Rivian Raises Delivery Outlook as R2 Debut Lifts Volume
Revenue rose 27% to $1.658 billion as deliveries and software sales increased.
Electric-vehicle maker Rivian Automotive, Inc. (RIVN) narrowed its second-quarter operating loss by $278 million from a year earlier as vehicle deliveries grew and software profit helped offset the cost of launching the R2. The operating loss was $836 million, while the net loss attributable to common stockholders narrowed to $837 million from $1.115 billion.
The quarter marked Rivian’s first deliveries of the lower-priced midsize R2 SUV, which reached customers beginning June 9. The launch lifted volume and broadened the vehicle mix while adding approximately $100 million to automotive cost of revenue.
Revenue increased 20% from the first quarter’s $1.381 billion, accelerating from the prior quarter’s sequential trajectory. Deliveries rose 14% from a year earlier and 18% sequentially to 12,194 vehicles, while production climbed 23% from the first quarter to 12,613.
Automotive revenue rose 23% from a year earlier and 26% sequentially to $1.143 billion, driven by higher deliveries and a $103 million increase in regulatory-credit revenue. A greater mix of commercial vans and R2 vehicles lowered average selling prices and partly offset those gains.
Software-and-services revenue increased 37% from a year earlier to $515 million. The Volkswagen joint venture contributed $308 million, or 60% of the segment’s revenue, and helped lift software-and-services gross profit to $215 million at a 42% margin.
Rivian posted gross profit of $179 million, compared with $119 million in the first quarter and a $206 million loss a year earlier. Gross margin widened to 11% from 9% sequentially, and adjusted EBITDA improved to a $379 million loss from a $472 million loss in the prior quarter.
The company now expects 2026 deliveries of 65,000 to 70,000 vehicles, raising both ends of its prior range by 3,000. It projects an adjusted EBITDA loss of $1.8 billion to $2.0 billion and capital spending of $1.7 billion to $1.8 billion, improving the respective midpoints by $50 million and $250 million.
Free cash outflow eased sequentially to $849 million as Rivian built R2 inventory, though it remained more than twice the year-earlier level. Cash, equivalents and short-term investments stood at $5.310 billion at quarter-end, and a subsequent stock offering raised about $1.3 billion, lifting pro-forma available liquidity to $7.163 billion as the R2 ramp continued.