Overview
- Revenue reached $1.56 billion versus about $1.5 billion expected, with 13,201 deliveries boosted by buyers pulling purchases forward before the $7,500 EV credit expired.
- Gross profit came in at $24 million as $154 million from the Volkswagen joint venture and software/services offset a $130 million automotive loss; GAAP net loss was roughly $1.17 billion and adjusted EPS was a loss of $0.65.
- Rivian kept its 2025 outlook, reiterating 41,500 to 43,500 deliveries, an adjusted EBITDA loss of $2.0 billion to $2.25 billion, and capital spending of $1.8 billion to $1.9 billion.
- The lower-cost R2 midsize SUV remains slated for first-half 2026 production, with body shop equipment installed and robot commissioning underway at the Normal, Illinois plant.
- Tariff costs per vehicle are expected to drop from about $2,000 to a few hundred dollars as policy changes take hold; recent layoffs and a $250 million legal settlement were confirmed, liquidity totaled about $7.7 billion, and shares surged in post-report trading.