Rivian Automotive (RIVN) Q1 2026 earnings summary

Executive summary

• Achieved 11% year-over-year consolidated revenue growth to $1.38 billion, with the start of saleable R2 production and initial employee deliveries, positioning R2 as a key driver for long-term growth and profitability.

• Produced 10,236 vehicles and delivered 10,365 vehicles in Q1 2026, with R2 deliveries beginning in late April and customer deliveries imminent.

• Announced major partnerships with Uber (robotaxi) and Volkswagen Group (software-defined vehicles), unlocking $1 billion in equity funding and up to $2.25 billion in total equity investments.

• Strategic decision to increase Georgia plant's first phase capacity by 50% to 300,000 units annually, supported by a $4.5 billion DOE loan.

• R2 platform designed for structural cost reductions, with bill of materials about half that of R1 and over 50% reduction in non-BOM COGS.

Financial highlights

• Q1 2026 total revenue was $1.38 billion, up 11% year-over-year, with automotive revenue at $908 million and software/services revenue at $473 million, which grew 49% year-over-year.

• Consolidated gross profit was $119 million, with a 9% gross margin.

• Adjusted EBITDA loss for Q1 was $472 million, reflecting investments in R2 scaling and autonomy.

• Net loss attributable to common stockholders was $416 million, or $(0.33) per share, improved from $541 million a year ago.

• Free cash flow was negative $1.08 billion for the quarter.

• Ended Q1 2026 with $4.83 billion in cash, cash equivalents, and short-term investments.

Outlook and guidance

• 2026 full-year delivery guidance unchanged at 62,000–67,000 vehicles across R1, R2, and commercial vans.

• Adjusted EBITDA guidance for 2026 is $(2.10) billion to $(1.80) billion; capital expenditures expected at $1.95–$2.05 billion.

• Q2 deliveries expected at 9,000–11,000 vehicles, with R2 ramp weighted to the back half of the year.

• Georgia plant production to begin in late 2028; first DOE loan advance expected in early 2027.

• Uber partnership targets up to 50,000 robotaxis by 2030, with $1.25 billion investment contingent on milestones.