Rivian’s shares rose 6.2% after earnings, as investors appeared to reward 38% year-over-year revenue growth and the R2 ramp, which made R2 the company’s best-selling vehicle by volume in the quarter. The picture is mixed: consolidated gross profit was positive, but adjusted EBITDA remained deeply negative.
- Revenue was $2.155 billion, up 38% year over year; consolidated gross profit was $176 million, an 8% margin.
- Adjusted EBITDA loss was $435 million, with management citing higher spending to scale sales, marketing and service and invest in autonomy.
- Rivian produced 19,751 vehicles and delivered 19,248; both figures were in line with management’s expectations. R2 accounted for the largest vehicle volume.
- Automotive revenue rose 36% to $1.55 billion, driven primarily by a 46% increase in deliveries and $81 million in regulatory credits; lower average selling prices from a higher R2 and commercial van mix were a partial offset.
- The company has started a second R2 production shift and expects its manufacturing run rate to increase over coming quarters; a general release of the Point to Point autonomy feature is planned for 2027.
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