On the Dash:
- Rivian Q3 earnings beat estimates, with revenue of $2.155 billion and record deliveries.
- R2 became Rivian’s best-selling vehicle, outselling both the R1 and the delivery van.
- Rivian raised 2026 delivery guidance to 67,000 to 70,000 vehicles.
Rivian posted record third-quarter deliveries and raised its 2026 outlook as the R2 SUV became its top seller. The EV maker delivered 19,248 vehicles, up 46% from a year ago, and reported $2.155 billion in revenue, up 38%, according to its third-quarter earnings release.
Analysts expected an adjusted loss of 62 cents per share and revenue of $1.99 billion, according to LSEG estimates. Rivian reported an adjusted loss of 48 cents per share and attributed the net loss to common stockholders of $913 million, down from $1.173 billion a year earlier.
R2 outsells R1 and the delivery van
R2 outsold both the R1 and the electric delivery van in the third quarter and drove much of the gain over the second quarter, Rivian said. The company started a second R2 production shift at its plant in Normal, Illinois.
The company raised its full-year delivery guidance to 67,000 to 70,000 vehicles, up from 65,000 to 70,000. It also improved its adjusted EBITDA guidance by $100 million at the midpoint, to a loss of $1.75 billion to $1.85 billion. Capital spending guidance fell by $300 million at the midpoint, to $1.4 billion to $1.5 billion.
Software and services lift gross profit
Rivian’s gross profit was $176 million, up from $24 million a year earlier. Software and services revenue rose 45% to $605 million, with gross profit of $256 million. The joint venture with Volkswagen Group supplied 59% of that revenue. Automotive revenue rose 36% to $1.55 billion, and the automotive gross loss narrowed to $80 million from $130 million.
CEO RJ Scaringe told CNBC that the R2 ramp is critical to reaching a positive gross margin on that model. The company ended the quarter with $5.502 billion in cash, cash equivalents and short-term investments.
Dealers should watch R2 demand and test drives
Rivian sells directly to consumer and commercial customers, and R2 volume is climbing fast. The company counted more than 103,000 demo drives in the third quarter, compared with more than 30,000 a year earlier.
For dealers, the numbers show a lower-priced model gaining volume and adding test drives. Dealers with EV and SUV inventory may see more shoppers who have driven an R2.
