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Mar 31, 2024
Rivian Q1 2024 Earnings Report
Rivian's Q1 2024 financial results were released, demonstrating progress in capital efficiency and reiterating the path to Q4 2024 modest gross profit.
Key Takeaways
Rivian reported Q1 2024 revenues of $1,204 million driven by 13,588 vehicle deliveries. The company produced 13,980 vehicles, exceeding its outlook. Rivian generated a negative gross profit of $(527) million and a net loss of $(1,446) million. They ended the quarter with $7,858 million in cash, cash equivalents, and short-term investments.
Total revenues for the first quarter of 2024 were $1,204 million, primarily driven by the delivery of 13,588 vehicles.
Rivian generated negative gross profit of $(527) million for the first quarter of 2024.
Rivian’s net loss for the first quarter of 2024 was $(1,446) million.
Rivian ended the first quarter of 2024 with $7,858 million in cash, cash equivalents, and short-term investments.
Forward Guidance
Rivian is focused on continued demand generation, delivering cost and plant efficiency improvements, advancing R2 development, and driving towards profitability. The company expects significant improvement in the material and conversion cost of its vehicles and remains confident in its path to achieving modest gross profit in the fourth quarter of this year.
Positive Outlook
- Company reiterates path to Q4 2024 modest gross profit
- R1S was best-selling EV in the US above $70,000 during Q1 2024
- Expected savings of over $2.25 billion compared to original forecast by starting R2 production in Normal, Illinois.
- Incentive package of up to $827 million from the State of Illinois.
- Plant retooling upgrade to improve manufacturing processes that enable the R1 line to run at an approximately 30 percent higher line rate.
Challenges Ahead
- First quarter of 2024 gross profit per vehicle delivered was $(38,784)
- Total operating expenses in the first quarter of 2024 grew to $957 million, as compared to $898 million in the same period last year.
Historical Earnings Impact
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