Posted 2/22/2024, 6:24:47 AM
Rivian Posts Wider-Than-Expected Q4 Loss But Beats Revenue Estimates, Cuts 2024 Production Target Despite Ramp Up
- Rivian reported a larger-than-expected loss per share of $1.58 in Q4 2022, although the loss narrowed from the prior year
- Q4 revenue beat expectations at $1.32B, up 98% year-over-year; production and deliveries also increased over 75%
- Rivian provided weak Q1 guidance, expecting a 10-15% sequential decline in deliveries
- For 2024, Rivian expects adjusted EBITDA loss to remain high at $2.7B even with some cost-cutting
- Rivian's 2024 production target was cut to 57,000 vehicles from a prior view of over 60,000