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Jun 30
Rivian Q2 2025 Earnings Report
Rivian reported a Q2 2025 net loss of $1.12 billion despite higher revenue from software and services.
Key Takeaways
Rivian delivered over 10,600 vehicles in Q2 2025 but faced a decline in production due to supply chain challenges. Revenues grew modestly, led by growth in software and services, but gross profit turned negative again. The company received a $1 billion investment from Volkswagen to support long-term initiatives, including the R2 platform.
Delivered 10,661 vehicles while production dropped to 5,979 units due to supply chain issues.
Revenue rose to $1.3 billion, driven by strong software and services performance.
Net loss narrowed YoY to $1.12 billion; adjusted EBITDA loss improved to $667 million.
Volkswagen invested $1 billion as part of a broader joint venture agreement.
Rivian
Rivian
Rivian Revenue by Segment
Revenue by Segment
Automotive Revenue
CapyFin.comSoftware and Services Revenue
CapyFin.com Forward Guidance
Rivian maintained its 2025 delivery guidance but raised its expected adjusted EBITDA losses due to regulatory credit changes and ongoing operational challenges.
Positive Outlook
- Maintains 2025 delivery guidance of 40,000 to 46,000 units.
- R2 line installation and design validation builds progressing well.
- Volkswagen investment bolsters capital position and joint venture potential.
- Free cash flow improved compared to Q1 2025.
- Cash and short-term investments remained strong at $7.5 billion.
Challenges Ahead
- Production fell significantly due to supply chain and trade policy disruptions.
- Gross margin turned negative at -16%.
- Net loss exceeded $1.1 billion in the quarter.
- Adjusted EBITDA guidance worsened to a range of -$2.0B to -$2.25B for FY25.
- Three-week factory shutdown expected in September to upgrade capacity.
Revenue & Expenses
Visualization of income flow from segment revenue to net income