Rivian Earnings Q4 2024

Rivian Beats Wall Street’s Expectations, Achieves First Gross Quarterly Profit, but Forecasts Lower Sales in 2025

Rivian Automotive, the electric vehicle maker, reported a gross profit of $170 million in the final quarter of last year, surpassing Wall Street’s expectations. The company also achieved its first-ever quarterly profit, a milestone closely watched by investors.

However, Rivian forecasted lower sales in 2025, with deliveries expected to range from 46,000 to 51,000 units, down from 51,579 vehicles delivered in 2024. The company also narrowed its adjusted losses for 2025 to a range of $1.7 billion to $1.9 billion, down from a loss of $2.69 billion in 2024.

Rivian’s CEO, RJ Scaringe, attributed the uncertainty in the automotive industry, citing potential changes to federal incentives for EVs and tariff policies that could impact the company.

Fourth-Quarter Results

Rivian reported a net loss of $743 million, or 70 cents per share, for the fourth quarter, compared to a loss of $1.52 billion, or $1.58 per share, during the same period a year earlier. Revenue was $1.73 billion, exceeding the expected $1.4 billion.

Full-Year Results

For the full year, Rivian lost $4.75 billion, or $4.69 per share. Revenue was $4.97 billion, up roughly 12% from $4.43 billion in 2023.

Guidance for 2025

Rivian forecasts a modest gross profit in 2025, and its Chief Financial Officer, Claire McDonough, attributed the company’s guidance to "hundreds of millions" in expected hits to its EBITDA due to reduced sales resulting from the potential removal of tax credits.

R2 and Capital Expenditures

Rivian plans to idle its sole auto plant in Normal, Illinois, during the second half of the year to retool for the launch of its new "R2" midsize vehicles in 2026. The company expects capital expenditures this year to range from $1.6 billion to $1.7 billion, up from $1.41 billion last year.

Rivian’s Future

Rivian is focusing on growing its software business, including a new joint venture with German automaker Volkswagen. The company is also breaking out its "Automotive" and "Software and Services" units to provide additional transparency for investors.

FAQs

Q: What was Rivian’s gross profit in the fourth quarter?
A: $170 million

Q: What was Rivian’s revenue in the fourth quarter?
A: $1.73 billion

Q: What is Rivian’s forecast for deliveries in 2025?
A: 46,000 to 51,000 units

Q: What is Rivian’s forecast for adjusted losses in 2025?
A: $1.7 billion to $1.9 billion