EV maker beat second-quarter estimates, kept its 65,000 to 70,000 vehicle delivery target and showed a sharply narrower automotive gross loss as software and services revenue grew.
Rivian Automotive lowered its 2026 capital spending plan and modestly tightened its 2025 adjusted EBITDA loss outlook after reporting second-quarter results that topped Wall Street estimates on revenue and earnings. The company now expects adjusted EBITDA losses of $1.8 billion to $2.0 billion, compared with its earlier forecast of $1.8 billion to $2.1 billion, and capital expenditures of $1.7 billion to $1.8 billion, down from $1.95 billion to $2.05 billion. It maintained its previously raised full-year delivery target of 65,000 to 70,000 vehicles. Rivian reported an adjusted loss of 63 cents per share, better than the 74-cent loss analysts had expected, while second-quarter revenue came in above its pre-announced $1.55 billion to $1.65 billion range. Automotive revenue rose 23% year over year to $1.14 billion and software and services revenue climbed 37% to $515 million. Automotive gross loss narrowed to $36 million from $335 million a year earlier, while the company ended the quarter with $5.3 billion in cash, cash equivalents and short-term investments, with expected financing from Volkswagen and Uber Technologies set to add to that cushion later this year. Operationally, Rivian said stronger-than-expected second-quarter deliveries of its electric delivery van and flagship R1 products supported its earlier increase in full-year guidance. The company delivered 12,194 vehicles in the quarter, above its original 9,000 to 11,000 forecast, and produced 12,613. CEO RJ Scaringe said the R2 midsize SUV would be central to Rivian's long-term growth as the company tries to broaden its reach beyond the premium EV segment.