Rivian beats 2023 guidance, cuts 10% workforce; guides 2024 production flat at 57K

Rivian Automotive, Inc. / DE

2023-FY EPS reported -$5.74 revenue$4,434,000,000

Q4 revenue $1,315M, full-year $4,434M (up 167% YoY); net loss $(1,521)M Q4 vs $(1,723)M YoY.
Produced 57,232 vehicles in 2023, exceeding initial guidance by over 7,000; deliveries 50,122, more than double 2022.
Gross profit per vehicle improved ~$81K Q4'23 vs Q4'22; full-year gross loss $(2,030)M vs $(3,123)M.
2024 guidance: produce 57,000 vehicles, capex $1,750M, Adjusted EBITDA $(2,700)M; reiterates path to Q4 modest gross profit.
Workforce reduction of ~10% salaried employees; R2 midsize platform reveal on March 7.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.91

Rivian Automotive, Inc. / DE reported the fourth quarter and full year ended December 31, 2023 results: revenue $1,315 million, net income $(1,521) million.

Period: the fourth quarter and full year ended December 31, 2023
Revenue: $1,315 million
Net income: $(1,521) million
Result: reported results

Exact text from the filing

We are excited about the reveal of our next generation vehicle, R2, on March 7.” Exhibit 99.1 Financial Highlights: Revenue: Total revenue for the fourth quarter of 2023 was $1,315 million, driven by the delivery of 13,972 vehicles. For the year end December 31, 2023, total revenue was $4,434 million, supported by 50,122 total vehicle deliveries. Total revenue from

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Source: SEC EDGAR

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