How does RIVN's 2024 earnings performance compare to forecasts?

Rivian Automotive's (RIVN) 2024 earnings performance has been mixed compared to forecasts.

1. Revenue Alignment: Rivian's revenue for Q2 2024 was reported at $1.2 billion, slightly higher than the expected $1.1 billion for the quarter. This marks a 3.3% increase from Q2 2023.
2. Earnings Miss: However, the company reported a net loss of $1.46 billion for Q2 2024, resulting in a loss per share of $1.46, which is worse than the expected loss of $1.17 per share. This indicates a significant earnings miss, with the actual loss being approximately 25% higher than anticipated.
3. Annual Expectations: For the full year 2024, analysts had expected a revenue of $3.55 billion, with an expected net loss of $2.21 billion. Rivian's performance so far suggests that revenue expectations might be met or exceeded, but the net loss has been higher than anticipated.
4. Production and Delivery Challenges: Rivian has faced production disruptions and lower-than-expected vehicle deliveries in Q3 2024, with expected deliveries below Q2 levels. This, coupled with increased inventory additions in Q3, raises concerns about demand and production efficiency.

In summary, while Rivian has met or exceeded revenue expectations, the company's earnings performance has been negatively impacted by higher-than-expected losses. The challenges in production and delivery guidance for Q3 2024 suggest that maintaining profitability amid these issues will be crucial for Rivian's future financial performance.