Rivian Automotive, Inc.

Third-quarter consolidated revenue was $2.155 billion, up 38% from the same quarter last year. Consolidated gross profit was $176 million, with a gross margin of 8%, and adjusted EBITDA loss was $435 million. Automotive revenue was $1.55 billion, up 36% year over year, and Software and Services revenue was $605 million, up 45% year over year. Rivian produced 19,751 vehicles and delivered 19,248 vehicles in the quarter. For full-year 2026, delivery guidance was raised to 67,000-70,000 units, adjusted EBITDA loss guidance improved to $1.75 billion-$1.85 billion, and capital expenditure guidance was lowered to $1.4 billion-$1.5 billion. Management said R2 should represent the majority of total delivery volume in Q4 and expects to exit the year with positive Automotive gross profit.

RJ Scaringe emphasized that Rivian’s R2 launch is gaining strong traction, citing record demo drives, better-than-expected reservation conversion, and R2 becoming the company’s top-selling vehicle by volume in Q3. He framed autonomy as a major long-term differentiator, highlighting the upcoming Point to Point feature, the Autonomy Early Access Program, and the company’s AI Day. His tone was upbeat and confident, with repeated focus on R2, autonomy, and the idea that Rivian is building toward an electric, autonomous, AI-defined future.

Claire McDonough said Q3 revenue was $2.155 billion, gross profit was $176 million, and gross margin was 8%, with adjusted EBITDA loss of $435 million. She highlighted automotive gross profit loss of $80 million, compared with a $130 million loss a year ago, and noted that gross profit included $166 million of depreciation and amortization and $28 million of stock-based compensation expense. She also said the company recognized about $120 million of incremental cost of revenue from the R2 ramp and flagged macro, geopolitical, commodity and memory-cost pressure. On liquidity, Derek Mulvey said Rivian ended Q3 with about $5.5 billion in cash, cash equivalents and short-term investments, and that expected capital could bring total available liquidity and targeted future capital to about $13 billion; he also noted the $1 billion Volkswagen term loan at 6%, the $250 million expected from Uber, and the lowered 2026 CapEx range of $1.4 billion-$1.5 billion.

Analysts focused on how much of the R2 ramp is being driven by demand conversion versus manufacturing and supply-chain readiness. Management said both matter, but stressed that supplier ramp coordination is critical and that the launch mix is also helping fixed-cost absorption, with Derek noting the company saw about a $12,000 per-unit step-down in cost of goods sold per unit delivered in Q2 and that Automotive gross profit excluding regulatory credits was positive on a cash basis. Questions also centered on Autonomy+, pricing, and Point to Point; RJ said the feature should be a big demand driver and could become a major purchase criterion, but Rivian did not disclose attach rates or a fixed pricing strategy. On EDV and the Volkswagen joint venture, management said Amazon demand has stepped up significantly and that the VW program’s first output, the ID.1, should serve as a technology showcase that could have applications beyond Rivian and VW.