Rivian Automotive Q4 Earnings Highlights: Revenue Beat, EPS Beat, 2025 Guidance, R2 Update

by Chris Katje Benzinga Staff Writer

Electric vehicle manufacturer Rivian Automotive reported fourth-quarter financial results after the market close Thursday.

Here are the key highlights.

What Happened: Rivian reported fourth-quarter revenue of $1.73 billion, beating a Street consensus estimate of $1.4 billion according to data from Benzinga Pro.

Revenue, which was a quarterly record, was boosted by software and services revenue growth and a higher average selling price for the company's R1 vehicles.

The company reported an adjusted loss of 46 cents per share in the quarter, beating a Street estimate of a loss of 65 cents per share.

Rivian achieved a gross profit of $170 million in the fourth quarter.

The company announced it closed on its joint venture with Volkswagen Group VWAGY. The joint venture has a total deal size of up to $5.8 billion.

Rivian also announced it opened sales of its commercial electric delivery vans to customers outside of Amazon.com.

Rivian previously reported fourth-quarter deliveries of 14,183 EVs, which was the company’s second highest quarterly total. The company produced 12,727 vehicles in the fourth quarter.

The company finished 2024 with 51,579 deliveries. Full-year production was 49,476 vehicles.

"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," Rivian CEO RJ Scaringe said.

What's Next: The company said it remains focused on the following key drivers moving forward:

Drive towards profitability
Optimize operational efficiency
Technology leadership
Demand generation and enhancing the customer experience

Rivian is guiding for adjusted EBITDA of a loss of $1.9 billion to a loss of $1.7 billion for fiscal 2025. The company expects to have a "modest gross profit" for fiscal 2025.

Rivian said potential government policies and regulations are impacting 2025 expectations.

"While uncertainties persist, we remain focused on executing against our key value drivers and are confident in electrifying the world in the long term."

Rivian is guiding for deliveries of 46,000 to 51,000 vehicles in fiscal 2025.

"I couldn't be more excited about R2, and I believe the capabilities and cost efficiencies along with the amazing level of excitement from customers will make R2 a truly transformational product for Rivian," Scaringe said.

RIVN Price Action: Rivian stock is up 3.59% to $14.10 in after-hours trading Thursday versus a 52-week trading range of $8.26 to $18.86. The stock was down 14.4% over the last year heading into the earnings report Thursday.

Read Next: