Rivian Automotive reported third-quarter results that exceeded Wall Street expectations, driven by increased production of its R2 entry-level SUV and growing software revenue. The company delivered a record 19,248 units from July through September, with the R2 becoming its best-selling model and contributing significantly to quarterly gains since its initial customer deliveries in June.
The company revised its 2026 full-year guidance upward across multiple metrics. Rivian now projects a pre-tax adjusted loss between $1.75 billion and $1.85 billion, representing a $100 million improvement at the midpoint compared to prior expectations. Vehicle delivery guidance increased to between 67,000 and 70,000 units from a previous target of at least 65,000, while capital expenditures were reduced to between $1.4 billion and $1.5 billion, a $300 million decrease at the midpoint. The company attributed these improvements to better-than-expected regulatory credit sales, an IEEPA tariff refund receivable in the third quarter, and anticipated higher vehicle deliveries.
Rivian’s financial performance continued to show narrowing losses despite remaining unprofitable overall. The company reported a net loss attributable to common stockholders of $913 million, compared with $1.17 billion during the same period last year. Gross profit expanded significantly to $176 million from $24 million year-over-year, while adjusted EBITDA losses improved by $167 million to $435 million.
The company’s software and services segment emerged as a bright spot, generating $605 million in revenue with a gross profit of $256 million and a 42% margin, compared to automotive operations that recorded nearly $1.55 billion in revenue but posted a gross loss of $80 million. Rivian reiterated expectations for the R2 to achieve positive gross margin by year-end, with CEO RJ Scaringe emphasizing the importance of scaling production beyond current plans of 160,000 units to reach overall company profitability. The company’s cash, cash equivalents, and short-term investments balance stood at $5.5 billion as of the quarter’s end.
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