10-Q Filing

RIVIAN AUTOMOTIVE, INC. / DE CIK: 1874178 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001874178-23-000029`
Period End Date	20230331
Filing Date	20230509
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	rivn-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 38 Cash Flow Statement 54 Stockholders Equity 20 Comprehensive Income 6

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents (Note 2)	`CashAndCashEquivalentsAtCarryingValue`	$11.57B	USD	Point-in-time
Cash and cash equivalents (Note 2)	`CashAndCashEquivalentsAtCarryingValue`	$11.24B	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$157.00M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$102.00M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventory (Note 3)	`InventoryNet`	$1.82B	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventory (Note 3)	`InventoryNet`	$1.35B	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$112.00M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$126.00M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	3.51B	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	3.51B	shares	Point-in-time
Total current assets	`AssetsCurrent`	$13.35B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$13.13B	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	926.00M	shares	Point-in-time
Property, plant, and equipment, net (Note 4)	`PropertyPlantAndEquipmentNet`	$3.83B	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	939.00M	shares	Point-in-time
Property, plant, and equipment, net (Note 4)	`PropertyPlantAndEquipmentNet`	$3.76B	USD	Point-in-time
Operating lease assets, net	`OperatingLeaseRightOfUseAsset`	$325.00M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	926.00M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	939.00M	shares	Point-in-time
Operating lease assets, net	`OperatingLeaseRightOfUseAsset`	$330.00M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$690.00M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$658.00M	USD	Point-in-time
Total assets	`Assets`	$18.19B	USD	Point-in-time
Total assets	`Assets`	$17.88B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$984.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.00B	USD	Point-in-time
Accrued liabilities (Note 6)	`AccruedLiabilitiesCurrent`	$1.15B	USD	Point-in-time
Accrued liabilities (Note 6)	`AccruedLiabilitiesCurrent`	$996.00M	USD	Point-in-time
Current portion of lease liabilities and other current liabilities	`OperatingLeaseLiabilityAndOtherLiabilitiesCurrent`	$270.00M	USD	Point-in-time
Current portion of lease liabilities and other current liabilities	`OperatingLeaseLiabilityAndOtherLiabilitiesCurrent`	$289.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.27B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.42B	USD	Point-in-time
Non-current portion of long-term debt (Note 5)	`LongTermDebtNoncurrent`	$2.72B	USD	Point-in-time
Non-current portion of long-term debt (Note 5)	`LongTermDebtNoncurrent`	$1.23B	USD	Point-in-time
Non-current lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$303.00M	USD	Point-in-time
Non-current lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$311.00M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$111.00M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$161.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.08B	USD	Point-in-time
Total liabilities	`Liabilities`	$5.45B	USD	Point-in-time
Commitments and contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.001 par value; 10 shares authorized and 0 shares issued and outstanding as of December 31, 2022 and March 31, 2023	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value; 10 shares authorized and 0 shares issued and outstanding as of December 31, 2022 and March 31, 2023	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value; 3,508 and 3,508 shares authorized and 926 and 939 shares issued and outstanding as of December 31, 2022 and March 31, 2023, respectively (Note 11)	`CommonStockValue`	$1.00M	USD	Point-in-time
Common stock, $0.001 par value; 3,508 and 3,508 shares authorized and 926 and 939 shares issued and outstanding as of December 31, 2022 and March 31, 2023, respectively (Note 11)	`CommonStockValue`	$1.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$27.22B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$26.93B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-13.13B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-14.47B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-2.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.00M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$12.74B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$18.26B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$19.51B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$13.80B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$18.19B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$17.88B	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Revenues (Note 2)	`RevenueFromContractWithCustomerExcludingAssessedTax`	$95.00M	USD	1 Quarter
Revenues (Note 2)	`RevenueFromContractWithCustomerExcludingAssessedTax`	$661.00M	USD	1 Quarter
Cost of revenues	`CostOfGoodsAndServicesSold`	$597.00M	USD	1 Quarter
Cost of revenues	`CostOfGoodsAndServicesSold`	$1.20B	USD	1 Quarter
Gross profit	`GrossProfit`	$-535.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$-502.00M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$496.00M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$547.00M	USD	1 Quarter
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$530.00M	USD	1 Quarter
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$402.00M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.08B	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$898.00M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.43B	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.58B	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$3.00M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$124.00M	USD	1 Quarter
Interest expense (Note 5)	`InterestExpense`	$38.00M	USD	1 Quarter
Interest expense (Note 5)	`InterestExpense`	$22.00M	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$5.00M	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-1.00M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.59B	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.35B	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$1.00M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.59B	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.35B	USD	1 Quarter
Net loss attributable to common stockholders, basic	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.35B	USD	1 Quarter
Net loss attributable to common stockholders, basic	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-1.59B	USD	1 Quarter
Net loss attributable to common stockholders, diluted	`NetIncomeLossAvailableToCommonStockholdersDiluted`	$-1.59B	USD	1 Quarter
Net loss attributable to common stockholders, diluted	`NetIncomeLossAvailableToCommonStockholdersDiluted`	$-1.35B	USD	1 Quarter
Net loss per share attributable to Class A and Class B common stockholders, basic (in dollars per share)	`EarningsPerShareBasic`	$-1.45	USD	1 Quarter
Net loss per share attributable to Class A and Class B common stockholders, basic (in dollars per share)	`EarningsPerShareBasic`	$-1.77	USD	1 Quarter
Net loss per share attributable to Class A and Class B common stockholders, diluted (in dollars per share)	`EarningsPerShareDiluted`	$-1.45	USD	1 Quarter
Net loss per share attributable to Class A and Class B common stockholders, diluted (in dollars per share)	`EarningsPerShareDiluted`	$-1.77	USD	1 Quarter
Weighted-average common shares outstanding, basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	930.00M	shares	1 Quarter
Weighted-average common shares outstanding, basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	901.00M	shares	1 Quarter
Weighted-average common shares outstanding, diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	930.00M	shares	1 Quarter
Weighted-average common shares outstanding, diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	901.00M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.59B	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.35B	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$188.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$118.00M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$183.00M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$317.00M	USD	1 Quarter
Inventory write-downs and losses on firm purchase commitments	`InventoryWriteDownAndFirmPurchaseCommitmentLoss`	$188.00M	USD	1 Quarter
Inventory write-downs and losses on firm purchase commitments	`InventoryWriteDownAndFirmPurchaseCommitmentLoss`	$229.00M	USD	1 Quarter
Other non-cash activities	`OtherNoncashIncomeExpense`	$-47.00M	USD	1 Quarter
Other non-cash activities	`OtherNoncashIncomeExpense`	$-2.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$55.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-4.00M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$367.00M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$781.00M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-11.00M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$11.00M	USD	1 Quarter
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$6.00M	USD	1 Quarter
Other non-current assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$18.00M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$201.00M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$22.00M	USD	1 Quarter
Other current liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$15.00M	USD	1 Quarter
Other current liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$40.00M	USD	1 Quarter
Other non-current liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$54.00M	USD	1 Quarter
Other non-current liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$6.00M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.52B	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.03B	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$418.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$283.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-418.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-283.00M	USD	1 Quarter
Proceeds from issuance of capital stock	`ProceedsFromIssuanceOfCommonStock`	$1.00M	USD	1 Quarter
Proceeds from issuance of capital stock	`ProceedsFromIssuanceOfCommonStock`	$3.00M	USD	1 Quarter
Proceeds from issuance of convertible notes	`ProceedsFromConvertibleDebt`	$1.49B	USD	1 Quarter
Proceeds from issuance of convertible notes	`ProceedsFromConvertibleDebt`	-	USD	1 Quarter
Other financing activities	`ProceedsFromPaymentsForOtherFinancingActivities`	$-1.00M	USD	1 Quarter
Other financing activities	`ProceedsFromPaymentsForOtherFinancingActivities`	$-3.00M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.49B	USD	1 Quarter
Net change in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.45B	USD	1 Quarter
Net change in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-319.00M	USD	1 Quarter
Cash, cash equivalents, and restricted cashBeginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$18.42B	USD	Point-in-time
Cash, cash equivalents, and restricted cashBeginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.78B	USD	Point-in-time
Cash, cash equivalents, and restricted cashBeginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$12.10B	USD	Point-in-time
Cash, cash equivalents, and restricted cashBeginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$16.97B	USD	Point-in-time
Cash, cash equivalents, and restricted cashEnd of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$18.42B	USD	Point-in-time
Cash, cash equivalents, and restricted cashEnd of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.78B	USD	Point-in-time
Cash, cash equivalents, and restricted cashEnd of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$12.10B	USD	Point-in-time
Cash, cash equivalents, and restricted cashEnd of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$16.97B	USD	Point-in-time
Capital expenditures included in liabilities	`CapitalExpendituresIncurredButNotYetPaid`	$333.00M	USD	1 Quarter
Capital expenditures included in liabilities	`CapitalExpendituresIncurredButNotYetPaid`	$406.00M	USD	1 Quarter
Capital stock issued to settle bonuses	`StockIssued1`	$137.00M	USD	1 Quarter
Capital stock issued to settle bonuses	`StockIssued1`	-	USD	1 Quarter
Right-of-use assets obtained in exchange for operating lease liabilities	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$54.00M	USD	1 Quarter
Right-of-use assets obtained in exchange for operating lease liabilities	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$11.00M	USD	1 Quarter

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Beginning balance (in shares)	`CommonStockSharesOutstanding`	926.00M	shares	Point-in-time
Beginning balance (in shares)	`CommonStockSharesOutstanding`	939.00M	shares	Point-in-time
Beginning balance	`StockholdersEquity`	$12.74B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$18.26B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$19.51B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$13.80B	USD	Point-in-time
Capital stock issuance	`StockIssuedDuringPeriodValueNewIssues`	$1.00M	USD	1 Quarter
Capital stock issuance	`StockIssuedDuringPeriodValueNewIssues`	$5.00M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$286.00M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$338.00M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	-	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$1.00M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.59B	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.35B	USD	1 Quarter
Ending balance (in shares)	`CommonStockSharesOutstanding`	926.00M	shares	Point-in-time
Ending balance (in shares)	`CommonStockSharesOutstanding`	939.00M	shares	Point-in-time
Ending balance	`StockholdersEquity`	$12.74B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$18.26B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$19.51B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$13.80B	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.59B	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.35B	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	-	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$1.00M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-1.59B	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-1.35B	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.