Rivian reports Q2 revenue beat as R2 deliveries begin

.com -- Rivian Automotive reported second quarter revenue of $1.66 billion on Wednesday, beating analyst estimates of $1.5 billion and marking a 27% increase from the same period last year.

The electric vehicle maker posted earnings per share of -$0.47, better than the expected -$0.67. The company achieved gross profit of $179 million, compared to a loss in the prior year period.

Rivian began external deliveries of its R2 SUV on June 9, contributing to higher delivery volumes during the quarter. The company delivered 12,194 vehicles and produced 12,613 vehicles at its Normal, Illinois facility.

Automotive segment revenue reached $1.143 billion, up 23% year-over-year, driven by increased vehicle deliveries and $103 million in regulatory credit revenue. Software and services revenue rose 37% to $515 million, with $308 million coming from the company's joint venture with Volkswagen Group.

The company's automotive gross loss narrowed to $36 million from $335 million in the second quarter of 2025. Rivian recognized approximately $100 million in additional costs related to R2 production ramp-up during the quarter.

"I believe R2 will be a game changer for our customers and a driver of Rivian's long-term growth and profitability," said RJ Scaringe, Rivian founder and CEO. "The U.S. automotive marketplace is starved for high-quality EV choice, and I believe R2 is an attractively priced option for everyday adventures that will resonate with a broad set of consumers."

The company ended the quarter with $5.3 billion in cash, cash equivalents, and short-term investments. In July, Rivian raised approximately $1.3 billion through a follow-on equity offering of 86.25 million Class A shares.

Rivian expects to receive $1 billion in non-recourse debt financing from Volkswagen Group and an additional $250 million equity investment from Uber later this year, subject to certain conditions.

For 2026, the company projects vehicle deliveries between 65,000 and 70,000 units, adjusted EBITDA of -$2.00 billion to -$1.80 billion, and capital expenditures of $1.70 billion to $1.80 billion.

The company reported a net loss attributable to common stockholders of $837 million for the quarter, compared to $1.115 billion in the same period last year. Adjusted EBITDA was -$379 million, improving from -$667 million year-over-year.

Amazon now operates over 40,000 Rivian Electric Delivery Vans in its fleet across North America. The Rivian Commercial Van platform surpassed one billion miles driven in the second quarter.

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