Q1 24 EPS
$-1.48
MISS 26.50%
Est. $-1.17
Q1 24 Revenue
$1.20B
BEAT +3.49%
Est. $1.16B
vs S&P Since Q1 24
+15.8%
BEATING MARKET
RIVN +55.2% vs S&P +39.3%
Market Reaction
Did RIVN Beat Earnings? Q1 2024 Results
Rivian delivered a mixed first quarter for 2024, beating revenue expectations while falling well short on the bottom line, as deep inventory write-downs and retooling costs weighed heavily on an otherwise operationally improving story. The electric t… Read more Rivian delivered a mixed first quarter for 2024, beating revenue expectations while falling well short on the bottom line, as deep inventory write-downs and retooling costs weighed heavily on an otherwise operationally improving story. The electric truck maker posted revenue of $1.20 billion, up 82.2% year-over-year and modestly ahead of the $1.16 billion consensus estimate, but its loss per share of $-1.48 missed the $-1.17 analyst expectation by 26.50%, with a $328 million inventory write-down and $171 million in cost-of-revenue efficiency charges among the primary culprits. Vehicle deliveries of 13,588 units, up 71% year-over-year, underscored genuine demand momentum, yet gross loss per vehicle remained a steep $-38,784. On the strategic front, Rivian's decision to launch its R2 model at its existing Normal, Illinois facility rather than a new Georgia plant is expected to save over $2.25 billion and accelerate production timelines. Management reaffirmed full-year 2024 guidance of 57,000 units produced and $-2.70 billion in adjusted EBITDA, while expressing confidence in reaching modest gross profit by Q4 2024; the company also faces active securities class action litigation alleging it misled investors about demand and production targets.
Key Takeaways
- • 71% year-over-year increase in vehicle deliveries to 13,588 units
- • 49% year-over-year increase in vehicle production to 13,980 units
- • Reductions in materials costs and higher average selling prices
- • Improved adjusted EBITDA from $(1,020) million to $(798) million year-over-year
- • 91% increase in demo drives quarter-over-quarter to over 28,000
RIVN YoY Financials
Q1 2024 vs Q1 2023, source: SEC Filings
RIVN Revenue by Segment
With YoY comparisons, source: SEC Filings
“First-quarter results exceeded our outlook and set a strong foundation for the remainder of the year as we focus on continued demand generation, delivering cost and plant efficiency improvements, advancing R2 development, and driving towards profitability. We hit several milestones this quarter, including producing our 100,000th vehicle in Normal, successfully navigating the retooling upgrade, and unveiling our new midsize platform which underpins the R2, R3, and R3X. It is great to see the incredible support for our brand and upcoming products.”
— RJ Scaringe, Q1 2024 Earnings Press Release
RIVN Earnings Trends
RIVN vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
RIVN EPS Trend
Earnings per share: estimate vs actual
RIVN Revenue Trend
Quarterly revenue: estimate vs actual
RIVN Quarterly Results
9 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $-0.54 | — | $1.38B | +0.94% |
| Q4 25 BEAT FY | $-0.71 | $-0.66 | +7.04% | $1.29B | +2.14% |
| FY Full Year | $-3.20 | $-3.07 | +4.19% | $5.39B | +0.50% |
| Q3 25 MISS | $-0.86 | $-0.96 | -11.73% | $1.56B | +3.00% |
| Q2 25 MISS | $-0.78 | $-0.97 | -24.71% | $1.30B | +0.91% |
| Q1 25 BEAT | $-0.92 | $-0.48 | +47.98% | $1.24B | +21.59% |
| Q4 24 BEAT FY | $-0.77 | $-0.70 | +9.67% | $1.73B | +20.34% |
| FY Full Year | $-4.76 | $-4.69 | +1.41% | $4.97B | +6.27% |
| Q3 24 MISS | $-0.92 | $-1.08 | -17.39% | $874.0M | -11.68% |
| Q2 24 MISS | $-1.21 | $-1.46 | -20.66% | $1.16B | +2.33% |
| Q1 24 MISS | $-1.17 | $-1.48 | -26.50% | $1.20B | +3.49% |