Rivian Reports Higher Revenue and Improved Profitability for Q2 as It Begins R2 Deliveries
Rivian Automotive reported higher revenue of $1.66 billion in the second quarter, surpassing expectations by $140 million, driven by increased vehicle deliveries, regulatory credit income, and growth in software and services. The company narrowed its adjusted loss to $0.47 per share from a projected $0.65, while gross profit reached $179 million compared to a prior-year gross loss of $206 million. Rivian delivered 12,194 vehicles in Q2 and began external deliveries of its R2 model, which CEO RJ Scaringe highlighted as crucial for long-term growth. The company also raised delivery guidance by 3,000 units and improved adjusted EBITDA outlooks while reducing capital expenditure forecasts. Despite the earnings beat, Rivian's stock fell over 6% amid ongoing concerns about profitability in a competitive electric vehicle market.
Tickers: $RIVN
Topics: electric vehicles (EVs) profitability improvement Q2 earnings report revenue growth Rivian