Q3 24 EPS
$-1.08
MISS 17.39%
Est. $-0.92
Q3 24 Revenue
$874.0M
MISS 11.68%
Est. $989.6M
vs S&P Since Q3 24
+26.7%
BEATING MARKET
RIVN +47.1% vs S&P +20.5%
Market Reaction
Did RIVN Beat Earnings? Q3 2024 Results
Rivian delivered a bruising third quarter, missing on both top and bottom lines as a production disruption rippled through its financials. The electric vehicle maker posted a loss of $1.08 per share against a consensus estimate of $0.92, a 17.39% mis… Read more Rivian delivered a bruising third quarter, missing on both top and bottom lines as a production disruption rippled through its financials. The electric vehicle maker posted a loss of $1.08 per share against a consensus estimate of $0.92, a 17.39% miss, while revenue of $874.00 million fell 11.68% short of the $989.58 million analysts expected and represented a steep 34.6% decline from the year-ago period. The culprit was a shortage of a shared component within the Enduro motor system, which curtailed output to just 13,157 vehicles and forced Rivian to revise its full-year production target to 47,000 to 49,000 units, pressuring fixed-cost absorption and prompting a guidance revision for adjusted EBITDA to a loss of $2.83 billion to $2.88 billion. Still, management pointed to meaningful progress, including narrowing gross profit losses and a path to modest positive gross profit in Q4 2024, supported by premium variant mix shifts and a targeted 20% material cost reduction for R1 Dual-Motor vehicles, while the anticipated close of the Volkswagen joint venture in Q4 is expected to shore up the company's longer-term runway toward R2 production in 2026.
Key Takeaways
- • Production disruption due to Enduro motor component shortage negatively impacted deliveries and revenue
- • Revenue decline partially driven by timing of higher EDV deliveries in Q3 2023 and challenging consumer environment
- • Gross profit losses improved year-over-year due to lower delivery volume, partially offset by cost of revenue efficiency initiatives
- • LCNRV write-downs and firm purchase commitment losses decreased to $140 million from $452 million year-over-year
- • Operating expenses at lowest level in three years; stock-based compensation expense declined significantly
- • Second generation R1 material cost improvements from design changes, supplier negotiations, and lower raw material costs
RIVN YoY Financials
Q3 2024 vs Q3 2023, source: SEC Filings
RIVN Revenue by Segment
With YoY comparisons, source: SEC Filings
“This quarter we have made progress against our key objectives and have seen meaningful progress on our Gen 2 R1 cost structure due to the new technologies incorporated into the vehicle and manufacturing process. We are excited about the future and our midsize SUV, R2, which we believe will be a fundamental driver of Rivian's growth. We're also looking forward to closing our proposed joint venture with Volkswagen Group which is expected in the fourth quarter.”
— RJ Scaringe, Q3 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% |