Rivian Posts $2.16 Billion in Third Quarter Revenue as the R2 Becomes Its Best Seller

Rivian reported third quarter revenue of $2.155 billion, up 38 percent from a year earlier, as the R2 reached its first full quarter of deliveries and became the company's best selling vehicle. The results, released Thursday, beat Wall Street estimates on both the top and bottom lines, and the company raised its delivery forecast for the full year.

Revenue beat estimates by $160 million, and the non-GAAP loss of $0.48 a share was $0.17 better than estimates, according to Seeking Alpha. Rivian produced 19,751 vehicles in the quarter and delivered a record 19,248, with deliveries up 46 percent from a year earlier and 58 percent from the second quarter, Electrek reported.

The R2 takes the lead

In its first full quarter of deliveries, the R2 was already Rivian's best selling vehicle, ahead of both the R1 line and the Amazon delivery van. That shift carried the revenue mix with it. Automotive revenue was $1.550 billion, up 36 percent, and software and services revenue was $605 million, up 45 percent.

"We had great results with R2 becoming our best selling vehicle by volume in the third quarter," Rivian founder and chief executive RJ Scaringe said in the company's release. "Customer and media feedback on R2 has been exceptional."

Losses narrow, guidance rises

Gross profit was $176 million at an 8 percent margin. The adjusted EBITDA loss narrowed to $435 million from $602 million a year earlier, and the net loss was $913 million. Free cash flow was negative $1.124 billion, and cash and short term investments stood at $5.502 billion at the end of the quarter.

Rivian raised its 2026 delivery forecast to between 67,000 and 70,000 vehicles, from previous guidance of at least 65,000. It cut its capital expenditure forecast to between $1.4 billion and $1.5 billion, and narrowed its projected adjusted pre-tax loss by $100 million at the midpoint, to between $1.75 billion and $1.85 billion.

The guidance sets the test for the rest of the year. To reach even the low end of the new range, Rivian has to deliver between 67,000 and 70,000 vehicles in 2026, a plan it now pairs with lower capital spending of $1.4 billion to $1.5 billion and a narrower expected adjusted pre-tax loss of $1.75 billion to $1.85 billion. The company enters that stretch with $5.502 billion in cash and short term investments, against a quarterly free cash flow outflow of $1.124 billion and a net loss that is smaller than the one it reported a year earlier.

Investors had not waited for the numbers. Rivian shares closed Thursday down 1.9 percent at $11.45, after touching a new 52 week low of $11.38 during the session, before the results were released.