Q3 beat and stock move
Rivian topped analysts' marks for the quarter ended Sept. 30. The company posted an adjusted per share loss of 48 cents and revenue of $2.16 billion, ahead of the LSEG averages of a 62 cent loss and $1.99 billion.
Shares rose about 5% after hours on Thursday. Earlier in the day, the stock notched a new 52 week low at $11.38 and finished the session at $11.45, down 1.9%.
Results under the hood
Rivian remained in the red but narrowed losses. The company reported a $913 million net loss for common shareholders, versus a $1.17 billion loss in the third quarter of 2025.
Gross profit reached $176 million, compared with $24 million a year earlier. Adjusted EBITDA totaled a $435 million loss, an improvement of $167 million from the same period last year; this measure excludes interest, taxes, depreciation, and amortization.
Revenue from automotive operations was nearly $1.55 billion, which produced a gross loss of $80 million. Software and services brought in $605 million and generated $256 million of gross profit, a 42% margin.
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R2 ramp and deliveries
The R2 is now the company's best selling model, and Rivian said it accounted for much of the quarter over quarter improvement. First deliveries began in June, and total company deliveries hit a record 19,248 units in the third quarter.
CEO RJ Scaringe said the R2 will keep bolstering the company's gross profit. He added that Rivian expects the R2 to reach per-unit profitability this year, but said overall profitability will require building more than 160,000 R2s under today's plan. "That ramp up is critical for us getting to positive gross margin on R2 and that ultimately will contribute to positive gross margin for the business," he told CNBC's Phil LeBeau.
2026 guidance and what changed
Rivian updated its 2026 outlook. The company now projects a pre tax adjusted loss of $1.75 billion to $1.85 billion - better by $100 million at the midpoint compared with prior guidance - deliveries of 67,000 to 70,000 vehicles, an increase from a floor of 65,000, and capital expenditures of $1.4 billion to $1.5 billion, $300 million lower at the midpoint.
The company linked the improved pre tax adjusted earnings view to stronger than expected revenue from selling regulatory credits, a receivable for an IEEPA tariff refund in the third quarter, and an anticipated increase in vehicle deliveries. Rivian also reaffirmed that cash, cash equivalents and short term investments totaled $5.5 billion, up from $5.3 billion at the end of the second quarter.
What this could mean for your portfolio
Rivian is growing revenue faster than expected, tightening 2026 spending plans, and leaning on the R2 to drive volume and mix. The bottom line: delivery momentum, a midpoint improvement in expected pre tax adjusted loss, and a higher cash balance are now on the table for anyone modeling Rivian's path to profitability.
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