Rivian Automotive, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company experienced a decrease in cash and cash equivalents, which fell to $5,396 million from $7,857 million at the end of 2023. Total current assets also declined to $9,837 million from $12,313 million, while total assets decreased to $14,262 million from $16,778 million. Despite a reduction in total current liabilities to $1,933 million from $2,487 million, long-term debt increased to $5,468 million from $4,431 million. The accumulated deficit worsened to $(22,561) million from $(18,558) million, and total stockholders' equity decreased to $5,899 million from $9,141 million.

For the three months ended September 30, 2024, Rivian reported revenues of $874 million, a decrease of 35% from $1,337 million in the same period of 2023. The decline in revenue was attributed to a reduction in vehicle deliveries, which fell by 5,546 units due to production disruptions and a challenging consumer environment. The cost of revenues decreased to $1,266 million from $1,814 million, leading to a gross profit loss of $(392) million, an improvement from $(477) million in the prior year. The loss from operations also narrowed to $(1,169) million from $(1,440) million, while the net loss decreased to $(1,100) million from $(1,367) million.

For the nine months ended September 30, 2024, total revenues increased slightly to $3,236 million from $3,119 million in 2023. However, the net loss for this period rose to $(4,003) million from $(3,911) million. The company reported a decrease in net cash used in operating activities, which fell to $(2,899) million from $(3,759) million, attributed to higher inventory levels in the prior year.

Rivian's strategic developments included a production disruption in Q3 2024 due to a component shortage affecting the Enduro motor system, impacting vehicle production. The company also announced plans for a joint venture with Volkswagen Group, which is expected to enhance its technology platform and expand market applications. Additionally, Rivian launched a pre-owned vehicle program and unveiled a new midsize platform (MSP) for future vehicle lines.

The company continues to face challenges, including high capital requirements for expansion, reliance on Amazon for a significant portion of its revenue, and the need to improve order rates to meet delivery targets. Rivian's operational risks include potential delays in production and delivery, competition in the EV market, and the impact of macroeconomic factors on consumer demand.