Electric vehicle company Rivian Automotive RIVN reported fourth-quarter financial results after market close Wednesday.
Here are the key highlights.
What Happened: Rivian reported fourth-quarter revenue of $1.32 billion, which beat a Street consensus estimate of $1.26 billion, according to data from Benzinga Pro.
The company reported a loss of $1.36 per share, which missed a Street estimate of a loss of $1.32 per share.
The company previously reported it produced 17,541 vehicles in the fourth quarter and delivered 13,972 vehicles in the quarter. For fiscal year 2023, Rivian produced 57,232 vehicles and delivered 50,122 vehicles.
"We made great progress in 2023 despite economic headwinds, and we're excited about the year ahead. We firmly believe in the full electrification of the automotive industry but recognize in the short-term, the challenging macro-economic conditions," Rivian CEO RJ Scaringe said.
The company ended the fourth quarter with $9.37 billion in cash and cash equivalents. The company ended the quarter with a total liquidity of $10.47 billion, which includes an asset-based revolving credit facility.
Related Link: Trading Strategies for Rivian Stock Before And After Q4 Earnings
What's Next: For fiscal 2024, Rivian said it will be focused on cost efficiency, continuing progress made in 2023 that increased gross profit per delivered vehicle.
"Economic and geopolitical uncertainties and pressures, most notably the impact of historically high interest rates, have informed Rivian's expectations for 2024," the company said.
The company is guiding for production of 57,000 vehicles in 2024, which would be in line with 2024 production.
Rivian is guiding for adjusted EBITDA of a loss of $2.7 billion for 2024.
The company also announced it will reduce its salaried workforce by around 10% to help further improve costs.
The Rivian R2 will be unveiled on March 7.
"We are aggressively focused on driving cost efficiency throughout the business, achieving positive margins and building our go-to-market function to support our long-term growth," Scaringe said.
RIVN Price Action: Rivian shares are down 17% to $12.75 in after-hours trading Wednesday versus a 52-week trading range of $11.68 to $28.06.
Read Next: Rivian Q4 Earnings Preview: EV Market Jitters, R2 Debut Looms
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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