Companies /Consumer Cyclical

Rivian Automotive Inc - Class A

NASDAQ: RIVN Auto Manufacturers
$15.55
▼ $0.52 (−3.21%) today
Markets open · 1:21pm ET

Q2 2024 Earnings

Reported Aug 6, 2024, 4:10pm ET · SEC source
$-1.46
Miss −20.66%
EPS · est. $-1.21
$1.2B
Beat +2.33%
Revenue · est. $1.1B
−10.5%
Trailing market
RIVN vs S&P since report
2 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−8%−4%0+4%Aug 6Aug 7report 4:10pm ETearnings−1.1%−6.7%
−8%−4%0+4%Aug 6Aug 7earnings−1.1%−6.7%
RIVN −6.7%S&P 500 −1.1%
−8%−4%0+4%Aug 6Aug 7report 4:10pm ETearnings−1.7%−6.7%
−8%−4%0+4%Aug 6Aug 7earnings−1.7%−6.7%
RIVN −6.7%NASDAQ −1.7%
−8%−4%0+4%Aug 5Aug 14report 4:10pm ETearnings+4.6%−8.2%
−8%−4%0+4%Aug 5Aug 14earnings+4.6%−8.2%
RIVN −8.2%S&P 500 +4.6%
−5%0+5%Aug 5Aug 14report 4:10pm ETearnings+5.9%−8.2%
−5%0+5%Aug 5Aug 14earnings+5.9%−8.2%
RIVN −8.2%NASDAQ +5.9%
−6.86%
Day of report
+6.78%
Next session
−3.88%
One week
−5.11%
30 days

S&P 500 over the same 30 days: +5.35%.

Did RIVN Beat Earnings? Q2 2024 Results

Rivian delivered a mixed second quarter in 2024, beating revenue expectations while falling short on the bottom line, as a planned factory retooling at its Normal, Illinois plant shaped nearly every aspect of the results. The electric vehicle maker reported revenue of $1.16 billion, edging past the $1.13 billion consensus estimate by 2.33% and marking a 3.3% increase year over year, with deliveries of 13,790 vehicles exceeding production of 9,612 units as Rivian drew down first-generation R1 inventory during the downtime. Earnings per share came in at a loss of $1.46, missing the consensus estimate of $1.21 by 20.66%, with gross profit remaining negative at $451 million. The quarter's defining strategic moment was a $5.00 billion technology joint venture with Volkswagen Group, anchored by an initial $1.00 billion investment. Rivian reaffirmed its full-year 2024 guidance, including 57,000 units of production and a target of reaching modest positive gross profit by the fourth quarter, as second-generation R1 cost improvements begin flowing through in the second half of the year.

Key Takeaways
  • Delivery of 13,790 vehicles driving revenue for the quarter
  • Drawdown of first generation R1 inventory as deliveries exceeded production
  • Reduction in LCNRV write-downs and losses on firm purchase commitments from $558M to $179M year-over-year
  • Lower material costs contributing to improved gross profit per vehicle delivered sequentially
  • Significant improvement in operating cash flow usage from $(1,361)M to $(754)M year-over-year

“The second quarter has been a defining one for Rivian. We have demonstrated strong execution during the quarter with the plant retooling upgrade and launch of second generation R1 vehicles. The changes we made to the R1 platform have allowed us to reduce material and manufacturing costs, while simultaneously improving performance and capabilities. As a testament to our industry-leading technology stack, we also recently announced our proposed JV with Volkswagen Group. The technical workstream to prepare the integration of Rivian electrical architecture and software technology stack into Volkswagen Group products are moving along very well, and we expect to close the joint venture in the fourth quarter of this year. The output from our joint venture will see Rivian's technology in vehicles all around the world, helping to create more consumer choice and speed up the transition away from fossil fuels.”

Rivian CEO, on the earnings call

Forward Guidance & Outlook

Rivian reaffirmed all aspects of its 2024 annual guidance: 57,000 total units of production, $(2,700) million in adjusted EBITDA, and $1,200 million in capital expenditures. The company expects to start seeing the impact of second generation R1 cost improvements in the second half of the year and targets reaching modest positive gross profit in Q4 2024. The company expects a 20% material cost reduction on R1 Dual-Motor Large Pack by Q4 2024 versus Q1 2024, and a 30% efficiency improvement in R1 production line rate by year-end. The Volkswagen Group JV is expected to close in Q4 2024. The midsize platform (R2) is expected to begin production in the first half of 2026. LCNRV write-downs and losses on firm purchase commitments are expected to decrease over time, and the company expects that by end of 2024 it will not have material LCNRV write-downs or losses on firm purchase commitments.

RIVN YoY Financials

Q2 2024 vs Q2 2023 · SEC filings Q2 2023 Q2 2024
$-1,800,000,000$-900,000,000$0$900.0M$1.1B$1.2BRevenue$-498,177,400$-451,000,000Gross Profit$-1,478,494,624$-1,375,000,000Operating Income$-1,866,034,836$-1,457,000,000Net Income
$-1,800,000,000$-900,000,000$0$900.0MRevenueGross ProfitOperating IncomeNet Income

RIVN Revenue by Segment

Automotive
Software and Services

Figures from SEC filings and company reports. Not investment advice.