Rivian Posts $1.66 Billion Q2 Revenue, Raises 2026 Deliveries to 65,000-70,000 as Losses Persist
Updated
Updated · Trefis · Aug 3
Rivian Posts $1.66 Billion Q2 Revenue, Raises 2026 Deliveries to 65,000-70,000 as Losses Persist
1 articles · Updated · Trefis · Aug 3
Summary
$1.66 billion in Q2 revenue rose 27% from a year earlier as Rivian delivered 12,194 vehicles, beating its 9,000-11,000 forecast and prompting a 3,000-unit increase to full-year guidance.
Gross margin reached 11% and automotive gross loss narrowed to $36 million from $335 million, helped by higher volumes, regulatory-credit revenue and a tariff refund receivable.
Costs still cloud the outlook: Rivian said R2 launch ramp expenses, higher raw-material and logistics costs, and the loss of first-half regulatory credits should pressure third-quarter automotive gross profit before a hoped-for fourth-quarter benefit.
A $1.8 billion-$2.0 billion adjusted EBITDA loss remains the 2026 target, while trailing operating margin sits at negative 60% and free cash flow stays negative.
Liquidity totaled about $5.3 billion at quarter-end, and Rivian added roughly $1.3 billion in July by selling 86.25 million shares, underscoring investor concerns that its valuation still assumes future profitability.