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Mar 31, 2025
Rivian Q1 2025 Earnings Report
Rivian reported a net loss but achieved positive gross profit for the second consecutive quarter.
Key Takeaways
Rivian delivered strong Q1 results with a $206 million gross profit, driven by a growing software segment and improved cost control, despite lower vehicle deliveries and a net loss of $545 million.
Achieved $206 million in gross profit, the highest in company history.
Unlocked a $1 billion investment from Volkswagen due to financial milestone.
Produced 14,611 vehicles and delivered 8,640 units during the quarter.
Software and services revenue grew to $318 million, outpacing automotive growth.
Revenue by Segment
Forward Guidance
Rivian maintained its adjusted EBITDA outlook while raising capital expenditure guidance due to trade impacts and strong Q1 performance.
Positive Outlook
- Maintains adjusted EBITDA loss guidance between $1.7B and $1.9B.
- Continues to expect modest positive gross profit for FY2025.
- R2 vehicle development and factory expansion remain on track.
- Anticipates $1B investment from Volkswagen by end of Q2.
- Strong momentum in software and services growth.
Challenges Ahead
- Lowered delivery outlook to 40,000–46,000 vehicles for FY2025.
- Raised capital expenditure guidance to $1.8B–$1.9B.
- Facing potential impact from global trade and tariffs.
- Continued losses despite gross profit gains.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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