Operating expenses
Research and development
526
374
1,995
1,613
Selling, general, and administrative
449
457
1,714
1,876
Total operating expenses
975
831
3,709
3,489
Loss from operations
(1,581
)
(661
)
(5,739
)
(4,689
)
Interest income
131
83
522
385
Interest expense
(73
)
(81
)
(220
)
(318
)
Loss on convertible notes, net
—
(82
)
—
(112
)
Other income (expense), net
2
1
6
(7
)
Loss before income taxes
(1,521
)
(740
)
(5,431
)
(4,741
)
Provision for income taxes
—
(3
)
(1
)
(5
)
Net loss
$
(1,521
)
$
(743
)
$
(5,432
)
$
(4,746
)
Less: Net income attributable to
noncontrolling interest
—
1
—
1
Net loss attributable to common
stockholders
$
(1,521
)
$
(744
)
$
(5,432
)
$
(4,747
)
Net loss attributable to common
stockholders, basic and diluted
$
(1,521
)
$
(744
)
$
(5,432
)
$
(4,747
)
Net loss per share attributable to
common stockholders, basic and diluted
$
(1.58
)
$
(0.70
)
$
(5.74
)
$
(4.69
)
Weighted-average common shares
outstanding, basic and diluted
963
1,058
947
1,013
1 The prior periods have been recast to
conform to current period presentation.
Consolidated Statements of Cash Flows 1 (in millions)
Years Ended December
31,
2023
2024
Cash flows from operating activities:
Net loss
$
(5,432
)
$
(4,746
)
Depreciation and amortization
937
1,031
Stock-based compensation expense
821
692
Loss on convertible notes, net
—
112
Inventory LCNRV write-downs and losses on
firm purchase commitments
107
—
Other non-cash activities
115
28
Changes in operating assets and
liabilities:
Accounts receivable, net
(59
)
(282
)
Inventory
(1,604
)
307
Other assets
(146
)
(221
)
Accounts payable and accrued
liabilities
105
(572
)
Deferred revenue
149
1,619
Other liabilities
141
316
Net cash used in operating
activities
(4,866
)
(1,716
)
Cash flows from investing activities:
Purchases of short-term investments
(2,410
)
(4,392
)
Maturities of short-term investments
925
3,553
Capital expenditures
(1,026
)
(1,141
)
Net cash used in investing
activities
(2,511
)
(1,980
)
Cash flows from financing activities:
Proceeds from issuance of capital stock
including employee stock purchase plan
61
64
Proceeds from issuance of convertible
notes
3,195
1,000
Proceeds from funding of 50% interest in
Rivian and VW Group Technology, LLC
—
79
Purchase of capped call options
(108
)
—
Other financing activities
(18
)
(7
)
Net cash provided by financing
activities
3,130
1,136
Effect of exchange rate changes on cash
and cash equivalents
5
(3
)
Net change in cash
(4,242
)
(2,563
)
Cash, cash equivalents, and restricted
cash—Beginning of period
12,099
7,857
Cash, cash equivalents, and restricted
cash—End of period
$
7,857
$
5,294
Supplemental disclosure of cash flow
information:
Cash paid for interest
$
169
$
279
Supplemental disclosure of non-cash
investing and financing activities:
Capital expenditures included in
liabilities
$
374
$
423
Capital stock issued to settle
bonuses
$
137
$
179
Conversion of convertible notes
$
—
$
1,133
1 The prior periods have been recast to
conform to current period presentation.
Reconciliation of Non-GAAPFinancial Measures (in
millions)
Adjusted EBITDA1
Three Months Ended December
31,
Twelve Months Ended December
31,
2023
2024
2023
2024
Net loss attributable to common
shareholders
$
(1,521
)
$
(744
)
$
(5,432
)
$
(4,747
)
Interest income, net
(58
)
(2
)
(302
)
(67
)
Provision for income taxes
—
3
1
5
Depreciation and amortization
270
218
937
1,031
Stock-based compensation expense
215
154
821
692
Other (income) expense, net
(2
)
(1
)
(6
)
7
Loss on convertible note, net
—
82
—
112
Cost of revenue efficiency initiatives
60
—
95
193
Restructuring expenses
—
—
42
30
Asset impairments and write-offs
30
—
55
30
Joint venture formation expenses and other
items2
—
13
—
25
Adjusted EBITDA (non-GAAP)
$
(1,006
)
$
(277
)
$
(3,789
)
$
(2,689
)
1 The prior periods have been recast to
conform to current period presentation.
2 Defined in Non-GAAP Financial Measures
below.
Forward-Looking Statements:
This press release and statements that are made on our earnings
call contain forward looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. All statements
contained in this press release and made on our earnings call that
do not relate to matters of historical fact should be considered
forward-looking statements, including without limitation statements
regarding our future operations, initiatives and business strategy,
including expected cost reduction initiatives, our future financial
results, vehicle profitability and future gross profits, our future
capital expenditures, the underlying trends in our business
(including customer preferences and expectations, and potential
tailwinds for 2025), our market opportunity, and our potential for
growth, our production ramp and manufacturing capacity expansion
and anticipated production levels, our expected future production
and deliveries, scaling our service infrastructure, our expected
future products and technology and product enhancements (including
the launches of R2 and R3), potential expansion of commercial van
sales, future revenue opportunities, including with respect to the
emerging autonomous driving market, our joint venture with
Volkswagen Group, including the expected benefits from the
partnership and future VW investments, and other expected
incremental available capital pursuant to agreements with VW and
the U.S. Department of Energy. These statements are neither
promises nor guarantees and involve known and unknown risks,
uncertainties, and other important factors that may cause our
actual results, performance, or achievements to be materially
different from any future results, performance, or achievements
expressed or implied by the forward-looking statements, including,
but not limited to: our history of losses as a growth-stage company
and our limited operating history; we may underestimate or not
effectively manage our capital expenditures and costs; that we will
require additional financing and capital to support our business;
our ability to maintain strong demand for our vehicles and attract
and retain a large number of consumers; our ability to grow sales
of our commercial vehicles, risks relating to the highly
competitive automotive market, including competitors that may take
steps to compete more effectively against us; consumers’
willingness to adopt electric vehicles; risks associated with our
joint venture with Volkswagen Group, risks associated with
additional strategic alliances or acquisitions, that we may
experience significant delays in the manufacture and delivery of
our vehicles; that our long-term results depend on our ability to
successfully introduce and market new products and services; that
we have experienced and could continue to experience cost increases
or disruptions in supply of raw materials or other components used
in our vehicles; our dependence on suppliers and volatility in
pricing of components and raw materials; our ability to accurately
estimate the supply and demand for our vehicles and predict our
manufacturing requirements; our ability to scale our business and
manage future growth effectively; our ability to maintain our
relationship with one customer that has generated a significant
portion of our revenues; that we are highly dependent on the
services and reputation of our Founder and Chief Executive Officer;
our ability to offer attractive financing and leasing options; that
we may not succeed in maintaining and strengthening our brand; that
our focus on delivering a high-quality and engaging Rivian
experience may not maximize short-term financial results; risks
relating to our distribution model; that we rely on complex
machinery, and production involves a significant degree of risk and
uncertainty; that our operations, IT systems and vehicles rely on
highly technical software and hardware that could contain errors or
defects; that we may not successfully develop the complex software
and technology systems in coordination with the Volkswagen Group
joint venture and our other vendors needed to produce our vehicles;
inadequate access to charging stations and not being able to
realize the benefits of our charging networks; risks related to our
use of lithium-ion battery cells; that we have limited experience
servicing and repairing our vehicles; that the automotive industry
is rapidly evolving and may be subject to unforeseen changes; risks
associated with advanced driver assistance systems technology; the
unavailability, reduction or elimination of government and economic
incentives and credits for electric vehicles; that we may not be
able to obtain the government grants, loans, and other incentives,
including regulatory credits, for which we apply or on which we
rely; that vehicle retail sales depend heavily on affordable
interest rates and availability of credit; insufficient warranty
reserves to cover warranty claims; that future field actions,
including product recalls, could harm our business; risks related
to product liability claims; risks associated with international
operations; our ability to attract and retain key employees and
qualified personnel; our ability to maintain our culture; that our
business may be adversely affected by labor and union activities;
that our financial results may vary significantly from period to
period; that we have incurred a significant amount of debt and
expect to incur significant additional indebtedness; risks related
to third-party vendors for certain product and service offerings;
potential conflicts of interest involving our principal
stockholders or their affiliates; risks associated with exchange
rate and interest rate fluctuations; that breaches in data
security, failure of technology systems, cyber-attacks or other
security or privacy-related incidents could harm our business;
risks related to our use of artificial intelligence technologies;
risk of intellectual property infringement claims; that our use of
open source software in our applications could subject our
proprietary software to general release; our ability to prevent
unauthorized use of our intellectual property; risks related to
governmental regulation and legal proceedings; delays, limitations
and risks related to permits and approvals required to operate or
expand operations; our internal control over financial reporting;
effect of trade tariffs or other trade barriers; and the other
factors described in our filings with the SEC. These factors could
cause actual results to differ materially from those indicated by
the forward-looking statements made in this press release. Any such
forward looking statements represent management’s estimates as of
the date of this press release. While we may elect to update such
forward-looking statements at some point in the future, except as
may be required by law, we disclaim any obligation to do so, even
if subsequent events cause our views to change.
*Non-GAAP Financial Measures
In addition to our results determined in accordance with
generally accepted accounting principles in the United States
(“GAAP”), we review financial measures that are not calculated and
presented in accordance with GAAP (“non-GAAP financial measures”).
We believe our non-GAAP financial measures are useful in evaluating
our operating and cash performance. We use the following non-GAAP
financial information, collectively, to evaluate our ongoing
operations and for internal planning and forecasting purposes. We
believe that non-GAAP financial information, when taken
collectively, may be helpful to investors, because it focuses on
underlying operating results and trends, provides consistency and
comparability with past financial performance, and assists in
comparisons with other companies, some of which use similar
non-GAAP financial information to supplement their GAAP results.
The non-GAAP financial information is presented for supplemental
informational purposes only, should not be considered a substitute
for financial information presented in accordance with GAAP, and
may be different from similarly titled non-GAAP measures used by
other companies. A reconciliation of each historical non-GAAP
financial measure to the most directly comparable financial measure
stated in accordance with GAAP is provided above. Reconciliations
of forward-looking non-GAAP financial measures are not provided
because we are unable to provide such reconciliations without
unreasonable effort due to the uncertainty regarding, and potential
variability of, certain items, such as stock-based compensation
expense and other costs and expenses that may be incurred in the
future. Investors are encouraged to review the related GAAP
financial measures and the reconciliation of these non-GAAP
financial measures to their most directly comparable GAAP financial
measures.
Our non-GAAP financial measures include adjusted EBITDA, defined
as net loss before interest expense (income), net, provision for
income taxes, depreciation and amortization, stock-based
compensation, other expense (income), net, and special items. Our
management team ordinarily excludes special items from its review
of the results of ongoing operations. Special items is comprised of
(i) cost of revenue efficiency initiatives which include costs
incurred as we transition between major vehicle programs, cost
incurred for negotiations with major suppliers regarding changing
demand forecasts or design modifications, and other costs for
enhancing our capital and cost optimization, (ii) restructuring
expenses for significant actions taken, (iii) significant asset
impairments and write-offs, and (iv) other items that we do not
necessarily consider to be indicative of earnings from ongoing
operating activities, including loss (gain) on convertible note,
net, and joint venture formation expenses.
About Rivian:
Rivian (NASDAQ: RIVN) is an American automotive
manufacturer that develops and builds category-defining electric
vehicles as well as software and services that address the entire
lifecycle of the vehicle. The company creates innovative and
technologically advanced products that are designed to excel at
work and play with the goal of accelerating the global transition
to zero-emission transportation and energy. Rivian vehicles are
built in the United States and are sold directly to consumer and
commercial customers. Whether taking families on new adventures or
electrifying fleets at scale, Rivian vehicles all share a common
goal — preserving the natural world for generations to come.
Learn more about the company, products, and careers at
www.rivian.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250220451890/en/
Investors: ir@rivian.com
Media: Harry Porter: media@rivian.com
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