Rivian Automotive, Inc. stock research
FY2024 Q3
Rivian Automotive (RIVN) Gross Margin — Quarter Ended Sep 30, 2024
Revenue decreased from the prior quarter and from the same quarter last year, while gross profit improved in both comparisons. The gross margin weakened compared to both the previous quarter and the year-ago period.
Gross margin takeaway
Quarter ended Sep 30, 2024 · FY2024 Q3
Revenue decreased from the prior quarter and from the same quarter last year, while gross profit improved in both comparisons. The gross margin weakened compared to both the previous quarter and the year-ago period.
- Cost of revenue declined more slowly than revenue, resulting in the weaker gross margin. Gross profit improved but remained negative.
- Compared to the immediately preceding quarter, revenue was lower, cost of revenue was lower, gross profit was higher, and gross margin weakened. Compared to the same quarter one year earlier, revenue was lower, cost of revenue was lower, gross profit was higher, and gross margin weakened.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
-44.9%
Gross profit
-$392.0M
Revenue
$874.0M
Cost of revenue
$1.3B
Quarter-over-quarter change
-5.9 pts
Year-over-year change
-9.2 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Dec 31, 2023 | $1.3B | -$606.0M | $1.9B | -46.1% |
| Mar 31, 2024 | $1.2B | -$527.0M | $1.7B | -43.8% |
| Jun 30, 2024 | $1.2B | -$451.0M | $1.6B | -38.9% |
| Sep 30, 2024 | $874.0M | -$392.0M | $1.3B | -44.9% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2024
-5.9 pts
Year-over-year change
Sep 30, 2023
-9.2 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
Cost of revenue declined more slowly than revenue, resulting in the weaker gross margin. Gross profit improved but remained negative.
Compared to the immediately preceding quarter, revenue was lower, cost of revenue was lower, gross profit was higher, and gross margin weakened. Compared to the same quarter one year earlier, revenue was lower, cost of revenue was lower, gross profit was higher, and gross margin weakened.
Monitor the relationship between revenue and cost of revenue trends to see if cost of revenue declines at a pace closer to revenue.