Rivian shares soared by nearly 15% in after-hours trading Thursday after the EV maker reported better-than-feared fourth-quarter results and issued 2026 delivery guidance that met Wall Street expectations.
The company said it expects to deliver 62,000 to 67,000 vehicles this year, in line with analyst consensus of approximately 64,000 units.
The guidance represents a significant jump from the 42,247 vehicles Rivian delivered in 2025.
Rivian reported fourth-quarter revenue of $1.29 billion, slightly above consensus estimates of $1.28 billion.
The company posted a gross profit of $120 million and gross margin of 9% — significantly higher than the 2% analysts had expected.
“Most notably, the company reported a positive GAAP Gross margin of 9%, significantly above consensus of 2%,” Cantor Fitzgerald analyst Andres Sheppard wrote in a note to clients Thursday.
The adjusted loss per share of 54 cents beat estimates of a 66-cent loss, while the full-year net loss narrowed to $3.65 billion from $4.75 billion in 2024.
R2 Deliveries on Track
Rivian said that first customer deliveries of the R2 SUV remain on track for the second quarter of 2026.
As reported by EV last week, a showroom staff member told a customer that the target was to begin deliveries in mid-April.
The model’s launch in Europe and Canada was delayed as Rivian focuses on its domestic market.
The company has previously disclosed initial annual production capacity of 155,000 units and a starting price of $45,000 for the base trim.
“Management expects the R2 line to be less than half the cost of revenues per unit relative to the R1 line,” Cantor’s analyst wrote.
“We expect R2 will help to materially boost sales given the competitive price point and the upcoming autonomy features,” Sheppard added.
Rivian will reveal full R2 pricing, options, and specifications on March 12.
“We view Rivian’s R2 (initial deliveries on-track for 2Q26) as a material catalyst, and one that should result in higher customer demand, driven by the more competitive price point,” the analyst wrote.
Software Revenue Surges
The quarter was marked by a significant shift in revenue mix, with software revenue more than doubling year on year to $447 million from $214 million in Q4 2024.
Full-year software revenue reached $1.56 billion, up from $484 million in 2024.
Total automotive revenue declined to $839 million from $1.52 billion a year earlier, driven by lower vehicle deliveries as the company prepares for the R2 launch.
2026 Outlook
For 2026, Rivian guided capital expenditures of $1.95 billion to $2.05 billion and adjusted EBITDA loss of $1.8 billion to $2.1 billion.
The company ended the quarter with approximately $6.1 billion in cash, equivalents, and short-term investments, down from $7.1 billion in the third quarter.
Including its asset-based revolving credit facility, total liquidity stood at $6.6 billion.
Rivian shares closed at $14.00 on Thursday before jumping to approximately $16.89 in extended trading.
