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Investing.com -- Rivian reported Thursday a smaller-than-expected loss in the fourth quarter, driven by cost cuts, though the EV maker forecast a decline in deliveries for year ahead.
Rivian Automotive Inc (NASDAQ:RIVN) jumped more than 2% in afterhours trading following the report.
The EV maker reported a loss of $0.70 a share on revenue of $1.73 million, topping estimates for a loss of $0.77 on revenue of $1.35B.
"Rivian reported a gross profit of $170 million in the fourth quarter of 2024, primarily driven by improvements in variable costs, revenue per delivered unit, and fixed costs," the company said.
The company also said it closed its joint venture with Volkswagen (ETR:VOWG_p) Group and loan from the Department of Energy, which provides up to $10 billion of incremental capital.
The company delivered 14,183 vehicles in Q4, taking its deliveries for the full year to 51,579.
Looking ahead to 2025, the EV company is forecasting deliveries in a range of 46,000 to 51,000, and adjusted EBITDA loss between $1.7B-$1.9B.