EV maker Rivian projected preliminary second-quarter revenue above Wall Street’s expectations and said its cash position had climbed to about $5.3 billion.
However, the results failed to convince investors, overshadowed by a 75-million-share sale the company announced at the same time that sent its stock lower.
The company, founded and led by RJ Scaringe, estimated total consolidated revenue of between $1.55 billion and $1.65 billion for the quarter ended June 30, up from $1.30 billion a year earlier.
The range sat above the roughly $1.44 billion analysts had expected, a beat that in a calmer week might have extended the stock’s rally rather than been lost beneath the offering.
Rivian attributed the increase primarily to higher vehicle deliveries, partially offset by lower average selling prices tied to a greater share of commercial vans in the sales mix.
The company also cited growth in vehicle electrical architecture, software development services, and regulatory-credit revenues, the software-led lines that have increasingly cushioned its automotive losses.
First-quarter revenue was $1.38 billion, so the second-quarter guide implies a sequential step up as deliveries climbed.
A Beat Buried by Dilution
The estimates failed to win over a market fixed on the dilution announced in the same breath.
They landed at the same moment as Rivian‘s offering of 75 million shares, a sale worth about $1.5 billion that is dilutive to existing holders and that investors treated as the more consequential news.
Shares of Rivian fell nearly 11% to $17.95 as of press time during Tuesday’s pre-market session, below Monday’s $20.14 close and below where the stock traded before the delivery beat and analyst upgrades that had lifted it 8.1% in the regular session.
Measured from the $20.25 high the stock reached just before the offering was announced, the slide has erased roughly $2.9 billion in market value against about 1.26 billion shares outstanding, leaving Rivian valued at about $22.6 billion.
The reaction followed a familiar pattern for equity raises, in which the immediate dilution math resets a stock toward the offering price even when the underlying results improve.
Rivian had climbed about 27% over the prior five sessions on the delivery beat and a string of analyst moves.
The Quarter Behind the Guide
For Rivian, the results did improve, extending a run of operating momentum that began with a delivery beat disclosed on July 2.
The company delivered 12,194 vehicles in the quarter, about 14% more than a year earlier and above its guidance of 9,000 to 11,000, on production of 12,613.
The strength came from its commercial electric delivery vans and R1 consumer models rather than the newly launched R2, according to analysts who reviewed the figures.
Customer deliveries of the R2 began on June 9, with only the Performance trim, at $57,990, open to order and cheaper versions due through 2027.
Rivian also raised its full-year delivery outlook by about 3,000 units at the midpoint, to a range of 65,000 to 70,000 from 62,000 to 67,000, above both consensus and its prior guidance.
Analysts remain split on the stock, with JPMorgan lifting its price target to $15 while keeping an Underweight rating and Baird reaffirming an Outperform call at $23.
Cash Rose, but Not From the Business
Rivian estimated that its cash, cash equivalents and short-term investments rose to approximately $5.3 billion as of June 30, up from $4.8 billion at the end of the first quarter.
The increase did not come from operations, which continue to consume cash, but from outside capital: a $1 billion equity investment from Volkswagen Group received in late April, together with funding tied to Uber, more than offset the quarter’s burn.
That dependence is the backdrop to the new share sale, which stacks fresh equity on top of the strategic capital Rivian has assembled to fund a years-long ramp.
Free cash flow ran negative $1.08 billion in the first quarter, and the company burned $2.49 billion over 2025, part of cumulative cash consumption that has passed $24 billion since its founding.
Rivian cautioned that its financial-closing procedures for the quarter were not complete and that actual results may differ, and that KPMG LLP, its independent auditor, had not audited or reviewed the preliminary data.
A Crucial Stretch
The disclosures come as Rivian moves through one of the most consequential phases in its history.
The company is scaling production of the R2, the lower-priced crossover it is counting on to widen its market, with customer deliveries having begun in June, and is expanding manufacturing to a new plant in Georgia backed by an up to $4.5 billion Department of Energy loan whose first advance it expects in early 2027.
Uber has separately committed up to $1.25 billion through 2031, with an initial $300 million tranche expected to close this quarter, tied to a plan for up to 50,000 R2 robotaxis.
The R2 ramp is also expected to squeeze margins in the near term, with Chief Financial Officer Claire McDonough warning that the complexity of the launch would weigh on automotive gross profit in the second and third quarters before turning to a benefit in the fourth.
That guidance casts the current quarter as a low point on the path to profitability, one Rivian is funding with a mix of partner investments, government debt and equity.
Full second-quarter results are due after the close on Thursday, July 30, when Rivian will confirm the revenue, margins and cash figures the preliminary estimates only sketch.
