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Company Research15 Apr 2024
Companies That Had Their IPO in 2021: Bull Market and SPAC Mania
An overview of the defining features of the IPO landscape and general market sentiment in 2021.
Rivian Automotive
Rivian Automotive (RIVN) investor relations material
Rivian Automotive Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Achieved $144 million consolidated gross profit in 2025, a $1.3 billion improvement year-over-year, with Q4 gross profit of $120 million and a 9% margin.
R1S became the best-selling premium EV over $70,000 in several key states, while R2 is positioned for the mass market with a starting price around $45,000 and customer deliveries expected in Q2 2026.
Significant progress in autonomy, AI, and software, including the launch of Universal Hands-Free, Rivian Unified Intelligence, and the RAP1 chip.
The Volkswagen joint venture advanced, contributing strong revenue and undergoing winter testing.
Produced 42,284 vehicles and delivered 42,247 vehicles in 2025.
Financial highlights
Full-year consolidated revenues reached $5,387 million, up 8% year-over-year, with Q4 revenue at $1.3 billion.
Automotive revenues declined 15% to $3,830 million, while software and services revenue surged 222% to $1,557 million.
Full-year average sales price improved by nearly $5,500, and automotive COGS per unit improved by approximately $9,500 year-over-year.
Adjusted EBITDA loss for Q4 was -$465 million, a $137 million improvement from Q3 2025.
Ended 2025 with $6.1 billion in cash, cash equivalents, and short-term investments.
Outlook and guidance
2026 vehicle deliveries are expected between 62,000-67,000 units, with R2 customer deliveries beginning in Q2 2026.
Gross profit is expected to increase year-over-year, but new vehicle launch complexity will impact automotive gross profit in Q2 and Q3 before benefiting Q4.
Adjusted EBITDA loss for 2026 is guided between $2.1 billion and $1.8 billion, with capital expenditures of $1.95-$2.05 billion.
Additional $2 billion in capital expected from Volkswagen in 2026, plus $500 million in 2027.
Future impact of regulatory credit sales decline
R2 autonomy platform's market differentiation
Sustainability of VW JV software revenue growth
R2 gross margin outlook for 2026
Autonomy tech monetization strategy
VW JV's impact on future tech licensing
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Next Rivian Automotive earnings date
J.P. Morgan 2026 Global Leveraged Finance Conference3 Mar, 2026
Rivian Automotive
Next Rivian Automotive earnings date
J.P. Morgan 2026 Global Leveraged Finance Conference3 Mar, 2026
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Frequently asked questions
EVs Built for Adventure
Rivian is an American electric vehicle manufacturer and clean energy company founded in 2009. The company, headquartered in Plymouth, Michigan, is known for designing and producing all-electric vehicles including a pickup truck and an SUV. Beyond consumer vehicles, Rivian also develops electric delivery vans, showcasing a commitment to sustainable fleet solutions. The company is one of the younger American car manufacturers and places a large emphasis on making sustainable vehicles that are designed and marketed as a component of an active and adventurous lifestyle.
Foundation and Growth
Rivian, an electric vehicle manufacturer, was founded by RJ Scaringe in 2009. Initially operating far away from public eyes developing its first vehicles, the company entered the spotlight in 2018 with the unveiling of its R1T pickup and R1S SUV. Today, backed by investors such as Amazon and Ford and after going public in 2021, has transitioned into vehicle production and delivery.
Catering to Adventurous Consumers
Rivian markets itself to a segment of consumers who are not only environmentally conscious but also adventurous and outdoorsy. This includes individuals and families who want a vehicle with sustainable technology and zero emissions but do not wish to compromise on performance, capability, or comfort. Additionally, Rivian's vehicles are designed to meet the needs of those who use their vehicles as a part of an active lifestyle. The aesthetic and performance of their models, coupled with features like flexible cargo spaces and off-road capabilities, aim to attract consumers seeking a blend of adventure and environmentally friendly transportation in their choice of vehicle.
For Commercial Customers
Even if Rivian has garnered the bulk of their public attention from its offering of EVs for private individuals, they also cater to businesses. Rivian's fleet offerings revolve around their electric delivery vans, designed in collaboration with Amazon. The vans are equipped with advanced safety and autonomous features and can cover approximately 150 miles per charge, making them a viable option for local and last-mile delivery needs.
Additionally, their spacious interiors facilitate easy cargo loading and unloading. Beyond just the vehicles, Rivian offers a comprehensive fleet management solution. This includes predictive maintenance, optimized routing, real-time tracking, and more, helping businesses streamline their operations and maximize efficiency. The company has also developed a robust charging infrastructure that includes home, public, and fast-charging options, providing versatile solutions for businesses integrating electric vehicles into their fleets.
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