Manufacturing and Production Capacity - Rivian's manufacturing facility in Normal, Illinois has an annual production capacity of up to 215,000 vehicles, with a planned split of 155,000 R2 vehicles, 85,000 R1 vehicles, and 65,000 Rivian Commercial Vans[41]. - The company plans to construct a second manufacturing facility in Georgia with an anticipated capacity of 400,000 vehicles annually, starting production in 2028[42]. - The Normal Factory is currently operating below full production capacity, with no certainty on when production capacity will expand[118]. - The company is experiencing significant delays in vehicle manufacturing and delivery, which could adversely affect its business and financial condition[117]. Financial Performance and Projections - The company incurred net losses of $5,432 million, $4,746 million, and $3,626 million for the years ended December 31, 2023, 2024, and 2025, respectively, and does not expect to achieve profitability in the foreseeable future[91]. - Significant capital will be required to develop and grow the business, including costs related to production, research and development, and expanding sales and service operations[95]. - The company anticipates needing additional equity and/or debt financing in both the near- and long-term to support its business plan, which may be affected by market conditions and investor confidence[96]. - The company may not be able to accurately estimate the supply and demand for its vehicles, leading to inefficiencies and potential revenue loss[154]. Market and Competitive Landscape - The company faces intense competition in the EV market from both established automotive companies and new entrants, which may affect its market share and pricing strategies[101]. - Future growth is dependent on the adoption of EVs by consumers and commercial fleets, with the need for effective marketing and education on the benefits of EVs[105]. - The automotive industry is experiencing volatility in demand, influenced by factors such as economic conditions, interest rates, and government incentives, which could impact sales and revenue[100]. - Legislative changes and the rollback of government incentives for EVs could negatively impact customer demand and the company's growth prospects[110]. Supply Chain and Raw Materials - Rivian's supply chain faces challenges, particularly with battery raw materials like lithium and nickel, which are critical for vehicle production[50]. - There are potential challenges in securing necessary raw materials and components, which could impact production timelines and costs[118]. - The company has experienced significant cost increases and disruptions in the supply of raw materials, components, and equipment, which could adversely affect its business and financial condition[140]. - The company is exposed to fluctuations in prices of raw materials and components, which could increase operating costs and reduce margins if not managed effectively[153]. Technology and Innovation - Rivian's Autonomy+ feature significantly expanded its assistive hands-free driving capabilities from fewer than 150,000 miles to over 3.5 million miles of roads in North America[37]. - The company plans to introduce new EV models and technologies, including financing and software solutions, to meet evolving consumer expectations and market demand[111]. - The company is dependent on a joint venture for software development, which may introduce vulnerabilities if updates are not managed effectively[175][177]. Customer and Market Engagement - The company aims to generate a recurring revenue stream through value-added software and services, including vehicle repair, maintenance, and software subscriptions[37]. - Rivian's ability to offer attractive financing and leasing options is critical for vehicle demand, with potential financial risks if these options are limited[162]. - Future success depends on increasing sales of commercial vehicles and securing agreements with businesses, which involves complex sales cycles and competition[173]. Regulatory and Compliance Issues - Rivian's vehicles, including R1T, R1S, EDV, and Rivian Commercial Van, are fully compliant with all applicable NHTSA Safety Standards without the need for exemptions[60]. - The company has received EPA Certificates of Conformity and California Executive Orders for applicable model years for its vehicles[61]. - The company is subject to various international risks, including regulatory changes, supply chain disruptions, and geopolitical tensions[217]. Workforce and Talent Management - Rivian's workforce comprised 15,232 employees across North America and Europe as of December 31, 2025[79]. - The company has increased compensation to attract talent in the Normal, IL area, indicating a competitive hiring environment[220]. - The ability to provide competitive compensation and benefits is crucial for attracting and retaining employees, especially in light of stock price fluctuations[221]. Environmental and Social Responsibility - The company aims to match 100% of the energy consumed by vehicles with clean energy for the first 10,000 miles of driving[84]. - Rivian is exploring options to embed circular principles into its business to reduce waste and decarbonize operations[77]. - Rivian's philanthropic efforts through the Rivian Foundation aim to protect nature and advance a better energy future[82]. Risks and Challenges - The company faces significant risks related to product liability claims, which could adversely affect its financial condition and cash flows[211]. - A significant portion of the company's automotive revenues comes from Amazon Logistics, which represents 12.7% of its voting power as of December 31, 2025, and any changes in this relationship could materially affect the company's financial condition[156]. - The company is highly dependent on the services and reputation of its Founder and CEO, Robert J. Scaringe, and any adverse events affecting him could significantly disadvantage the company[160].

Core Insights - Rivian Automotive reported fourth-quarter revenue of $1.29 billion, a decrease from $1.73 billion in the same quarter last year, but above the consensus estimate of $1.27 billion [2][3] - The company experienced a significant decline in automotive revenue, which totaled $839 million, down 45% year-over-year, attributed to lower vehicle deliveries and average sales price [3] - Rivian's software and services revenue increased by 109% year-over-year, reaching $447 million in the fourth quarter [3] - The company reported a loss of 54 cents per share, which was better than the expected loss of 68 cents per share [3] - Rivian's consolidated gross profit for the fourth quarter was $120 million, with a full-year gross profit of $144 million, an improvement of $1.3 billion compared to fiscal 2024 [4] Production and Deliveries - Rivian produced 10,974 vehicles and delivered 9,745 vehicles in the fourth quarter, with total deliveries for the fiscal year reaching 42,247 vehicles [4] - The full-year revenue for Rivian was $5.39 billion, reflecting an 8% increase year-over-year [4] Future Outlook - The company plans to deliver the R2 vehicle to customers in the second quarter of 2026, with expectations of strong early reviews for pre-production builds [6] - Rivian provided guidance for 2026, projecting deliveries of 62,000 to 67,000 vehicles, a significant increase from 2025 [6] - Adjusted EBITDA is expected to range from a loss of $2.1 billion to a loss of $1.80 billion for fiscal 2026, with capital expenditures estimated between $1.95 billion and $2.05 billion [7] Stock Performance - Rivian's stock rose by 16.6% to $16.30 in after-hours trading, within a 52-week trading range of $10.36 to $22.69 [8]

Core Insights - Rivian has announced its delivery expectations for 2026, with a range of 62,000 to 67,000 vehicles, surpassing analyst estimates of 63,402 vehicles [1] - The company's stock surged by 13% in after-hours trading following the announcement [1] - Rivian also stated that its long-awaited mid-size SUV model is set to begin deliveries in the second quarter [1] Financial Performance - For the fourth quarter, Rivian reported revenue of $1.29 billion, a 26% year-over-year decline, compared to the expected revenue of $1.26 billion [1] - The adjusted loss per share was $0.54, compared to a loss of $0.46 in the same period last year, while the expected loss was $0.69 [1]

Rivian warned it may post a larger-than-expected loss this year as the maker of EVs works to contain costs ahead of the critical debut of its next-generation SUV https://t.co/d9lNv3XelI ...

Core Viewpoint - Rivian Automotive forecasts a 53% increase in deliveries by 2026, aligning with Wall Street expectations, primarily due to the launch of its more affordable R2 SUVs [1] Company Summary - Rivian is set to roll out its R2 SUVs, which are expected to drive significant growth in deliveries [1] Industry Summary - The electric vehicle market is anticipated to see increased competition and growth, particularly with the introduction of more affordable models like Rivian's R2 SUVs [1]

Core Insights - Rivian Automotive exceeded Wall Street's fourth-quarter expectations and is targeting a significant increase in vehicle deliveries for 2026, despite ongoing losses as it launches the R2 model [1][2] Financial Performance - Rivian's full-year 2025 revenue reached $4.97 billion, with $1.7 billion generated in the fourth quarter, marking an 8% increase compared to 2024 [3] - The company achieved a gross profit of $144 million in 2025, including $120 million in the fourth quarter, largely due to a joint venture with Volkswagen that offset $432 million in automotive losses [4] - Adjusted loss per share was 54 cents, better than the expected loss of 68 cents, while revenue for the fourth quarter was $1.29 billion, surpassing the expected $1.26 billion [5] Future Guidance - For 2026, Rivian aims to increase vehicle deliveries to between 62,000 and 67,000 units, representing a growth of 47% to 59% compared to 2025 [2] - The company anticipates adjusted losses for 2026 to be between $1.8 billion and $2.1 billion, with capital expenditures projected between $1.95 billion and $2.05 billion, compared to nearly $2.1 billion in losses and $1.7 billion in capital expenditures in the previous year [2]

Q4 2025 Shareholder Letter © 2026 Rivian. All rights reserved. 2 2025 was a year of focused execution at Rivian as we laid the foundations for scaling our business. Our team progressed the development of our technology roadmap and R2, our mass-market midsized SUV, while simultaneously driving continued improvement in our customer experience and our path to profitability. While we continue to face near-term uncertainty from macroeconomic and policy developments, we remain focused on our long-term growth stra ...

The fourth quarter earnings season is more than halfway over, and the S&P 500 is on track for solid earnings growth. As of Feb. 6, 59% of S&P 500 (^GSPC) companies have reported fourth quarter results, according to FactSet data, and Wall Street analysts estimate a 13% increase in earnings per share for the fourth quarter. If that rate holds, it would represent the 10th consecutive quarter of annual earnings growth for the index and the fifth consecutive quarter of double-digit growth. S&P 500 earnings gr ...

Core Insights - The Rivian R2 represents a significant opportunity for the company to scale up, with a starting price of approximately $45,000, making it competitive with the Tesla Model Y [2][3][6] - The R2 is seen as Rivian's entry into the mass market for electric vehicles, with expectations of strong demand despite a general slowdown in the EV market [4][5] - Rivian has paused plans for a new factory in Georgia to focus on upgrading its existing facility in Normal, Illinois, aiming for annual production of over 100,000 units [5][7] Product Features and Reviews - Marques Brownlee noted that the R2 retains appealing features from the R1S but in a smaller and more affordable package [2] - Doug DeMuro praised the R2 as possibly the best all-around electric vehicle he has driven, giving it a score of 70 out of 100, which is only behind the R1S [4] Production and Delivery Outlook - Rivian is targeting deliveries of the R2 in the first half of 2026, which could significantly alter its delivery totals for the year [8] - The company reported 42,247 deliveries in 2025, reflecting an 18% year-over-year decline, but the R2's introduction is expected to positively impact future delivery numbers [8] Stock Performance - Rivian's stock is currently down 1.3% to $14.76, with a year-to-date decline of 24.0% in 2026 [10]

Group 1 - The S&P 500 is projected to achieve a 13% increase in earnings per share for the fourth quarter, marking the 10th consecutive quarter of annual earnings growth and the fifth consecutive quarter of double-digit growth [1] - As of February 6, 59% of S&P 500 companies have reported their fourth quarter results, indicating a strong earnings season [1] - Analysts had initially expected an 8.3% increase in earnings per share before raising expectations, particularly for technology companies, which have been significant contributors to earnings growth in recent quarters [3] Group 2 - Major capital expenditures by Big Tech are influencing the AI trade, with ongoing themes such as artificial intelligence and economic policies continuing to impact market dynamics [4] - Upcoming earnings reports from companies including Coca-Cola, Spotify, Robinhood, Lyft, Ford, Rivian, Moderna, Airbnb, and Coinbase are anticipated to provide further insights into market trends [4]