Rivian Automotive Reports $4.97 Billion Revenue and $4.75 Billion Net Loss for Fiscal Year 2024

Rivian Automotive, Inc. reported a total revenue of $4.97 billion for the fiscal year ending December 31, 2024, marking a 12% increase from $4.43 billion in 2023. The company experienced a net loss of $4.75 billion, slightly improved from a loss of $5.43 billion in the previous year. The gross profit for the year was recorded at a negative $1.20 billion, an improvement from a negative $2.03 billion in 2023, indicating a reduction in losses associated with cost of revenues, which totaled $6.17 billion for 2024.

Significant changes in operating expenses were noted, with selling, general, and administrative (SG&A) expenses rising to $1.88 billion, up from $1.71 billion in 2023. This increase was primarily driven by an $81 million rise in payroll and related expenses, a $55 million increase in sales and marketing expenses, and a $46 million increase in utilities and facilities expenses. However, this was partially offset by a $58 million decrease in stock-based compensation expenses. The company also reported a depreciation and amortization expense of $213 million within SG&A.

Rivian has made strategic moves to bolster its operations, including the establishment of a joint venture with Volkswagen Group, Rivian and VW Group Technology, LLC, aimed at developing next-generation electrical architecture and software technology. The company also entered into significant agreements with the states of Georgia and Illinois, committing to create thousands of jobs and invest billions in manufacturing facilities. As of December 31, 2024, Rivian's total liquidity stood at $9.06 billion, down from $10.47 billion in 2023, primarily due to cash and cash equivalents decreasing from $7.86 billion to $5.29 billion.

Operationally, Rivian's customer base has expanded, with a notable increase in vehicle deliveries. The company reported a decrease in inventory levels, which fell from $2.62 billion in 2023 to $2.25 billion in 2024, reflecting improved inventory management. Rivian's employee headcount also increased, supporting its growth initiatives and production ramp-up. The company anticipates continued investments in production capacity and technology, with a focus on enhancing its service and retail network.

Looking ahead, Rivian expects to maintain significant capital investments to support its growth trajectory, particularly in production and infrastructure. The company acknowledges the potential for future operating losses and capital requirements to vary based on various factors, including revenue growth rates and market conditions. Rivian's management believes that its current liquidity position will be sufficient to meet operational needs for at least the next 12 months, although future financing may be necessary to support ongoing growth initiatives.