Rivian has reached a significant milestone, reporting its first-ever quarterly gross profit of $170 million in Q4 2024. However, despite the positive financial news, the company has set cautious expectations for 2025, forecasting lower vehicle deliveries compared to the previous year.
According to Rivian’s shareholder letter released today, revenue for the fourth quarter came in at $1.73 billion, surpassing Wall Street expectations of $1.4 billion. The company also managed to narrow its adjusted EBITDA loss to $277 million, a significant improvement from the anticipated $399.8 million loss, thanks to successfully reducing its cost of goods sold per vehicle by $31,000 compared to Q4 2023.
For the full year, Rivian reported a total revenue of $4.97 billion, up from $4.43 billion in 2023. The company’s net loss for Q4 2024 was $743 million, or $0.70 per share, compared to a loss of $1.52 billion, or $1.58 per share, in the same period last year.
As previously reported, Rivian delivered 14,183 vehicles in the fourth quarter, bringing total deliveries for 2024 to 51,579 units. However, for 2025, the company projects no growth, and even possibly some retraction, saying they expect to deliver between 46,000 and 51,000 vehicles, blaming possible changes to federal EV incentives and tariff policies that could impact consumer demand.
Rivian CEO RJ Scaringe acknowledged these challenges but remained optimistic about the company’s long-term trajectory.
“We believe external factors could impact our 2025 expectations, including changes to government policies and regulations, and a challenging demand environment. While uncertainties persist, we remain focused on executing against our key value drivers and are confident in electrifying the world in the long term,” Scaringe said.
Rivian also provided an update on the R2, saying it is on track and still expected to launch in 2026.
In addition, Rivian confirmed it was able to secure a loan agreement with the U.S. Department of Energy (DOE) for up to $6.6 billion, which will support the construction of its upcoming manufacturing facility in Georgia. However, the company did not mention the uncertainty around the loan with the Trump administration freezing federal funding.
You can read Rivian’s full shareholder letter below.
