Electric vehicle company Rivian Automotive (NASDAQ:RIVN) reported first-quarter financial results Thursday after market close.
Here are the highlights and a look at the company’s latest R2 vehicle update.
Rivian Q1 Financials
Rivian reported first-quarter revenue of $1.381 billion, up 11% year-over-year. The revenue total beat a Street consensus estimate of $1.363 billion, according to data from Benzinga Pro.
Automotive revenue was $908 million in the quarter, down 2% year-over-year. This was due to lower sales of automotive regulatory credits compared to the prior year and lower revenue per unit delivered.
Software and services revenue was $473 million in the quarter, up 49% year-over-year.
The company reported a loss of 33 cents per share, beating a Street consensus estimate of a loss of 71 cents per share.
Rivian previously reported first-quarter production of 10,236 vehicles and deliveries of 10,365 vehicles.
In March, Rivian announced a partnership with Uber Technologies (NYSE:UBER) that calls for Uber to buy 10,000 fully autonomous R2 robotaxis in the future, with the option to buy up to 40,000 more in 2030. As part of the deal, Uber will invest up to $1.25 billion in Rivian through 2031, based on certain milestones.
The company ended the quarter with $4.83 billion in cash, cash equivalents and short-term investments.
What’s Next For Rivian
Rivian started production of saleable R2 vehicles last week in Illinois. The company said it made first deliveries to employees and expects external customer deliveries in the “coming weeks.”
The company also made the decision to increase its initial production capacity of its Georgia plant by 50%. This will allow annual production of 300,000 units in the first phase. Vehicle production is expected to begin in late 2028 at the Georgia facility.
Rivian now expects to draw on a Department of Energy loan by early 2027 that is for up to $4.5 billion. The loan will help the company’s new vision for the Georgia facility.
As part of this new vision for the Georgia facility, Rivian worked with the Department of Energy to make strategic changes to the company’s DOE loan. The up to $4.5 billion loan ($4.006 billion principal and $494 million capitalized interest) is aligned with the updated facility design. Rivian now expects to draw on the loan by early 2027, subject to meeting certain conditions.
“With the launch of R2, we are excited to dramatically expand our market opportunity and have more people driving Rivians,” Rivian CEO RJ Scaringe said. “The support of the Department of Energy for the $4.5 billion loan to build our Georgia facility enables Rivian to grow American jobs and establish stronger U.S. technology and manufacturing leadership while further scaling our customer base.
The company keeps its full-year forecast of 62,000 to 67,000 vehicles delivered for 2026.
Rivian is forecasting adjusted EBITDA to be in a range of a loss of $2.1 billion to a loss of $1.8 billion for 2026.
Rivian Stock Price Action
Rivian stock is up 1.2% to $16.60 in after-hours trading on Thursday, versus a 52-week trading range of $11.57 to $22.69.
Photo: Tada Images / Shutterstock
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