RIVN

1. Key Historical Highlights

• November 04, 2025: R2 development advanced with mature design validation builds and preparation for manufacturing validation builds following equipment commissioning.
• November 04, 2025: Completed construction of a 1.1 million square foot R2 body shop and general assembly with robot commissioning underway.
• November 04, 2025: Upgraded the paint shop to increase Normal plant capacity to 215,000 units annually.
• November 04, 2025: Broke ground in Georgia for a facility intended to add 400,000 annual units supporting R2, R3, and variants.
• November 04, 2025: Launched Mind Robotics as a separate entity with $110 million in seed financing while retaining partnership and ownership.
• November 04, 2025: Reported Q3 2025 revenue of approximately $1.6 billion and consolidated gross profit of $24 million.
• November 04, 2025: Reaffirmed 2025 guidance for 41,500 to 43,500 deliveries and an adjusted EBITDA loss of $2.0 to $2.25 billion.
• November 04, 2025: Indicated expectation to receive up to $2.5 billion of additional capital from the Volkswagen joint venture transaction.
• November 04, 2025: Stated R2 is expected to achieve positive unit economics by the end of 2026.
• August 07, 2025: Reported six-month 2025 revenue of $2.543 billion with a net loss of $1.656 billion, reflecting year-over-year improvement.
• August 05, 2025: Maintained 2025 delivery guidance while increasing adjusted EBITDA loss outlook to $2.0 to $2.25 billion.
• August 05, 2025: Cut 2025 regulatory credit sales outlook to approximately $160 million from a prior $300 million.
• July 02, 2025: Received a $1 billion equity investment from Volkswagen Group at an effective price of $19.42 per share.
• July 02, 2025: Produced 5,979 vehicles and delivered 10,661 vehicles in Q2 2025 while reaffirming annual delivery guidance.
• May 06, 2025: Achieved a second consecutive positive gross profit with $206 million in Q1 2025.
• May 06, 2025: Revised 2025 delivery outlook to 40,000 to 46,000 vehicles and raised capital expenditure guidance to $1.8 to $1.9 billion.
• April 21, 2025: Appointed AI leader Aidan Gomez to the board of directors to bolster technology integration.
• February 20, 2025: Closed a joint venture with Volkswagen Group sized up to $5.8 billion and reported $170 million in Q4 2024 gross profit.
• January 16, 2025: Finalized a U.S. Department of Energy loan agreement for up to $6.6 billion to support the Georgia plant expected to create over 7,500 jobs.

2. Financial Performance Overview

• Revenue trajectory shows growth in software/services amid mixed automotive volumes: 2024 revenue was $4.97 billion, H1 2025 reached $2.543 billion (+$181 million year over year), and Q3 2025 revenue was about $1.6 billion while automotive revenue declined in H1 due to fewer deliveries.
• Margins improved but remain volatile: gross profit turned positive in Q4 2024 ($170 million) and Q1 2025 ($206 million) before narrowing to $24 million in Q3 2025 as production retooling and mix shifts impacted results.
• Loss profile is narrowing but significant: H1 2025 net loss was $1.656 billion versus $2.903 billion in H1 2024, while 2025 adjusted EBITDA loss guidance remains large at $2.0 to $2.25 billion and Q3 2025 adjusted EBITDA loss was $602 million.
• Capex and capacity expansion continue: 2025 capex raised to $1.8 to $1.9 billion to fund Normal plant upgrades to 215,000 units annually and groundwork for Georgia’s planned 400,000-unit capacity.
• Liquidity strengthened by strategic funding: cash stood at $7.2 billion as of May 06, 2025, followed by a $1 billion equity infusion from Volkswagen in July, a JV sized up to $5.8 billion with up to $2.5 billion additional expected, and a DOE loan facility up to $6.6 billion; Gap: Free cash flow trajectory not disclosed.
• Regulatory credits are de-emphasized: the 2025 outlook was reduced to $160 million in August and later removed from forecasts by November, signaling a pivot to core product and services economics.

3. Management Effectiveness

• Demonstrated cost discipline with ~$31,000 per vehicle COGS reduction year over year in Q4 2024 and two consecutive positive gross-profit quarters, indicating meaningful execution on efficiency.
• Strategic capital deployment includes a multi-year technology JV with Volkswagen (up to $5.8 billion plus an additional up to $2.5 billion expected), a $1 billion equity raise at a premium, and a DOE loan up to $6.6 billion to fund Georgia expansion.
• Program execution appears on schedule with R2 design validation builds underway, body shop and general assembly completed, and manufacturing validation builds planned after equipment commissioning.
• Guidance management and transparency improved as deliveries were revised to reflect demand and policy headwinds and regulatory credits were removed from revenue forecasts to avoid overreliance.
• Supply chain readiness is asserted with 100% landed sourcing for R2 and plant upgrades completed to support ramp; Evidence lacking: third-party verification of supplier readiness, yield ramp metrics, and unit-level profitability for R1.

4. Key Quotes from Management

• "I've never been more confident in the opportunity ahead for Rivian than I am today." — Robert Scaringe, CEO and Founder, Rivian (Q3 2025 Earnings Call Transcript, November 04, 2025)
• "Over the past few months, we’ve made tremendous progress in R2 and our technology, including our autonomy platform." — Robert Joseph Scaringe, CEO, Rivian Automotive, Inc. (Q2 2025 Earnings Call Transcript, August 05, 2025)
• "This quarter we hit our second consecutive gross profit and our highest gross profit to date at $206 million. We have continued to make significant progress on R2, including vehicle validation builds underway and our Normal, Illinois manufacturing facility expansion on track." — RJ Scaringe, Founder and CEO, Rivian Automotive, Inc. (First Quarter 2025 Financial Results, May 06, 2025)
• "I’m excited that Rivian delivered a second consecutive quarter of positive gross profit with a gross profit of $206 million. This reflects an outstanding effort from the team and a continued focus on cost and operational efficiency." — RJ Scaringe, CEO, Rivian Automotive, Inc. (Q1 2025 Earnings Call Transcript, May 06, 2025)
• "This quarter we achieved positive gross profit and removed $31,000 in automotive cost of goods sold per vehicle delivered in Q4 2024 relative to Q4 2023. Our focus on cost efficiency across the business is critical for the launch of our mass market product, R2. The R2 bill of materials is approximately 95% sourced and is expected to be approximately half that of the improved R1 bill of materials. I couldn't be more excited about R2, and I believe the combination of capabilities and cost efficiencies along with the amazing level of excitement from customers will make R2 a truly transformational product for Rivian." — RJ Scaringe, Founder and CEO, Rivian (Fourth Quarter and Full Year 2024 Financial Results, February 20, 2025)
• "We hold a deep conviction that the entire automotive industry will electrify over the long term." — RJ Scaringe, CEO, Rivian Automotive, Inc. (Q4 2023 Earnings Call Transcript, February 21, 2025)
• "This loan will help us accelerate the launch of our Georgia plant for R2 and R3, providing thousands of jobs in the state. People are incredibly excited to get behind the wheel of our new models, and this additional capacity for our mass market products is key to U.S. leadership in the electric vehicle industry." — RJ Scaringe, Founder and CEO, Rivian (Finalization of Loan Agreement with the U.S. Department of Energy, January 16, 2025)