Rivian (RIVN) Stock: Q3 Revenue Reaches $1.56 Billion, Beating Wall Street Estimates

TLDR

• Rivian posted Q3 revenue of $1.56 billion, beating Wall Street estimates of $1.5 billion, with a 78% increase from last year as buyers pulled forward purchases ahead of tax credit expiration.
• The company reported a $24 million gross profit, its second quarterly gross profit this year, beating expectations of a $38.6 million loss.
• Rivian’s automotive operations lost $130 million but were offset by $154 million from its Volkswagen joint venture and software services.
• The company maintained its 2025 guidance including vehicle deliveries of 41,500 to 43,500 units and adjusted EBITDA loss of $2 billion to $2.25 billion.
• The R2 midsize SUV remains on track for production in the first half of 2026, with body shop equipment fully installed and robot commissioning underway.

Rivian Automotive reported third quarter results that beat Wall Street expectations on Tuesday. The electric vehicle maker posted revenue of $1.56 billion versus estimates of $1.5 billion.

The company’s adjusted loss per share came in at 65 cents. Analysts had expected a loss of 72 cents per share.

Rivian stock rose more than 3% in after-hours trading. The shares had closed down 5.2% at $12.50 during regular trading hours.

Rivian Automotive, Inc., RIVN

The company reported a gross profit of $24 million for the quarter. This beat FactSet consensus estimates that called for a $38.6 million loss.

This marks Rivian’s second quarterly gross profit in 2025. The automotive operations lost $130 million during the quarter.

However, the Volkswagen joint venture and software services division contributed $154 million. This offset the automotive losses and pushed the company into positive gross profit territory.

Revenue jumped 78% compared to $874 million in the same quarter last year. CEO RJ Scaringe attributed some of the revenue growth to customers pulling forward purchases.

Buyers rushed to complete transactions before federal EV tax credits expired. This created a boost in deliveries during the quarter.

The company delivered 13,201 vehicles in Q3. Production reached 10,720 vehicles for the same period.

Guidance and Financial Position

Rivian maintained its full-year 2025 guidance. The company expects to deliver between 41,500 and 43,500 vehicles this year.

This represents a narrowed range from earlier projections of 40,000 to 46,000 units. The original 2025 target was between 46,000 and 51,000 vehicles.

The adjusted EBITDA loss is projected at $2 billion to $2.25 billion for the full year. Capital expenditures are expected to range from $1.8 billion to $1.9 billion.

Rivian ended Q3 with $7.7 billion in total liquidity. This includes nearly $7.1 billion in cash, cash equivalents, and short-term investments.

The company’s net loss for the quarter widened slightly. It went from $1.1 billion last year to $1.17 billion in the most recent quarter.

That translates to a loss of 96 cents per share compared to $1.08 per share a year earlier.

R2 Production Timeline

The R2 midsize crossover remains on track for production in the first half of 2026. All shops have started equipment installation at Rivian’s Illinois plant.

The body shop is fully installed with robots powered on for commissioning. Manufacturing validation builds are expected to begin at year end.

Paint shop upgrades have increased capacity to 215,000 units per year. This positions the facility for R2 production ramp-up.

Scaringe told CNBC that supply chain concerns around rare earth minerals and chips from Chinese suppliers won’t delay the R2. The company designed its supply chain with backup plans for these components.

Rivian lowered its expected tariff impact on new vehicles from thousands of dollars per unit to hundreds of dollars. This change followed Trump administration adjustments to tariffs on American-made vehicles last month.

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