Rivian Q4 2023 Earnings Report
Key Takeaways
Rivian announced its Q4 and full year 2023 financial results, highlighting a 147% increase in deliveries for Q4 compared to the previous year and significant improvements in gross profit per delivered vehicle. The company produced 57,232 vehicles and delivered 50,122 for the full year, exceeding its initial production guidance. Rivian is focused on cost efficiency and is introducing its R2 platform in March.
Total revenue for the fourth quarter of 2023 was $1,315 million, driven by the delivery of 13,972 vehicles.
Gross profit for the fourth quarter of 2023 was $(606) million, improved from $(1,000) million in the same quarter of 2022.
Net loss for the fourth quarter of 2023 was $(1,521) million, compared to $(1,723) million for the same period last year.
Rivian ended the fourth quarter of 2023 with $9,368 million in cash, cash equivalents, and short-term investments.
Rivian
Rivian
Forward Guidance
Rivian expects to produce 57,000 vehicles in 2024 and is guiding towards capital expenditures of $1,750 million and an Adjusted EBITDA of $(2,700) million.
Positive Outlook
- Aggressively focused on driving cost efficiency throughout the business
- Achieving positive margins
- Building go-to-market function to support long-term growth
- Excited about the reveal of our next generation vehicle, R2, on March 7
- Will open new spaces and increase demo drives
Challenges Ahead
- Challenging macro-economic conditions
- Economic and geopolitical uncertainties and pressures
- Impact of historically high interest rates
- Reducing its salaried workforce by approximately 10%
- Planned shutdown of production lines in the second quarter of 2024