Rivian Posts Record $179 Million Gross Profit as R2 Deliveries Drive 27% Revenue Growth
Updated
Updated · Electrek · Jul 30
Rivian Posts Record $179 Million Gross Profit as R2 Deliveries Drive 27% Revenue Growth
3 articles · Updated · Electrek · Jul 30
Summary
Revenue rose 27% to $1.658 billion in Q2, while Rivian posted a record $179 million gross profit and started external R2 deliveries on June 9.
Software and services drove the beat, generating $515 million in revenue and $215 million in gross profit, with about 60% of that revenue tied to Rivian’s Volkswagen joint venture.
Automotive gross profit stayed negative at $36 million as Rivian absorbed roughly $100 million in R2 ramp costs; net loss narrowed to $837 million, or $0.63 a share, and adjusted EBITDA loss improved to $379 million.
Rivian produced 12,613 vehicles and delivered 12,194 in the quarter, hosted a record 57,000 demo drives, and raised full-year delivery guidance to 65,000-70,000 vehicles.
Cash and short-term investments ended Q2 at $5.31 billion, with July’s $1.3 billion share sale plus expected Volkswagen, Uber and DOE funding lifting targeted capital above $14 billion.