Rivian Automotive posted third quarter 2026 revenue of $2.16bn, up 38% year-on-year (YoY), as deliveries increased 46% and the company lifted full-year guidance.
The US electric vehicle maker said it produced 19,751 vehicles at its Normal, Illinois facility during the quarter and delivered 19,248 vehicles.
Automotive revenue rose 36% YoY to $1.55bn.
Rivian said this reflected higher vehicle deliveries and an $80m increase in revenue tied to regulatory credits, partly offset by a lower average vehicle selling price because of a greater mix of R2 and commercial van deliveries.
Software and services revenue increased 45% to $605m.
Rivian said $354m, or 59%, of that total came from its joint venture with Volkswagen Group.
Loss from operations improved to $881m from $983m.
Net loss attributable to common stockholders narrowed to $913m from $1.17bn, while adjusted net loss per share improved to $0.48 from $0.65.
Consolidated gross profit reached $176m, up by $152m from the same quarter a year earlier.
Automotive gross loss narrowed to $80m from $130m, while software and services gross profit increased to $256m from $154m.
Rivian said automotive performance was partly affected by R2 production ramp costs, with about $120m in incremental cost of revenues recognised in the quarter compared with production at more normalised levels.
Net cash used in operating activities was $758m, compared with $26m provided a year earlier.
Rivian said this was primarily due to working capital, including lower deferred revenues and higher inventory purchases linked to the R2 launch.
For 2026, Rivian raised delivery guidance to 67,000-70,000 units from 65,000-70,000 units.
It also said adjusted EBITDA guidance improved by $100m at the mid-point and capital expenditure guidance was reduced by $300m at the mid-point.
Separately, Rivian said it received $300m from Uber in May 2026 under a subscription agreement and can receive up to an aggregate of $950m across remaining milestones, subject to conditions.
Rivian founder and CEO RJ Scaringe said: “We had great results with R2 becoming our best selling vehicle by volume in the third quarter. Customer and media feedback on R2 has been exceptional. Regarding our technology roadmap, our autonomy platform is progressing rapidly, and we are super excited about Point to Point. We are laying the foundations for a future that we believe will be fully electric, autonomous and AI defined.”
