Rivian shares rise 3.6% after hours after record Q3 deliveries

Rivian Automotive, Inc. (RIVN) said in a regulatory filing on Oct. 29 that third-quarter revenue rose 38% from a year earlier to $2.155 billion, topping the $2.02 billion consensus estimate compiled by Finnhub.

Shares rose 3.6% in after-hours trading as of 4:39 p.m. ET, from a regular-session close of $11.48.

Rivian is an American automotive technology company that develops and manufactures electric vehicles. The company also raised its full-year delivery forecast.

Here's how the company did:

• Revenue: $2.155 billion vs. $1.558 billion a year earlier, and $2.02 billion expected, according to Finnhub
• Adjusted net loss per share: 48 cents vs. 65 cents a year earlier
• Gross profit: $176 million vs. $24 million a year earlier
• Deliveries: 19,248 vehicles, up 46% from a year earlier
• Net loss attributable to common stockholders: $913 million vs. $1.173 billion a year earlier
• Adjusted EBITDA: a loss of $435 million vs. a loss of $602 million a year earlier

Revenue growth came from a 46% rise in deliveries and $81 million in revenue from regulatory credits. Software and services revenue was $605 million, up 45% from a year earlier.

Rivian Founder and CEO RJ Scaringe said: "We had great results with R2 becoming our best selling vehicle by volume in the third quarter." He added that "Customer and media feedback on R2 has been exceptional."

2026 guidance

Full-year delivery guidance is now 67,000 to 70,000 units, up from the 65,000 to 70,000 range it gave on July 30.

The company now expects adjusted EBITDA of a loss of $1.75 billion to $1.85 billion, from a loss of $1.80 billion to $2.00 billion in its July 30 outlook. It said the improvement of $100 million at the mid-point reflects better than expected revenue from regulatory credits, an IEEPA tariff refund receivable in the third quarter, and an expected increase in delivery volumes.

Capital expenditures are now expected at $1.40 billion to $1.50 billion, down from $1.70 billion to $1.80 billion. The company attributed the reduction to timing of spend.

Segment results

Automotive revenue rose 36% to $1.550 billion from $1.142 billion a year earlier. The company said automotive gross loss narrowed to $80 million from $130 million.

The company said it recognized approximately $120 million in incremental cost of revenues from the ramp of R2 production, compared with production at more normalized levels.

Software and services gross profit was $256 million, a 42% margin, compared with $154 million a year earlier. The company said $354 million, or 59% of software and services revenue, came from its joint venture with Volkswagen Group.

Cash and capital

Rivian ended the quarter with $5.502 billion in cash, cash equivalents and short-term investments. Including its asset-based revolving credit facility, total liquidity was $6.095 billion.

Net cash used in operating activities was $758 million, compared with $26 million provided a year earlier. Free cash flow was a loss of $1.124 billion, compared with a loss of $421 million a year earlier.

The company said it received $1.000 billion in October from a non-recourse 10-year term loan facility from Volkswagen Group.

Interim CFO named

The board appointed Derek Mulvey, the company's vice president of finance, as interim chief financial officer effective Oct. 30, the company said in a separate item of the filing. The board also designated him principal financial officer. The departure of the current chief financial officer was previously disclosed in an Aug. 27 filing.

Mulvey, 36, has been vice president of finance since March 2025. His base salary was raised to $400,000 a year, with a target annual bonus of 40% of salary.