Rivian Automotive reported third-quarter results that surpassed Wall Street expectations, fueled by increased production of its R2 entry-level SUV model. The company delivered a record 19,248 units during the July through September period, with the R2 contributing significantly to quarter-over-quarter gains since first customer deliveries arrived in June.
The electric vehicle maker revised its 2026 full-year guidance upward across multiple metrics. Rivian now expects a pre-tax adjusted loss between $1.75 billion and $1.85 billion, representing a $100 million improvement at the midpoint compared to prior guidance. Vehicle delivery expectations increased to between 67,000 and 70,000 units, up from at least 65,000, while capital expenditure guidance was reduced to between $1.4 billion and $1.5 billion, a $300 million decrease at the midpoint. The company attributed earnings improvements to better-than-expected regulatory credit sales, an IEEPA tariff refund receivable and projected increases in vehicle deliveries.
Rivian narrowed its overall losses during the quarter, reporting a net loss of $913 million compared with $1.17 billion in the third quarter of 2025. Gross profit improved substantially to $176 million from $24 million year-over-year, while adjusted EBITDA losses were $435 million, representing a $167 million improvement. The company’s software and services segment emerged as a bright spot, generating $605 million in revenue with a 42% gross margin and $256 million in gross profit, contrasting with automotive operations that recorded $1.55 billion in revenue but posted an $80 million gross loss.
CEO RJ Scaringe reiterated expectations that the R2 will achieve positive gross margin by year-end, noting the need to scale production beyond current 160,000-unit plans to achieve overall company profitability. Rivian’s cash position strengthened to $5.5 billion from $5.3 billion at the end of the second quarter. Stock shares rose approximately 7% during afterhours trading Thursday after earlier hitting a new 52-week low of $11.38, closing the regular session at $11.45, down 1.9%.
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