Company Exceeded All Aspects of 2023
Guidance
Company Reiterates Path to Q4 Modest Gross
Profit
Rivian Automotive, Inc. (NASDAQ: RIVN) today announced fourth
quarter and year end 2023 financial results. The results reflect
continued progress against key value drivers including ramping
production, improving cost efficiency, and driving demand through
successfully introducing new technologies and enhancing the
customer experience.
Production and manufacturing progress continued to improve
throughout 2023. On a full-year basis, the company produced 57,232
vehicles and delivered 50,122, more than doubling production and
deliveries from 2022, and exceeded its initial production guidance
by more than 7,000 vehicles. As expected, the fourth quarter of
2023 reflected greater discrepancy between production and
deliveries when compared to prior quarters. Due to seasonality, EDV
deliveries during the last quarter of each fiscal year are lower
than previous quarters, while production remains continuous to
maintain manufacturing efficiencies. Overall, there was a 147
percent increase in deliveries for the fourth quarter of 2023 as
compared to the fourth quarter of 2022.
The company remains focused on cost efficiency, which has
resulted in a meaningful improvement in operating efficiency in
2023, including a gross profit per delivered vehicle improvement of
approximately $81,000, as compared to the fourth quarter of
2022.
Economic and geopolitical uncertainties and pressures, most
notably the impact of historically high interest rates, have
informed Rivian’s expectations for 2024. With these market
conditions, the company expects to produce 57,000 vehicles in 2024,
in line with 2023 production. For 2024, the company is guiding
towards capital expenditures of $1,750 million and an Adjusted
EBITDA* of $(2,700) million. Rivian will continue its company-wide
cost transformation program, which to date has resulted in
meaningful reductions in total unit costs for both the R1 and EDV
models through engineering design changes, commercial cost downs,
and manufacturing efficiencies. Today, Rivian also announced it is
reducing its salaried workforce by approximately 10%.
Rivian continues to drive demand by developing future platforms
and technologies while enhancing the customer experience. In 2024,
Rivian will open new spaces and increase demo drives – bringing the
Rivian experience to more cities and customers than ever before.
Furthermore, on March 7th Rivian will reveal its midsize platform,
the R2, for the first time.
RJ Scaringe, Founder and CEO, Rivian said:
“We made great progress in 2023 despite economic headwinds, and
we’re excited about the year ahead. We firmly believe in the full
electrification of the automotive industry, but recognize in the
short-term, the challenging macro-economic conditions. We are
aggressively focused on driving cost efficiency throughout the
business, achieving positive margins and building our go-to-market
function to support our long-term growth. We are excited about the
reveal of our next generation vehicle, R2, on March 7.”
Financial Highlights:
Revenue:
Total revenue for the fourth quarter of 2023 was $1,315 million,
driven by the delivery of 13,972 vehicles. For the year end
December 31, 2023, total revenue was $4,434 million, supported by
50,122 total vehicle deliveries. Total revenue from the sale of
regulatory credits was $39 million for the quarter and $73 million
for the fiscal year 2023.
Gross Profit:
Gross profit was $(606) million for the fourth quarter of 2023,
an improvement from $(1,000) million for the same quarter in 2022.
For fiscal year 2023, Rivian generated negative gross profit of
$(2,030) million, as compared to $(3,123) million in 2022.
Operating Expenses and Operating Loss:
Total operating expenses in the fourth quarter of 2023 grew to
$975 million, as compared to $795 million in the same period last
year.
Overall, operating expenses in 2023 remained relatively flat
year-over-year: $3,709 million in 2023 as compared to $3,733
million for 2022.
Loss from operations in the fourth quarter of 2023 totaled
$(1,581) million, as compared to $(1,795) million in the same
period last year. For fiscal year 2023, loss from operations was
$(5,739) million as compared to $(6,856) million in 2022.
Net Loss:
Net loss for the fourth quarter of 2023 was $(1,521) million as
compared to $(1,723) million for the same period last year. For
fiscal year 2023, net loss was $(5,432) million as compared to
$(6,752) million in 2022.
Adjusted EBITDA*
Adjusted EBITDA* for the fourth quarter of 2023 was $(1,096)
million as compared to $(1,461) million for the same period last
year. The decreased Adjusted EBITDA* loss for the fourth quarter of
2023 as compared to the fourth quarter of 2022 was driven by lower
gross profit losses. For fiscal year 2023, Adjusted EBITDA* was
$(3,981) million as compared to $(5,217) million in 2022.
Capital Expenditures:
Capital expenditures for the fourth quarter of 2023 were $(298)
million, as compared to $(294) million for the same period last
year. For fiscal year 2023, our capital expenditures were $(1,026)
million as compared to $(1,369) million in 2022.
Liquidity:
Rivian ended the fourth quarter of 2023 with $9,368 million in
cash, cash equivalents, and short-term investments. Including the
capacity under its asset-based revolving-credit facility, the
company ended the fourth quarter of 2023 with $10,468 million of
total liquidity.
For further information please see Rivian’s latest shareholder
letter at www.rivian.com/investors
The company will host an audio webcast to discuss our results
and provide a business update at 2:00pm PT / 5:00pm ET on
Wednesday, February 21, 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).
Reconciliation of Non-GAAP
Financial Measures
(in millions)
Adjusted EBITDA
Three Months Ended December
31,
Twelve Months Ended December
31,
2022
2023
2022
2023
Net loss
$
(1,723
)
$
(1,521
)
$
(6,752
)
$
(5,432
)
Interest income, net
(66
)
(58
)
(90
)
(302
)
Provision for income taxes
—
—
4
1
Depreciation and amortization
199
270
652
937
Stock-based compensation expense
135
215
987
821
Other income, net
(6
)
(2
)
(18
)
(6
)
Adjusted EBITDA (non-GAAP)
$
(1,461
)
$
(1,096
)
$
(5,217
)
$
(3,981
)
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 planned shutdown of
production lines in the second quarter of 2024, our production ramp
and manufacturing capacity expansion and anticipated production
levels, our expected future production and deliveries, our
anticipated production and timing of R2 platform at our greenfield
facility in Georgia, scaling our service infrastructure, our
expected future products and technology and product enhancements
(including R2), potential expansion of commercial van sales,
including pilot programs for our commercial vans, and revenue
opportunities. 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 revenue;
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
harm our 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 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, and other (expense) income, net.
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.
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Investors: ir@rivian.com Media: Harry Porter:
media@rivian.com
Rivian Automotive (NASDAQ:RIVN)
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Rivian Automotive (NASDAQ:RIVN)
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