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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 (RIVN) investor relations material
Rivian Automotive Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Q3 2025 consolidated revenue grew 78% year-over-year to $1.56 billion, driven by higher vehicle deliveries and strong software and services growth, especially from the Volkswagen JV.
Net loss narrowed to $1.17 billion, with gross profit turning positive at $24 million, reflecting improved cost efficiencies and a $183 million litigation settlement.
Delivered 13,201 vehicles in Q3 2025, the highest quarterly deliveries for the year, with production at 10,720 units.
R2 midsize SUV program remains on track for first-half 2026 production, with major facility expansions completed and new Georgia plant groundbreaking.
Strong partnership and joint venture progress with Volkswagen Group, including technology sharing, equity investment, and upcoming product launches.
Financial highlights
Q3 2025 total revenue: $1.56 billion; consolidated gross profit: $24 million; gross margin improved to 2% from (45)% YoY.
Adjusted EBITDA loss for Q3 2025 was $602 million, an improvement from $757 million YoY.
Automotive segment Q3 revenue: $1.14 billion; gross loss narrowed to $130 million.
Software and services Q3 revenue: $416 million, gross profit $154 million, with half from the Volkswagen JV.
Ended Q3 2025 with $7.09 billion in cash, cash equivalents, and short-term investments.
Outlook and guidance
Full-year 2025 vehicle deliveries expected between 41,500 and 43,500 units.
Adjusted EBITDA loss guidance for 2025 is $2–2.25 billion; capital expenditures projected at $1.8–1.9 billion.
Expect full-year 2025 gross profit to be roughly break-even, with R2 production starting in H1 2026 and ramping into 2027.
Management expects continued improvement in gross margin and further revenue growth from software and services as the Volkswagen JV ramps up.
R2 manufacturing validation build progress
Software/services revenue growth sustainability?
Autonomy platform's strategic roadmap details?
R2 cost reduction target confidence
Autonomy's primary market application
Georgia plant funding timeline
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Next Rivian Automotive earnings date
Q4 202519 Feb, 2026
Next Rivian Automotive earnings date
Q4 202519 Feb, 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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