Rivian Q1 revenue $1.2B, net loss $1.45B; deliveries up 71% YoY; reiterates Q4 gross profit path

Rivian Automotive, Inc. / DE

2024-Q1 EPS reported -$1.48 revenue$1,204,000,000

Revenue $1,204M (vs $661M Q1 '23); net loss $1,446M ($1.48 EPS) vs $1,349M loss YoY.
Delivered 13,588 vehicles (+71% YoY); produced 13,980 (+49% YoY); exceeded outlook.
Gross profit $(527)M; includes $171M cost-revenue efficiency charges; targets modest gross profit Q4 2024.
Adjusted EBITDA improved to $(798)M from $(1,020)M YoY; liquidity $9.05B including revolver.
Plant retooling upgrade to boost R1 line rate ~30%; R2 production planned H1 2026 at Normal, IL.

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 0.98

Rivian Automotive, Inc. / DE reported the first quarter ended March 31, 2024 results: revenue $1,204 million, net income $(1,446) million. Guidance reaffirmed.

Period: the first quarter ended March 31, 2024
Revenue: $1,204 million
Net income: $(1,446) million
Guidance: reaffirmed
Result: reported results

Exact text from the filing

and remains confident in its path to achieving modest gross profit in the fourth quarter of this year. Exhibit 99.1 Revenues: Total revenues for the first quarter of 2024 were $1,204 million, primarily driven by the delivery of 13,588 vehicles. Total revenues from the sale of regulatory credits were de minimis for the quarter. Gross Profit: Rivian generated negative

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Source: SEC EDGAR

accession 0001874178-24-000040

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