Rivian impressed investors and analysts alike with its first-quarter financial performance, as detailed in its latest earnings report. Despite a net loss of $1.4 million and an EBITDA-adjusted loss of $798 million, the company’s revenue of $1.2 million exceeded expectations, signaling a positive trajectory towards profitability.
During Q1, Rivian delivered 13,588 vehicles and produced 13,980, narrowing its loss per vehicle delivered to $38,784, down from $43,372 in Q4 2023 and significantly lower than over $124,000 in Q4 2022.
CEO RJ Scaringe expressed optimism about the results, stating, “First-quarter results exceeded our outlook and set a strong foundation for the remainder of the year as we focus on continued demand generation, delivering cost and plant efficiency improvements, advancing R2 development, and driving towards profitability.”
Rivian’s operating expenses rose to $957 million in Q1, up from $898 million in Q1 2023. The company also reported capital expenditures of $254 million, ending the quarter with $9,053 million in total liquidity.
Scaringe highlighted several milestones achieved in the quarter, including the production of Rivian’s 100,000th vehicle in Normal, Illinois, successful retooling upgrades, and the unveiling of a new midsize platform for upcoming models.
The company reiterated its goal of achieving modest gross profit by Q4 2024, with a production target of 57,000 vehicles. Notably, the Rivian R1S was the best-selling EV in the U.S. for over $70,000 in Q1, achieving a 5.1 percent market share.
Rivian also reported material cost improvements for each of its vehicles in Q1 and highlighted production line upgrades in its Normal plant, which increased production rates and reduced per-unit labor and overhead costs.
“The tooling upgrades we made in the Normal plant enable us to increase our line rate by roughly 30 percent, which reduces our per unit labor and overhead costs,” Scaringe explained during the earnings call.
