Rivian Automotive Inc

Latest Results (07.08.2024):

Revenue

Rivian Automotive Inc. reported total revenues of $1,158 million for the second quarter of 2024. This revenue was primarily driven by the delivery of 13,790 vehicles. Additionally, the company generated $17 million from the sale of regulatory credits during this period.

Gross Profit

For the second quarter of 2024, Rivian Automotive Inc. recorded a negative gross profit of $(451) million. This represents an increase in gross profit losses compared to $(412) million in the same quarter of the previous year. The increase in losses was attributed to several factors, including smaller reductions in losses on firm purchase commitments and a reduction in average selling prices.

Operating Expenses

Rivian Automotive Inc.'s total operating expenses for the second quarter of 2024 grew to $924 million, compared to $873 million in the same period last year. The increase was primarily driven by higher payroll and related expenses, as well as increased depreciation and amortization costs.

Net Loss

Rivian Automotive Inc. reported a net loss of $(1,457) million for the second quarter of 2024, compared to $(1,195) million in the same period last year. The company also reported an adjusted net loss of $(1,115) million for the quarter, compared to $(997) million in the previous year.

Liquidity

As of the end of the second quarter of 2024, Rivian Automotive Inc. had $7,867 million in cash, cash equivalents, and short-term investments. Including the capacity under its asset-based revolving-credit facility, the company had a total liquidity of $9,179 million. This liquidity position includes $1 billion from an unsecured convertible note issued to Volkswagen International America, Inc.