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Rivian (RIVN) Q1 2024 earnings results reports in-line revenue on larger than expected loss

Rivian's revenue gain is in line with Wall Street expectations and represents a year-over-year increase.

Ozzie Mejia

May 7, 2024 2:15 PM

Rivian

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Rivian Automotive (RIVN) has reported in with its Q1 2024 earnings results. The EV manufacturer's revenue is in line, albeit on a larger-than-expected loss. The company reported an EPS loss of $1.48/share, which is a $0.31 greater loss than Wall Street projected. Its $1.2 billion revenue gain matches Wall Street projections.

"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 CEO and Founder RJ Scaringe said in the Rivian Q1 2024 earnings report. "We hit several milestones this quarter, including producing our 100,000th vehicle in Normal, successfully navigating the retooling upgrade, and unveiling our new midsize platform which underpins the R2, R3, and R3X. It is great to see the incredible support for our brand and upcoming products."

Yahoo! Finance reports that Rivan's $1.2 billion revenue figure is up 80 percent year-over-year. Rivian is reporting a decreased gross profit loss based on increased vehicle production and deliveries, which the company hopes to increase with a $827 million incentive package offered to Illinois for a manufacturing plant expansion, improved infrastructure, and new training programs for Rivian workers.

Rivian finished the May 7, 2024 trading day down $0.77 per share. That number has held steady in after-hours trading.

We'll continue to follow the latest news from EV manufacturers from across the field. Be sure to follow the electric vehicles topic page for the latest updates.

Ozzie Mejia

Senior Editor

Ozzie has been playing video games since picking up his first NES controller at age 5. He has been into games ever since, only briefly stepping away during his college years. But he was pulled back in after spending years in QA circles for both THQ and Activision, mostly spending time helping to push forward the Guitar Hero series at its peak. Ozzie has become a big fan of platformers, puzzle games, shooters, and RPGs, just to name a few genres, but he’s also a huge sucker for anything with a good, compelling narrative behind it. Because what are video games if you can't enjoy a good story with a fresh Cherry Coke?