Rivian Automotive (RIVN) Q1 2026 earnings summary

Executive summary

• Achieved 11% year-over-year consolidated revenue growth to $1.38 billion, with 10,365 vehicles delivered in Q1 2026 and the start of saleable R2 production, including initial employee deliveries and imminent customer deliveries.

• 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 investments, plus a $1 billion loan facility.

• Increased Georgia plant's initial production capacity by 50% to 300,000 vehicles annually, supported by a $4.5 billion DOE loan.

• Expanded offerings with the new R2 midsize SUV and announced the R3 crossover, targeting global growth and cost efficiency.

• Commercial van deliveries to Amazon remain significant, with exclusivity restrictions eased, allowing sales to other customers.

Financial highlights

• Q1 2026 consolidated revenue was $1.38 billion, up 11% year-over-year, with automotive revenue at $908 million and software/services revenue at $473 million (up 49% YoY).

• Gross profit was $119 million with a 9% gross margin; net loss attributable to common stockholders was $416 million, improved from $541 million YoY, aided by a $506 million gain from Mind Robotics deconsolidation.

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

• 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; total liquidity was $5.39 billion including credit facility capacity.

Outlook and guidance

• 2026 full-year guidance: 62,000–67,000 vehicles delivered, adjusted EBITDA loss between $2.10 billion and $1.80 billion, and capital expenditures of $1.95–$2.05 billion.

• Q2 deliveries expected at 9,000–11,000 vehicles, with R2 ramping in the back half of the year.

• Automotive gross profit expected to be negatively impacted in Q2 and Q3 due to R2 launch complexity, but positive trajectory anticipated by year-end.

• 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.