Rivian (RIVN) Q3 2026 Results

Rivian Automobile beat Wall Street’s third-quarter profit expectations by ramping up production of its new R2 entry-level SUV, which the company promised investors would lead it to profitability.

Here’s how Rivian performed in the period ended September 30, compared to average estimates compiled by LSEG:

• Loss per share: 48 cents adjusted versus expected loss of 62 cents
• Income: $2.16 billion versus $1.99 billion expected

Shares of Rivian were up about 5% after hours Thursday, after hitting a new 52-week low of $11.38 earlier in the day. The stock closed at $11.45 per share, down 1.9%.

The electric vehicle maker also revised its 2026 forecast to mark expected improvements in its vehicle deliveries, adjusted pretax profit and capital spending.

The new forecast calls for an adjusted pretax loss of between $1.75 billion and $1.85 billion – a $100 million improvement at the midpoint from previous forecasts – vehicle deliveries of between 67,000 and 70,000 units, up from at least 65,000; and capital spending of between $1.4 billion and $1.5 billion, or $300 million less at the midpoint.

Rivian attributed the improvement in its adjusted pre-tax profit forecast to better-than-expected revenue related to its regulatory credit sales, an IEEPA tariff reimbursement to be received in the third quarter and expected increases in vehicle deliveries.

The R2 – the first shipments of which arrived to customers in June – has become Rivian’s best-selling model and is responsible for a “large portion of the quarter-over-quarter gain”, the company said.

Rivian delivered a record 19,248 units from July to September.

The electric vehicle manufacturer remains loss-making overall but continued to reduce its losses during the quarter. The company reported a net loss attributable to common shareholders of $913 million, compared to a loss of $1.17 billion in the third quarter of 2025.

Rivian’s gross profit, closely watched by investors, rose to $176 million in the third quarter, up from $24 million a year earlier. Its adjusted earnings before interest, taxes, depreciation and amortization represented a loss of $435 million, an improvement of $167 million from the same period last year.

The company reported that its software and services segment continues to grow, generating $605 million in revenue and gross profit of $256 million, a margin of 42%. That compares to its automotive business, which posted revenue of nearly $1.55 billion and a gross loss of $80 million.

Rivian CEO RJ Scaringe said the company will reach profitability this year on a per-unit production basis with the R2, a smaller, cheaper sibling to its current R1S luxury SUV. But he said the company needed to go beyond current R2 production plans of 160,000 units in order to reach profitability.

Scaringe said Thursday that R2 would continue to contribute to the company’s gross profit.

“This acceleration is critical for us to achieve a positive gross margin on R2 and it will ultimately contribute to a positive gross margin for the company,” he told CNBC’s Phil LeBeau in an interview.

Rivian reconfirmed Thursday that its cash, cash equivalents and short-term investments balance was $5.5 billion, up from $5.3 billion at the end of the second quarter.