Rivian Automotive Inc. announced on Thursday that its revenue in the fourth quarter of fiscal 2024 observed an annual increase of 31.9% to land at $1.73 billion, topping analysts' expectations. Net loss stood at $743 million, improving significantly from a net loss of $1.52 billion registered in the same trimester a year ago, while diluted loss per share came in at $0.70, recovering from a diluted net loss per share of $1.58 recorded in the closing quarter of 2023.
For the full fiscal 2024, the carmaker's revenue stood at $4.97 billion, up from $4.43 billion registered a year before, while its net loss landed at $4.75 billion, and diluted net loss per share was $4.69.
"This quarter we achieved positive gross profit and removed $31,000 in automotive cost of goods sold per vehicle delivered in Q4 2024 relative to Q4 2023. Our focus on cost efficiency across the business is critical for the launch of our mass market product, R2," CEO RJ Scaringe commented. Rivian's stock rose by 3.23% in after-hours trading following the release of the report.
