Highlights

  • Second quarter 2026 revenue rose 27% to $1.66 billion, and gross profit was $179 million versus a $206 million loss.
  • Rivian delivered 12,194 vehicles, up 14%, produced 12,613 vehicles and began R2 deliveries during the quarter.
  • Net loss attributable to common stockholders was $833 million, down from $1.12 billion, and management expects needing more financing.
  • A July 2026 offering of 86.25 million shares raised about $1.3 billion; June 30 liquidity was $5.85 billion.

Rivian Automotive (NASDAQ:RIVN) shares were trading near their 52-week low at USD 12.56 on October 21, 2026, up 1.09%. The electric vehicle maker began R2 deliveries in the second quarter, sold 86.25 million Class A shares in a July public offering and reported second quarter 2026 results in a Form 10-Q filed July 30.

Based in Irvine, California, Rivian was incorporated in Delaware on March 26, 2015 and describes itself as an American automotive technology company that develops and manufactures electric vehicles sold directly to consumer and commercial customers. It reports two segments. Automotive covers the R1T pickup, R1S SUV, the R2 midsize SUV and a commercial van developed with Amazon. Software and Services includes a joint venture with Volkswagen Group, Autonomy+, repair and maintenance, charging and subscriptions. Its fiscal year ends December 31.

R2 Ramp, Revenue Growth and a Narrower Loss

Revenue for the quarter ended June 30, 2026 was $1.66 billion, up from $1.30 billion. Automotive revenue grew 23% to $1.14 billion on a 14% rise in deliveries and $106 million of regulatory credit revenue, compared with $3 million a year earlier, partly offset by a lower average selling price. Software and services revenue climbed 37% to $515 million, driven mainly by electrical architecture and software development work for the joint venture, repair and maintenance, and Autonomy+, which began charging fees in April.

Gross profit was $179 million against a $206 million loss. Automotive gross loss narrowed to $36 million from $335 million, helped by volumes, regulatory credits and a tariff refund receivable, while the R2 ramp added about $100 million of cost versus more normalized production. Software and services gross profit rose to $215 million.

Research and development rose 14% to $466 million and selling, general and administrative expense rose 10% to $549 million. The loss from operations narrowed to $836 million from $1.11 billion, and the net loss was $837 million. For six months, the net loss was $1.25 billion versus $1.66 billion and included a $506 million gain on the deconsolidation of Mind Robotics.

Liquidity, Financing and Dilution

Total liquidity was $5.85 billion at June 30, compared with $6.59 billion at December 31, 2025, including $3.59 billion of cash and $1.72 billion of short-term investments. Rivian said it expects to need additional equity or debt financing in the near and long term.

Volkswagen Group paid $1.0 billion in April for about 63 million shares after testing milestones were met, and Uber paid $300 million in May for about 20 million shares. It may receive up to $1.5 billion more from Volkswagen Group and up to $950 million from Uber, subject to milestones. On July 7, it agreed to sell 75 million Class A shares at $15.50, and underwriters bought another 11.25 million, for net proceeds of about $1.3 billion earmarked for general corporate purposes, including equity contributions tied to its Department of Energy loan.

That loan covers up to $3.36 billion and $651 million tranches, plus capitalized interest, for the Stanton Springs North facility in Georgia, where construction has begun. A committed $1.0 billion joint venture term loan can be drawn between October 1 and October 30, 2026. Debt includes $1.5 billion of 2029 and $1.725 billion of 2030 convertible notes and $1.25 billion of 2031 secured notes. A securities class action tied to its IPO received final settlement approval on May 20, 2026, while several derivative suits continue.

Outlook: Cost Path and Plant Plans

The filing gives no numerical guidance. Management expects gross profit losses to keep improving per vehicle as R2 output rises over the next several quarters, while noting that its Normal factory is operating significantly below capacity, which raises cost per unit.

It also expects software and services gross profit to rise near term and to decline in 2028 when the joint venture's combined performance obligation is expected to be satisfied. Many regulatory credit programs are being modified or phased out, making future credit revenue uncertain.