TLDR
- Rivian Automotive (RIVN) stock rose 7% in pre-open trading to $12.27 after Q3 results beat estimates.
- Revenue grew 38% to $2.16 billion versus the $1.99 billion forecast. The adjusted loss was $0.48 per share versus $0.64 expected.
- Rivian raised its 2026 delivery guidance to 67,000 to 70,000 vehicles and narrowed its adjusted EBITDA loss outlook to about $1.8 billion.
- CEO RJ Scaringe expects to hit an autonomy milestone by year-end, which would unlock $250 million from Uber.
- The stock was near its 52-week low of $11.38 before the report, and the broader market traded lower.
Rivian Automotive (RIVN) stock rose 7% in pre-open trading on Friday to $12.27. The move followed third-quarter results that beat Wall Street estimates on revenue, losses and gross profit.
Revenue climbed 38% from a year ago to $2.16 billion. Analysts had expected about $1.99 billion.
The adjusted loss came in at $0.48 per share. Analysts had forecast a loss of $0.64, and a year ago the figure was $0.65.
Gross profit reached $176 million, well above estimates near $110 million. Rivian pointed to better unit economics as the R2 ramp picks up speed.
Net loss narrowed to $913 million from $1.2 billion in the same quarter last year. That is a solid step in the right direction.
Deliveries and Guidance
Rivian built 19,751 vehicles in the quarter and delivered 19,248. The company reported record deliveries.
CEO RJ Scaringe said R2 became the best-selling vehicle by volume in the quarter. He called the results great.
Rivian raised its full-year delivery guidance to 67,000 to 70,000 vehicles. It also narrowed its adjusted EBITDA loss outlook to about $1.8 billion.
Analysts had been looking for an EBITDA loss near $1.89 billion. So the company landed on the better side of that number.
Autonomy and the Uber Deal
Scaringe said he is confident Rivian will reach an autonomy milestone by the end of the year. Hitting it would release a $250 million tranche of Uberās investment.
The partnership targets driverless R2 robotaxi service on Uberās platform by 2028. Scaringe also said the team is excited about Point to Point, its autonomy feature.
Autonomy+ subscription take rates are running above Rivianās internal expectations. That gives the company a software revenue line to point to.
Rivian traded near its 52-week low of $11.38 just before the report. The pre-market pop starts from a low base.
The broader market was weak, with the S&P 500 down about 1% and the Nasdaq off about 2%. Ongoing worries about AI spending weighed on tech.
On Thursday, an advance GDP reading of 3.4% for Q3 came in stronger than expected. The Q3 Employment Cost Index is due Friday morning.
Some data feeds showed the early gains fading. One had RIVN down about 2% at last check, while another reported the stock up about 1% after the release.
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