RIVN Q1 2025 Earnings

Call Details

• Call Title: Rivian Automotive, Inc. Q1 2025 Earnings Call
• Date: May 6, 2025 at 9:00 PM UTC
• Management Team:
  • Derek Mulvey (Vice President, Finance)
  • RJ Scaringe (Chief Executive Officer)
  • Claire McDonough (Chief Financial Officer)
  • Javier Varela (Chief Operations Officer)

Call Summary

Financial Performance

• Rivian reported total gross profit of $206M for Q1 2025, representing the company's highest quarter to date.
• Automotive revenue for Q1 2025 was $922M driven primarily by production of 14,611 units and deliveries of 8,640 units.
• Software and services revenue was $318M for the quarter, and software/services gross profit contributed $114M of the total gross profit.
• Automotive gross profit contributed $92M of the quarterly gross profit and automotive gross profit excluding regulatory credits and depreciation was positive.
• Adjusted EBITDA loss for Q1 2025 was negative $329M, reflecting ongoing investments in R2 and growth of sales and service infrastructure.
• The company reported cash, cash equivalents, and short-term investments of $7.2B as of March 31, 2025.

Guidance

• Rivian revised full-year delivery guidance to a range of 40,000 to 46,000 vehicles for 2025.
• Full-year adjusted EBITDA guidance was maintained at negative $1.7B to negative $1.9B based on Q1 results and ongoing investments.
• Rivian continues to expect modest positive gross profit for the full year of 2025.
• Capital expenditures guidance was raised to $1.8B to $1.9B for 2025 due to tariff-related impacts and program investments.
• The company stated it will execute a planned shutdown of Normal plant lines for approximately one month in H2 2025 to integrate R2, and intends to run R2 on a single shift for the majority of 2026.
• Guidance reflects the company's current view of evolving trade regulations, tariffs, and demand impacts and is subject to external uncertainty.