TLDR
- Rivian delivered Q3 revenue of $1.56 billion, surpassing Wall Street’s $1.5 billion forecast with 78% growth year-over-year.
- The company achieved $24 million gross profit, beating estimates that predicted a $38.6 million loss for the quarter.
- Automotive segment lost $130 million but Volkswagen partnership and software division contributed $154 million to overall profitability.
- Full-year 2025 guidance unchanged with expected deliveries of 41,500 to 43,500 vehicles and EBITDA loss of $2 billion to $2.25 billion.
- R2 midsize crossover production timeline confirmed for first half of 2026 with body shop robots commissioned and validation builds starting soon.
Rivian Automotive surprised investors Tuesday with third quarter results that topped Wall Street forecasts. The electric vehicle maker generated $1.56 billion in revenue versus analyst expectations of $1.5 billion.
The adjusted loss per share came in at 65 cents. Estimates called for a 72 cent loss.
Stock prices rose more than 3% in extended trading after the announcement. Regular session trading ended with shares down 5.2% at $12.50.
The company posted a $24 million gross profit for the period. This beat FactSet predictions of a $38.6 million loss.
This marks Rivian’s second profitable quarter in 2025. The automotive division recorded a $130 million loss during Q3.
However, the Volkswagen collaboration and software operations generated $154 million. This more than covered the automotive shortfall.
Revenue surged 78% compared to $874 million in last year’s third quarter. Buyers rushed to complete purchases before federal EV tax incentives ended.
The company delivered 13,201 vehicles and manufactured 10,720 units during the quarter. CEO RJ Scaringe pointed to the tax credit deadline as a driver of accelerated sales.
Financial Position and Annual Targets
Rivian kept its 2025 guidance intact across all major categories. The delivery target remains between 41,500 and 43,500 vehicles.
This represents a tighter range than the previous 40,000 to 46,000 unit forecast. The initial 2025 projection stood at 46,000 to 51,000 vehicles.
Adjusted EBITDA loss expectations hold at $2 billion to $2.25 billion. Planned capital spending ranges from $1.8 billion to $1.9 billion.
The quarterly net loss expanded to $1.17 billion from $1.1 billion last year. Per share, the loss reached 96 cents versus $1.08 in the comparable period.
Rivian closed Q3 with $7.7 billion in total liquidity. This includes $7.1 billion in cash, cash equivalents, and short-term investments.
R2 Production Progress
The R2 midsize SUV manufacturing timeline stays on course for first-half 2026 launch. Equipment installation continues at the company’s sole Illinois production facility.
Body shop machinery is fully operational with robot commissioning complete. Manufacturing validation builds will kick off before year end.
Paint shop improvements raised annual capacity to 215,000 units. These upgrades position the plant for R2 volume production.
Scaringe addressed concerns about Chinese rare earth materials and semiconductor supplies. He told CNBC the supply chain design includes backup options that prevent R2 delays.
The company reduced its tariff burden on new vehicles recently. Costs dropped from thousands of dollars per unit to hundreds following Trump administration policy changes last month.
China announced potential exemptions for Nexperia chip exports over the weekend. The Dutch government took control of the Netherlands-based supplier during ongoing trade discussions with the United States.
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