- Reaffirmed 2024 delivery outlook of 50,500 to 52,000
vehicles
- Secured R2 battery cell supply with multi-year LG Energy
Solution contract
- Company on track for positive gross profit for fourth
quarter 2024
- Launched R1 Tri-Motor configuration
Rivian Automotive, Inc. (NASDAQ: RIVN) today announced its third
quarter 2024 financial results. In the third quarter the company
produced 13,157 vehicles at its manufacturing facility in Normal,
Illinois and delivered 10,018 vehicles during the same period.
The company remains on track for positive gross profit for the
fourth quarter of 2024. This is expected to be driven primarily by
improvements in revenue per unit, variable cost per unit, and fixed
and semi-fixed costs per unit. The increase in revenue per unit is
primarily due to an increase in the sale of regulatory credits and
increased R1 average selling prices from an improvement in mix
towards more premium variants. The variable and fixed / semi-fixed
cost improvements are driven primarily by improvements in material
cost and operational efficiencies in the production of R1 second
generation vehicles.
Rivian has continued to make rapid progress in the design,
development, sourcing, and manufacturing facility expansion in
Normal, which are critical steps toward achieving our target of
launching R2 in the first half of 2026. R2 has been designed to
maximize cost efficiency and manufacturability while still
delivering on the performance and utility consumers expect from a
Rivian. Eighty five percent of the bill of materials has been
sourced within Rivian's cost targets.
RJ Scaringe, Rivian Founder and CEO, said:
“This quarter we have made progress against our key objectives
and have seen meaningful progress on our Gen 2 R1 cost structure
due to the new technologies incorporated into the vehicle and
manufacturing process. We are excited about the future and our
midsize SUV, R2, which we believe will be a fundamental driver of
Rivian’s growth. We’re also looking forward to closing our proposed
joint venture with Volkswagen Group which is expected in the fourth
quarter.”
Today Rivian is announcing a strategic supply agreement with LG
Energy Solution (LGES) to power its next-generation midsize
electric vehicle platform, underpinning the company’s R2 midsize
SUV. Under the terms of the agreement, LGES will supply 4695
cylindrical battery cells to Rivian for its midsize platform.
Within the first year of production, the batteries are expected to
be manufactured at LGES' Queen Creek, Arizona plant, aligning with
Rivian's focus on U.S. domestic manufacturing and IRA
compliance.
This quarter Rivian introduced its second generation Tri-Motor
R1 configuration, combining performance levels that surpass the
company’s original Quad-Motor offerings. Tri-Motor packs two
in-house Ascent motors in the rear and one Enduro motor in front
for a blend of exceptional power and range. With 850 horsepower and
1,103 Ib-ft of torque, it reaches 0-60 mph in 2.9 seconds.
In August the company introduced Connect+, a streaming and
connectivity service for Rivian owners. Connect+ is a paid
subscription that offers seamless access to enhanced connectivity
features and a host of new apps in Rivian’s consumer vehicles.
Because of Rivian’s fully integrated software platform, Connect+
shows streaming services natively within the vehicle’s display,
making for a simple, convenient and immersive infotainment
experience. Following the launch of Connect+, Rivian provided
customers a 60 day free trial period and has seen the majority of
customers subscribe to Connect+ following the free trial
period.
As previously disclosed on October 4, the company is
experiencing a production disruption due to a shortage of a shared
component within its Enduro motor system on the R1 and RCV
platforms. As a result of this disruption Rivian revised its latest
full year 2024 production guidance to between 47,000 to 49,000
vehicles, and is also revising its annual adjusted EBITDA guidance
to between a $(2.825) billion loss to a $(2.875) billion loss.
Rivian is reaffirming its delivery outlook of between 50,500 to
52,000 vehicles and $1,200 million in capital expenditures.
Rivian believes the formation of the joint venture is a landmark
development for the industry. The joint venture will benefit from
Rivian's differentiated and well-proven zonal network architecture
and full-stack software technologies, enhanced software and
electrical architecture innovation. The joint venture validates
Rivian’s technology leadership and creates new growth opportunities
for Rivian to be a technology partner to other manufacturers.
Financial Highlights:
Revenues:
Total revenues for the third quarter of 2024 were $874 million,
primarily driven by the delivery of 10,018 vehicles. Total revenues
from the sale of regulatory credits were $8 million for the
quarter.
Gross Profit:
Rivian generated negative gross profit of $(392) million for the
third quarter of 2024 as compared to $(477) million for the third
quarter of 2023.
Cost of revenues for the third quarter of 2024 included $37
million of costs the company does not anticipate being part of its
long-term cost structure which was made up of cost of revenue
efficiency initiatives primarily related to certain supplier
liabilities incurred.
Operating Expenses and Operating Loss:
Total operating expenses in the third quarter of 2024 decreased
to $777 million, as compared to $963 million in the same period
last year.
In the third quarter of 2024, the company recognized a non-cash,
stock-based compensation expense within operating expenses of $105
million as compared to $219 million in the third quarter of 2023
and depreciation and amortization expense within operating expenses
of $73 million as compared to $80 million in the third quarter of
2023.
Net Loss:
Rivian’s net loss for the third quarter of 2024 was $(1,100)
million as compared to $(1,367) million for the same period last
year.
Adjusted EBITDA (non-GAAP)*
Adjusted EBITDA* for the third quarter of 2024 was $(757)
million as compared to $(902) million for the same period last
year.
Capital Expenditures:
Capital expenditures for the third quarter of 2024 were $277
million, as compared to $190 million for the same period last
year.
Liquidity:
Rivian ended the third quarter of 2024 with $6,739 million in
cash, cash equivalents, and short-term investments. Including the
capacity under its asset-based revolving-credit facility, the
company ended the third quarter of 2024 with $8,105 million of
total liquidity.
The third quarter of 2024’s ending cash, cash equivalents, and
short-term investments balance of $6,739 million includes $1
billion of an unsecured convertible note issued to Volkswagen
International America, Inc. in association with the announcement of
our expected joint venture with Volkswagen Group. The convertible
note will automatically convert into shares of Class A common stock
on December 1, 2024 as all conversion conditions have been
satisfied as of September 30, 2024.
For further information please see Rivian’s latest shareholder
letter at www.rivian.com/investors.
The company will host an audio webcast to discuss its results
and provide a business update at 2:00pm PT / 5:00pm ET on Thursday,
November 7, 2024. The link to the webcast will be made available on
the company’s Investor Relations website at rivian.com/investors.
After the call, a replay will be available at rivian.com/investors
for four weeks. The letter is available on its investor relations
website (https://rivian.com/investors).
Condensed Consolidated Balance
Sheets
(in millions, except per share
amounts)
(unaudited)
Assets
December 31, 2023
September 30, 2024
Current assets:
Cash and cash equivalents
$
7,857
$
5,396
Short-term investments
1,511
1,343
Accounts receivable, net
161
217
Inventory
2,620
2,680
Other current assets
164
201
Total current assets
12,313
9,837
Property, plant, and equipment, net
3,874
3,819
Operating lease assets, net
356
397
Other non-current assets
235
209
Total assets
$
16,778
$
14,262
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
981
$
617
Accrued liabilities
1,145
887
Current portion of lease liabilities and
other current liabilities
361
429
Total current liabilities
2,487
1,933
Long-term debt (includes $1,030 at fair
value as of September 30, 2024)
4,431
5,468
Non-current lease liabilities
324
361
Other non-current liabilities
395
601
Total liabilities
7,637
8,363
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value; 10
shares authorized and 0 shares issued and outstanding as of
December 31, 2023 and September 30, 2024
—
—
Common stock, $0.001 par value; 3,508 and
3,508 shares authorized and 968 and 1,021 shares issued and
outstanding as of December 31, 2023 and September 30, 2024,
respectively
1
1
Additional paid-in capital
27,695
28,455
Accumulated deficit
(18,558
)
(22,561
)
Accumulated other comprehensive income
3
4
Total stockholders' equity
9,141
5,899
Total liabilities and stockholders'
equity
$
16,778
$
14,262
Condensed Consolidated Statements of Operations
(in millions, except per share amounts) (unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2024
2023
2024
Revenues
$
1,337
$
874
$
3,119
$
3,236
Cost of revenues
1,814
1,266
4,543
4,606
Gross profit
(477
)
(392
)
(1,424
)
(1,370
)
Operating expenses
Research and development
529
350
1,469
1,239
Selling, general, and administrative
434
427
1,265
1,419
Total operating expenses
963
777
2,734
2,658
Loss from operations
(1,440
)
(1,169
)
(4,158
)
(4,028
)
Interest income
126
95
391
302
Interest expense
(55
)
(87
)
(147
)
(237
)
Fair value gain (loss) on convertible
note, net
—
60
—
(30
)
Other income (expense), net
2
1
4
(8
)
Loss before income taxes
(1,367
)
(1,100
)
(3,910
)
(4,001
)
Provision for income taxes
—
—
(1
)
(2
)
Net loss
$
(1,367
)
$
(1,100
)
$
(3,911
)
$
(4,003
)
Net loss attributable to common
stockholders, basic and diluted
$
(1,367
)
$
(1,100
)
$
(3,911
)
$
(4,003
)
Net loss per share attributable to
Class A and Class B common stockholders, basic and diluted
$
(1.44
)
$
(1.08
)
$
(4.15
)
$
(4.01
)
Weighted-average common shares
outstanding, basic and diluted
952
1,014
942
998
Consolidated Statements of Cash Flows (in millions)
(unaudited)
Nine Months Ended September
30,
2023
2024
Cash flows from operating activities:
Net loss
$
(3,911
)
$
(4,003
)
Depreciation and amortization
667
813
Stock-based compensation expense
606
538
Fair value loss on convertible note,
net
—
30
Inventory LCNRV write-downs and losses on
firm purchase commitments
114
14
Other non-cash activities
46
85
Changes in operating assets and
liabilities:
Accounts receivable, net
(135
)
(57
)
Inventory
(1,471
)
(208
)
Other assets
(129
)
(41
)
Accounts payable and accrued
liabilities
220
(339
)
Other liabilities
234
269
Net cash used in operating
activities
(3,759
)
(2,899
)
Cash flows from investing activities:
Purchases of short-term investments
(1,405
)
(2,476
)
Maturities of short-term investments
225
2,696
Capital expenditures
(728
)
(814
)
Net cash used in investing
activities
(1,908
)
(594
)
Cash flows from financing activities:
Proceeds from issuance of capital stock
including employee stock purchase plan
39
37
Proceeds from issuance of convertible
notes
1,485
1,000
Other financing activities
(15
)
(5
)
Net cash provided by financing
activities
1,509
1,032
Effect of exchange rate changes on cash
and cash equivalents
—
—
Net change in cash
(4,158
)
(2,461
)
Cash, cash equivalents, and restricted
cash—Beginning of period
12,099
7,857
Cash, cash equivalents, and restricted
cash—End of period
$
7,941
$
5,396
Supplemental disclosure of non-cash
investing and financing activities:
Capital expenditures included in
liabilities
$
390
$
369
Capital stock issued to settle
bonuses
$
137
$
179
Right-of-use assets obtained in
exchange for operating lease liabilities
$
66
$
122
Reconciliation of Non-GAAP Financial Measures
(in millions) (unaudited)
Adjusted EBITDA1
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2024
2023
2024
Net loss
$
(1,367
)
$
(1,100
)
$
(3,911
)
$
(4,003
)
Interest income, net
(71
)
(8
)
(244
)
(65
)
Provision for income taxes
—
—
1
2
Depreciation and amortization
256
259
667
813
Stock-based compensation expense
242
111
606
538
Other (income) expense, net
(2
)
(1
)
(4
)
8
Fair value (gain) loss on convertible
note, net
—
(60
)
—
30
Cost of revenue efficiency initiatives
15
37
35
193
Restructuring expenses
—
—
42
30
Asset impairments and write-offs
25
—
25
30
Joint venture formation expenses and other
items
—
5
—
12
Adjusted EBITDA (non-GAAP)
$
(902
)
$
(757
)
$
(2,783
)
$
(2,412
)
1 The prior periods have been recast to
conform to current period presentation.
About Rivian:
Rivian (NASDAQ: RIVN) is an American automotive
manufacturer that develops and builds category-defining electric
vehicles and accessories. The company creates innovative and
technologically advanced products that are designed to excel at
work and play with the goal of accelerating the global transition
to zero-emission transportation and energy. Rivian vehicles are
built in the United States and are sold directly to consumer and
commercial customers. The company provides a full suite of services
that address the entire lifecycle of the vehicle and stay true to
its mission to keep the world adventurous forever. Whether taking
families on new adventures or electrifying fleets at scale, Rivian
vehicles all share a common goal — preserving the natural world for
generations to come.
Learn more about the company, products, and careers at
www.rivian.com.
Forward-Looking Statements:
This press release and statements that are made on our earnings
call contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. All statements
contained in this press release and made on our earnings call that
do not relate to matters of historical fact should be considered
forward-looking statements, including without limitation statements
regarding our future operations, initiatives and business strategy,
our cost reduction strategy and expectations regarding cost
savings, our future financial results, vehicle profitability and
future gross profits, our anticipated LCNRV charges, the planned
use of our cash and cash equivalents, our future capital
expenditures, the underlying trends in our business, our market
opportunity, and our potential for growth, our production ramp and
manufacturing capacity expansion and anticipated production levels,
our expected future production and deliveries, our anticipated
production and timing of launching the R2 platform in Normal,
timing of construction at our Georgia site, scaling our service
infrastructure, our expected future products and technology and
product enhancements (including R2, R3, and R3X, as well as our
next generation RAN charger), potential expansion of commercial van
sales, future revenue opportunities, statements regarding our
expected joint venture with Volkswagen Group, including the
expected formation of the joint venture, the expected benefits from
the partnership, the potential applications of JV-developed
software, future VW investments in Rivian shares, and the
investments related to the JV. These statements are neither
promises nor guarantees and involve known and unknown risks,
uncertainties, and other important factors that may cause our
actual results, performance, or achievements to be materially
different from any future results, performance, or achievements
expressed or implied by the forward-looking statements, including,
but not limited to: our history of losses as a growth-stage company
and our limited operating history; we may underestimate or not
effectively manage our capital expenditures and costs; we will
require additional financing and capital to support our business;
our ability to maintain strong demand for our vehicles and attract
and retain a large number of customers; risks relating to the
highly competitive automotive market, including competitors that
may take steps to compete more effectively against us, including
with respect to pricing and features, and impact of competition and
macroeconomic conditions on product demand; consumers’ willingness
to adopt electric vehicles; we may experience significant delays in
the manufacture and delivery of our vehicles; we have experienced
and could continue to experience cost increases or disruptions in
supply of raw materials or other components used in our vehicles;
our dependence on suppliers and volatility in pricing of components
and raw materials; our ability to accurately estimate the supply
and demand for our vehicles and predict our manufacturing
requirements; our ability to maintain our relationship with one
customer that has generated a significant portion of our revenues;
we are highly dependent on the services and reputation of our
Founder and Chief Executive Officer; our inability to manage our
future growth effectively; our long-term results depend on our
ability to successfully introduce and market new products and
services; we may not succeed in establishing, maintaining, and
strengthening our brand; our focus on delivering a high-quality and
engaging Rivian experience may not maximize short-term financial
results; risks relating to our distribution model; we rely on
complex machinery, and production involves a significant degree of
risk and uncertainty; our vehicles rely on highly technical
software and hardware that could contain errors or defects; we may
not successfully develop the complex software and technology
systems needed to produce our vehicles; inadequate access to
charging stations and not being able to realize the benefits of our
charging networks; risks related to our use of lithium-ion battery
cells; we have limited experience servicing and repairing our
vehicles; the automotive industry and its technology are rapidly
evolving and may be subject to unforeseen changes, and upgrades and
adaptations to our vehicles may increase our costs and capital
expenditures and also require planned, temporary manufacturing
shutdowns from time to time; risks associated with advanced driver
assistance systems technology; the reduction or elimination of
government and economic incentives for electric vehicles; we may
not obtain government grants and other incentives for which we may
apply; vehicle retail sales depend heavily on affordable interest
rates and availability of credit; insufficient warranty reserves to
cover warranty claims; future field actions, including product
recalls, could harm our business; risks related to product
liability claims; risks associated with international operations;
our ability to attract and retain key employees and qualified
personnel; our ability to maintain our culture; our business may be
adversely affected by labor and union activities; risks associated
with the ongoing military conflict between Russia and the Ukraine
and in the Middle East; risks related to health epidemics,
pandemics, and other outbreaks; our financial results may vary
significantly from period to period; we have incurred a significant
amount of debt and may incur additional indebtedness; our vehicles
may not operate properly; risks related to third-party vendors for
certain product and service offerings; potential conflicts of
interest involving our principal stockholders or their affiliates;
risks associated with exchange rate and interest rate fluctuations;
breaches in data security, failure of information security systems,
cyber-attacks or other security or privacy-related incidents could
harmour business; risk of intellectual property infringement
claims; our use of open source software in our applications could
subject our proprietary software to general release; our ability to
prevent unauthorized use of our intellectual property; risks
related to governmental regulation and legal proceedings; delays,
limitations and risks related to permits and approvals required to
operate or expand operations; our internal control over financial
reporting; and the other factors described in our filings with the
SEC. These factors could cause actual results to differ materially
from those indicated by the forward-looking statements made in this
press release. Any such forward-looking statements represent
management’s estimates as of the date of this press release. While
we may elect to update such forward-looking statements at some
point in the future, except as may be required by law, we disclaim
any obligation to do so, even if subsequent events cause our views
to change.
*Non-GAAP Financial Measures
In addition to our results determined in accordance with
generally accepted accounting principles in the United States
(“GAAP”), we review financial measures that are not calculated and
presented in accordance with GAAP (“non-GAAP financial measures”).
We believe our non-GAAP financial measures are useful in evaluating
our operating performance. We use the following non-GAAP financial
information, collectively, to evaluate our ongoing operations and
for internal planning and forecasting purposes. We believe that
non-GAAP financial information, when taken collectively, may be
helpful to investors, because it focuses on underlying operating
results and trends, provides consistency and comparability with
past financial performance, and assists in comparisons with other
companies, some of which use similar non-GAAP financial information
to supplement their GAAP results. The non-GAAP financial
information is presented for supplemental informational purposes
only, should not be considered a substitute for financial
information presented in accordance with GAAP, and may be different
from similarly titled non-GAAP measures used by other companies. A
reconciliation of each historical non-GAAP financial measure to the
most directly comparable financial measure stated in accordance
with GAAP is provided above. Reconciliations of forward- looking
non-GAAP financial measures are not provided because we are unable
to provide such reconciliations without unreasonable effort due to
the uncertainty regarding, and potential variability of, certain
items, such as stock-based compensation expense and other costs and
expenses that may be incurred in the future. Investors are
encouraged to review the related GAAP financial measures and the
reconciliation of these non-GAAP financial measures to their most
directly comparable GAAP financial measures.
Our non-GAAP financial measures include adjusted EBITDA defined
as net loss before interest expense (income), net, provision for
income taxes, depreciation and amortization, stock-based
compensation, other (expense) income, net, and special items. Our
management team ordinarily excludes special items from its review
of the results of the ongoing operations. Special items is
comprised of (i) cost of revenue efficiency initiatives which
include costs incurred as we transition between major vehicle
programs, cost incurred for negotiations with major suppliers
regarding changing demand forecasts or design modifications, and
other costs for enhancing capital and cost optimization of the
Company (ii) restructuring expenses for significant actions taken
by the Company, (iii) significant asset impairments and write-offs,
and (iv) other items that we do not necessarily consider to be
indicative of earnings from ongoing operating activities, including
fair value gain or loss on convertible note, net, and joint venture
formation expenses.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241107928108/en/
Investors: ir@rivian.com Media: Harry Porter:
media@rivian.com
Rivian Automotive (NASDAQ:RIVN)
過去 株価チャート
から 10 2024 まで 11 2024
Rivian Automotive (NASDAQ:RIVN)
過去 株価チャート
から 11 2023 まで 11 2024
