RIVN · Rivian Automotive, Inc.

Rivian reported Q1 2026 results showing revenue growth to $1.381 billion, up 11% year-over-year, primarily from a 20% increase in vehicle deliveries to 10,365 units and robust 49% expansion in software and services revenue to $473 million. However, consolidated gross profit declined to $119 million from $206 million due to a $100 million drop in automotive regulatory credit sales, lower automotive revenue per unit from a higher commercial van mix, and reduced production volumes leading to higher depreciation and stock-based compensation. Automotive gross profit swung to a $(62) million loss from a $92 million profit, while software and services gross profit rose sharply to $181 million. Operating expenses climbed to $1.0 billion, driven by R&D up 20% to $458 million on autonomy and R2 pre-production costs, and SG&A up 13% to $542 million from go-to-market expansion, resulting in an operating loss widening to $881 million. Net loss improved to $(416) million, aided by a $506 million other income gain from Series A capital raise and deconsolidation of Mind Robotics. Production was 10,236 vehicles. Balance sheet showed $4.83 billion in cash and equivalents, down from $6.08 billion at year-end 2025. Key business highlights include starting saleable R2 production in Normal, IL, with employee deliveries begun and customer deliveries imminent; Georgia plant capacity increased 50% to 300,000 units annually, with first DOE loan draw expected early 2027 on up to $4.5 billion; Uber robotaxi partnership for up to 50,000 R2s with up to $1.25B investment starting Q2 2026; and $1B Volkswagen equity investment received April 30 after winter testing milestone. 2026 guidance reaffirmed at 62,000-67,000 deliveries, Adjusted EBITDA $(2.10B)-$(1.80B), CapEx $1.95B-$2.05B. CEO RJ Scaringe emphasized R2 launch expanding market opportunity and DOE loan supporting Georgia growth for jobs and U.S. leadership.