Rivian reported its second-quarter results on Tuesday, posting a revenue decline of 7.2% to $1.158 billion, down from $1.247 billion in the previous quarter, as vehicle deliveries dropped both year-over-year and sequentially.
The electric vehicle maker delivered 10,661 vehicles in Q2 2025, a drop from 14,183 in Q1 and 13,790 a year earlier. Production also fell sharply to 5,979 units from 14,611 in the prior quarter.
The company posted an adjusted loss per share of 80 cents, wider than analysts’ average estimate of 65 cents, according to LSEG.
Rivian raised its full-year adjusted EBITDA loss guidance to between $2.0 billion and $2.25 billion, an increase of about 18% from the prior forecast of $1.7 billion to $1.9 billion.
“We anticipate the third quarter to be our peak delivery quarter of the year across both our consumer and commercial vehicles,” Rivian said in its shareholder letter.
The company reaffirmed its full-year delivery outlook of 40,000 to 46,000 vehicles. That target was trimmed in the previous quarter from an initial estimate of 46,000 to 51,000, implying a decline from the 50,122 units delivered in 2024.
Despite reaffirming its delivery goal, Rivian warned of a weaker financial profile for the rest of the year. The revised EBITDA outlook reflects “recent changes associated with regulatory credits and our second quarter performance,” the company said.
Rivian’s adjusted EBITDA loss for Q2 came in at $667 million, widening from $329 million in Q1 and $857 million in the year-earlier period.
Capital expenditures rose to $462 million, up from $338 million in the first quarter and $283 million in Q2 2024.
Free cash flow remained firmly negative at $398 million, improving from negative $526 million in Q1 but still a significant outflow.
Cash and cash equivalents at the end of June stood at $7.508 billion, slightly down from $7.778 billion three months earlier.
Gross margin turned negative again at -16%, following a temporary improvement to 17% in Q1 2025 when Rivian posted a gross profit of $206 million—a milestone that unlocked a $1 billion investment from the Volkswagen Group as part of their joint venture.
That earlier profitability, however, was largely due to the sale of regulatory credits booked in the first quarter.
According to Cox Automotive, Rivian sold 10,599 vehicles in the U.S. during Q2, including 7,898 R1 consumer models and 2,701 commercial electric vans. Combined sales of the R1T and R1S fell 31% year-over-year, with both models recording double-digit declines.
