Rivian Non-GAAP EPS of -$0.99 misses by $0.09, revenue of $874M misses by $136M
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15 hours ago
- Rivian Press Release (NASDAQ:RIVN): Q3 Non-GAAP EPS of -$0.99 misses by $0.09.
- Revenue of $874M (-34.8% Y/Y) misses by $136M.
- 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.
- 2024 Outlook
- Reaffirming our production guidance of between 47,000 to 49,000 vehicles. Reaffirming our delivery outlook of between 50,500 to 52,000 vehicles and $1,200 million in capital expenditures. The lower production outlook for 2024 has a negative impact on our profitability for 2024 due to our limited ability to leverage the fixed costs of our production facility. Because of this, we are revising our annual adjusted EBITDA guidance to between a $(2.825) billion loss to a $(2.875) billion loss.