Rivian Q3 net loss $(1.1B); delivery outlook reaffirmed, production cut on parts shortage

Rivian Automotive, Inc. / DE

2024-Q3 EPS reported -$4.01 revenue$3,236,000,000

Q3 revenue $874M; net loss $(1.1B) ($1.08/sh) vs $(1.367B) loss a year ago.
Produced 13,157 vehicles, delivered 10,018; reaffirms delivery guide 50.5k-52k, cuts production guide to 47k-49k on part shortage.
Gross loss improved to $(392)M from $(477)M YoY; on track for Q4 positive gross profit.
LG Energy Solution to supply 4695 cells for R2; VW JV closing Q4; $1B VW note converts Dec 1.
Cash $6.739B; adjusted EBITDA guidance revised to $(2.825)-(2.875)B.

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