What's Going On With Rivian Shares Friday?

Rivian Automotive, Inc. RIVN shares are trading lower on Friday after the company reported fourth-quarter earnings on Thursday.

What To Know: The company reported an adjusted loss per share of 46 cents, beating analysts’ estimate of a loss of 65 cents. In addition, Rivian reported sales of $1.73 billion, beating analysts’ estimate of $1.40 billion.

Foe 2025, Rivian expects vehicle deliveries of 46 thousand to 51 thousand and adjusted EBITDA between a loss of 1.7 billion and and a loss of 1.9 billion.

The company credited its record revenue to the sale of regulatory credits, growth in software and services revenue and higher R1 average selling prices driven by the increased availability of its Tri-Motor offering. Furthermore, Rivian produced 12,727 vehicles at its manufacturing facility in Normal, Illinois and delivered 14,183 vehicles throughout the fourth-quarter.

Additionally, the company reported gross profit of $170 million. It also reported adjusted EBITDA of a loss of $277 million, representing a $729 million improvement year-over-year.

“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, R2. The R2 bill of materials is approximately 95% sourced and is expected to be approximately half that of the improved R1 bill of materials,” said RJ Scaringe, Founder and CEO of Rivian.

Analyst Changes: Following the earnings report, multiple analysts issued price target adjustments.

• Mizuho analyst Vijay Rakesh maintained a Neutral rating on Rivian and raised the price target from $11 to $13.
• Needham analyst Chris Pierce maintained a Buy rating on Rivian and raised the price target from $14 to $17.
• Wells Fargo analyst Colin Langan maintained an Equal-Weight rating on Rivian and raised the price target from $11 to $14.

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RIVN Price Action: At the time of writing, Rivian shares are trading 3.34% lower at $13.16, according to data from Benzinga Pro.

Image: Courtesy of Rivian Automotive, Inc.