Q2 24 EPS
$-1.46
MISS 20.66%
Est. $-1.21
Q2 24 Revenue
$1.16B
BEAT +2.33%
Est. $1.13B
vs S&P Since Q2 24
-29.9%
TRAILING MARKET
RIVN +9.1% vs S&P +38.9%
Market Reaction
Did RIVN Beat Earnings? Q2 2024 Results
Rivian delivered a mixed second quarter in 2024, beating revenue expectations while falling short on the bottom line, as a planned factory retooling at its Normal, Illinois plant shaped nearly every aspect of the results. The electric vehicle maker r… Read more Rivian delivered a mixed second quarter in 2024, beating revenue expectations while falling short on the bottom line, as a planned factory retooling at its Normal, Illinois plant shaped nearly every aspect of the results. The electric vehicle maker reported revenue of $1.16 billion, edging past the $1.13 billion consensus estimate by 2.33% and marking a 3.3% increase year over year, with deliveries of 13,790 vehicles exceeding production of 9,612 units as Rivian drew down first-generation R1 inventory during the downtime. Earnings per share came in at a loss of $1.46, missing the consensus estimate of $1.21 by 20.66%, with gross profit remaining negative at $451 million. The quarter's defining strategic moment was a $5.00 billion technology joint venture with Volkswagen Group, anchored by an initial $1.00 billion investment. Rivian reaffirmed its full-year 2024 guidance, including 57,000 units of production and a target of reaching modest positive gross profit by the fourth quarter, as second-generation R1 cost improvements begin flowing through in the second half of the year.
Key Takeaways
- • Delivery of 13,790 vehicles driving revenue for the quarter
- • Drawdown of first generation R1 inventory as deliveries exceeded production
- • Reduction in LCNRV write-downs and losses on firm purchase commitments from $558M to $179M year-over-year
- • Lower material costs contributing to improved gross profit per vehicle delivered sequentially
- • Significant improvement in operating cash flow usage from $(1,361)M to $(754)M year-over-year
RIVN YoY Financials
Q2 2024 vs Q2 2023, source: SEC Filings
RIVN Revenue by Segment
With YoY comparisons, source: SEC Filings
“The second quarter has been a defining one for Rivian. We have demonstrated strong execution during the quarter with the plant retooling upgrade and launch of second generation R1 vehicles. The changes we made to the R1 platform have allowed us to reduce material and manufacturing costs, while simultaneously improving performance and capabilities. As a testament to our industry-leading technology stack, we also recently announced our proposed JV with Volkswagen Group. The technical workstream to prepare the integration of Rivian electrical architecture and software technology stack into Volkswagen Group products are moving along very well, and we expect to close the joint venture in the fourth quarter of this year. The output from our joint venture will see Rivian's technology in vehicles all around the world, helping to create more consumer choice and speed up the transition away from fossil fuels.”
— RJ Scaringe, Q2 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% |