Rivian (RIVN) reported strong fourth quarter results after the bell on Thursday and came through on its goal of posting a “gross profit” for the quarter, with a smaller-than-expected full-year 2024 EBITDA (earnings before interest, taxes, depreciation, and amortization) loss to boot. The company also sees a smaller loss in 2025 compared to a year ago.
Rivian reported a gross profit of $170 million in the fourth quarter, primarily driven by “improvements in variable costs, revenue per delivered unit, and fixed costs,” the company said in a statement.
“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,” Rivian CEO RJ Scaringe said in a statement. “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.”
Rivian stock was up over 3% in after-hours trading.
For the quarter, Rivian reported revenue of $1.734 billion vs. $1.386 billion per Bloomberg consensus, 32% higher than the $1.315 billion reported a year ago. The company reported an adjusted EPS loss of $0.46, beating estimates of $0.65, with an adjusted EBITDA loss of $277 million, better than the $399.8 million expected.
For the year 2024, Rivian posted an adjusted EBITDA loss of $2.689 billion, lower than the $2.87 billion loss projected last quarter and an improvement compared to the $3,789 million loss from a year ago.
In terms of guidance, Rivian sees its 2025 full-year adjusted EBITDA loss in the range of $1.7 billion to $1.9 billion, with vehicle deliveries coming in between 46,000 and 51,000 vehicles.
In early January, the company said it produced 49,476 vehicles and delivered 51,579 in 2024. In Q4, Rivian produced 12,727 vehicles and delivered 14,183 vehicles.
Rivian said it had $5.294 billion in cash and cash equivalents, down from the $7.857 billion it had a year ago.
The fourth quarter was an interesting one for Rivian. The company announced an expansion of its partnership with Volkswagen (VWAGY) in November, with the German automaker pouring more money into a joint venture.
The joint venture, announced back in June, will use Rivian’s electrical architecture — known as “zonal architecture” — and accompanying software stack to enable the launch of Rivian’s upcoming midsize R2 SUV in the first half of 2026.
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