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Rivian

RIVN Q4 2024 Earnings

Reported Feb 20, 2025 at 4:02 PM ET · SEC Source

Q4 24 EPS

$-0.70

BEAT +9.67%

Est. $-0.77

Q4 24 Revenue

$1.73B

BEAT +20.34%

Est. $1.44B

vs S&P Since Q4 24

-10.2%

TRAILING MARKET

RIVN +9.9% vs S&P +20.1%

Full Year 2024 Results

FY 24 EPS

$-4.69

BEAT +1.41%

Est. $-4.76

FY 24 Revenue

$4.97B

BEAT +6.27%

Est. $4.68B

Market Reaction

Did RIVN Beat Earnings? Q4 2024 Results

Rivian delivered a landmark quarter to close out 2024, beating Wall Street on both the top and bottom lines while hitting a milestone that had long eluded the young automaker. The company posted a loss of $0.70 per share against a consensus estimate … Read more Rivian delivered a landmark quarter to close out 2024, beating Wall Street on both the top and bottom lines while hitting a milestone that had long eluded the young automaker. The company posted a loss of $0.70 per share against a consensus estimate of $0.77, a 9.67% beat, while revenue of $1.73 billion topped expectations by 20.34% and grew 31.9% from a year ago. The single most transformative development was Rivian's first-ever quarterly gross profit of $170.00 million, a $776.00 million swing from the prior-year period, driven by cost reductions from its second-generation R1 platform that stripped roughly $31,000 in manufacturing costs per vehicle, higher average selling prices from the Tri-Motor variant, and $299.00 million in regulatory credit sales. Despite the historic profitability milestone, the stock faced pressure as investors digested forward guidance calling for 46,000 to 51,000 deliveries in 2025 and an Adjusted EBITDA loss of $1.70 billion to $1.90 billion, though the company expects modest full-year gross profit as the R2 launch approaches in early 2026.

Key Takeaways

  • • First quarter of positive gross profit driven by variable cost reductions, revenue per delivered unit improvements, and fixed cost reductions
  • • Removed $31,000 in automotive COGS per vehicle delivered vs Q4 2023 through second-generation R1 engineering design optimizations and supply chain cost reductions
  • • Regulatory credit sales of $299 million in Q4 2024, a $260 million year-over-year increase
  • • Higher R1 average selling prices from increased Tri-Motor offering availability
  • • Software and services segment gross margin of 28% in Q4 2024
  • • Operating expenses declined 15% year-over-year while expanding sales and service infrastructure
  • • Revenue from VW joint venture for electrical architecture and software development services
24/7 Wall St

RIVN YoY Financials

Q4 2024 vs Q4 2023, source: SEC Filings

24/7 Wall St

RIVN Revenue by Segment

With YoY comparisons, source: SEC Filings

Q4 24 Q1 26

“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.”

— RJ Scaringe, Q4 2024 Earnings Press Release

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