Rivian Financial Report: Revenue in Q1 and Q4 of 2021 Fiscal Year was US$54 million, and net loss widened year-on-year

Electric vehicle startup Rivian released its first quarter and full-year financial report for fiscal year 2021. The report showed that Rivian's total revenue in the fourth quarter was US$54 million; its net loss was US$2.461 billion, compared with a net loss of US$353 million in the same period last year, which was a year-on-year increase.

Rivian's fourth-quarter revenue failed to meet Wall Street analysts' previous expectations, and its loss per share performance was also worse than analysts' expectations, causing its stock price to fall sharply by more than 13% after the market.

Fourth quarter results summary:

In the quarter ended December 31, 2021, Rivian's total revenue was $54 million, driven by the company's delivery of 909 vehicles, but this performance failed to meet analyst expectations. According to data provided by Yahoo Finance Channel, 10 analysts had previously expected Rivian's fourth-quarter revenue to reach $60.03 million on average.

Rivian's net loss in the fourth quarter was $2.461 billion, compared with a net loss of $353 million in the same period last year, which was wider than the same period last year, mainly due to the expansion of operating losses. Excluding certain one-time items (not in accordance with US generally accepted accounting principles), Rivian's adjusted net loss attributable to common shareholders in the fourth quarter was $1.242 billion, compared with $355 million in the same period last year.

Rivian's basic loss per share and diluted loss per share attributable to common shareholders in the fourth quarter were both $4.83, compared with $3.50 per share attributable to common shareholders in the same period last year. Excluding certain one-time items (not in accordance with US generally accepted accounting principles), Rivian's basic loss per share and diluted loss per share attributable to common shareholders in the fourth quarter were both $2.43, compared with $3.51 per share attributable to common shareholders in the same period last year, which was lower than analysts' expectations. According to data provided by Yahoo Finance, 13 analysts had previously expected Rivian's adjusted loss per share in the fourth quarter to reach $1.97 on average.

Rivian's gross loss in the fourth quarter was $383 million. Rivian's total operating expenses in the fourth quarter were $2.071 billion, compared with $353 million in the same period last year. Among them, R&D expenses were $726 million, compared with $255 million in the same period last year; sales, general and administrative expenses were $682 million, compared with $98 million in the same period last year; other expenses were $663 million, compared with zero in the same period last year.

Rivian's operating loss in the fourth quarter was $2.454 billion, compared with $353 million in the same period last year.

Rivian's fourth-quarter adjusted EBITDA (net profit before interest, taxes, depreciation and amortization) was -$1.108 billion, compared with -$341 million in the same period last year.

Rivian reported net cash used in operating activities of $1.086 billion in the fourth quarter, compared with $268 million in the same period last year, as the company continued to increase its R&D capabilities, expand its operations, and begin production and sales of the first products from its Normal plant.

Rivian's fourth-quarter capital expenditures were $455 million, an increase from the same period last year primarily due to the company's continued strategic infrastructure investments.

Rivian's free cash flow in the fourth quarter was -$1.541 billion, compared with -$574 million in the same period last year. Rivian defines free cash flow as net cash used in business operating activities less capital expenditures.

As of December 31, 2021, Rivian had cash and cash equivalents and restricted cash balance of $18.423 billion.

Full-year results summary:

For the entire fiscal year 2021, Rivian's revenue was $55 million, which failed to meet analysts' expectations. According to data provided by Yahoo Finance, 14 analysts had previously expected Rivian's full-year revenue to reach $60.74 million on average.

Rivian's full-year net loss was $4.688 billion, compared with a net loss of $1.018 billion in the previous fiscal year, which was wider than the same period last year. Excluding certain one-time items (not in accordance with US generally accepted accounting principles), Rivian's full-year adjusted net loss attributable to common shareholders was $3.013 billion, compared with an adjusted net loss of $1.020 billion attributable to common shareholders in the previous fiscal year.

Rivian's full-year basic loss per share and diluted loss per share attributable to common shareholders were both $22.98, compared with $10.09 per share in the previous fiscal year. Excluding certain one-time items (not in accordance with US generally accepted accounting principles), Rivian's full-year basic loss per share and diluted loss per share attributable to common shareholders were both $14.78, compared with $10.10 per share in the same period last year, which was lower than analysts' expectations. According to data provided by Yahoo Finance, 14 analysts had previously expected Rivian's adjusted loss per share in the fourth quarter to reach $8.73 on average.

Rivian's full-year gross loss was $465 million. Rivian's total operating expenses for the year were $3.755 billion, compared with $1.021 billion in the previous fiscal year. Among them, R&D expenses were $1.850 billion, compared with $766 million in the previous fiscal year; sales, general and administrative expenses were $1.242 billion, compared with $255 million in the previous fiscal year; other expenses were $663 million, compared with zero in the previous fiscal year.

Rivian's full-year operating loss was $4.22 billion, compared with $1.021 billion in the previous fiscal year.

Rivian's full-year adjusted EBITDA (net profit before interest, taxes, depreciation and amortization) was -$2.79 billion, compared with -$992 million in the previous fiscal year.

Rivian's net cash used in operating activities for the full year was $2.622 billion, compared with $848 million in the previous fiscal year.

Rivian's full-year capital expenditure was $1.794 billion. Rivian's full-year free cash flow was -$4.416 billion, compared with -$1.762 billion in the previous fiscal year.

Stock price changes:

On the same day, Rivian's stock price fell by $2.79 in regular trading on the Nasdaq, closing at $41.16. In the subsequent after-hours trading that ended at 4:57 p.m. Eastern Time on Thursday (5:57 a.m. Beijing Time on Friday), Rivian's stock price fell again by $5.47 to $35.69, a drop of 13.29%. In the past 52 weeks, Rivian's highest price was $179.47 and its lowest price was $39.77.