Rivian (RIVN) Q2 2024 Earnings Results
Rivian (NASDAQ:RIVN) recently released its Q2 2024 Shareholder Letter. The document outlined several important updates from the electric truck maker.
As could be seen in the Rivian Q2 2024 Shareholder Letter, the company's joint venture with the Volkswagen Group features a total deal size of up to $5 billion. During the second quarter, Rivian also saw a 41% quarter-over-quarter improvement in cash used in the company's operating activities. Rivian also saw a 20% expected material cost reduction from the first generation R1 vehicles to the second generation R1T and R1S.
Rivian's total revenues for the second quarter of 2024 reached $1.158 billion, which was primarily driven by the delivery of 13,790 vehicles. Total revenues from the sale of regulatory credits were $17 million for the quarter as well. More importantly, Rivian generated negative gross profit of $451 million for Q2 2024. For context, Rivian's negative gross profit was listed at $412 million in Q2 2023.
Rivian's total operating expenses in Q2 2024 grew to $924 million, which is quite larger than the $873 million that the electric truck maker spent in the same period last year. Adjusted R&D for the second quarter of 2024 was listed at $312 million, which is a bit lower compared to the $336 million that Rivian spent in the same period last year. Rivian's net loss for the second quarter of 2024 was $1.457 billion, higher than the $1.195 billion loss that the company posted in Q2 2023.
While Rivian is still not profitable, the company is making some serious headway towards making its business sustainable. The joint venture with Volkswagen provides the company with a notable amount of backing, and operations are being optimized at a steady pace. Rivian's brand is also getting stronger, as hinted at by the fact that 267,000 visitors visited Rivian Spaces in the second quarter of 2024, and more than 24,000 demo drives were completed during the quarter.
Rivian's full Q2 2024 Shareholder Letter can be viewed below.
Rivian 2Q24 Shareholder Letter by Simon Alvarez on Scribd
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