Rivian Q4 Net Loss Narrows, Posts Gross Profit; Sees Lower Deliveries In FY25

Rivian Automotive

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(RTTNews) - Electric vehicle maker Rivian Automotive, Inc. (RIVN) reported Thursday narrower net loss, and a gross profit in its fourth quarter, benefited by improved revenues. Looking ahead, the company projects narrower adjused EBITDA loss and to achieve modest gross profit for 2025, but weak deliveries.

Rivian closed Thursday's regular trading at $13.61, down 2.3 percent. In the extended trading, the shares were up 0.4 percent at $13.67.

For fiscal 2025, the company projects adjused EBITDA loss between $1.70 billion and $1.90 billion, and vehicle deliveries of 46,000 to 51,000 units.

In fiscal 2024, adjusted EBITDA was negative $2.69 billion. Rivian produced 49,476 vehicles and delivered 51,579 in the year. In the fourth quarter, Rivian produced 12,727 vehicles at its manufacturing facility in Normal, Illinois and delivered 14,183 vehicles.

For the fourth quarter, net loss attributable to stockholders was $744 million, narrower than last year's loss of $1.52 billion Loss per share was $0.70, compared to loss of $1.58 a year ago.

The company recorded a gross profit of $170 million in the quarter, compared to prior year's loss of $606 million, primarily driven by improvements in variable costs, revenue per delivered unit, and fixed costs.

Total operating expenses dropped to $831 million from $975 million in the previous year.

Total revenues grew to $1.73 billion from last year's $1.32 billion. The growth in revenues was driven by the sale of regulatory credits and software and services revenue growth as well as increasing R1 average selling prices with the increased availability of its Tri-Motor offering.

Automotive revenues climbed to $1.52 billion from $1.21 billion a year ago.

RJ Scaringe, Founder and CEO, Rivian said, "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."

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