EVwire brief: Rivian reported Q1 2026 consolidated revenue of $1.38 billion, up 11% year-over-year, and generated $119 million in gross profit, maintaining a 9% gross margin for the quarter.
Net loss improved to $(416) million from $(541) million a year earlier, supported by a $506 million gain tied to a capital raise and the deconsolidation of Mind Robotics.
Operating loss widened to $881 million from $655 million, driven by higher R&D and SG&A spending related to autonomy and R2 pre-production.
Here’s a quick overview of Rivian’s Q1 2026 financial results:
Some highlights:
Vehicle production and deliveries remained stable. Rivian produced 10,236 vehicles and delivered 10,365 units in Q1 2026, compared to 14,611 produced and 8,640 delivered in Q1 2025.
Revenue growth was driven by software and services, which increased to $473 million from $318 million, while automotive revenue declined slightly to $908 million from $922 million.
Total cost of revenue rose to $1.26 billion from $1.03 billion, reducing gross profit from $206 million to $119 million year-over-year.
Operating expenses increased across both major categories. R&D rose to $458 million from $381 million, while SG&A increased to $542 million from $480 million, bringing total operating expenses to $1.0 billion.
Adjusted operating expenses were $740 million, up from $630 million, with adjusted R&D at $348 million and adjusted SG&A at $392 million.
Net cash used in operating activities was $(703) million, compared to $(188) million a year earlier. Capital expenditures rose to $372 million from $338 million.
Free cash flow was $(1.075) billion, compared to $(526) million in Q1 2025.
Rivian ended the quarter with $4.83 billion in cash, cash equivalents, and short-term investments, and $5.39 billion in total liquidity.
Adjusted EBITDA was $(472) million, compared to $(329) million a year earlier.
You can find more insights into Rivian’s first quarter 2026 results in the company’s earnings presentation. You can browse the whole document below:
Rivian reaffirms 2026 guidance
Rivian reaffirmed its 2026 delivery outlook of 62,000–67,000 vehicles. The company also guided for adjusted EBITDA between $(2.10) billion and $(1.80) billion and capital expenditures of $1.95 billion to $2.05 billion.
RJ Scaringe, Rivian Founder and CEO, shared a comment in a press release.
“With the launch of R2, we are excited to dramatically expand our market opportunity and have more people driving Rivians. The support of the Department of Energy for the $4.5 billion loan to build our Georgia facility enables Rivian to grow American jobs and establish stronger U.S. technology and manufacturing leadership while further scaling our customer base.”
Source: Rivian Investor Relations
DON’T FORGET to subscribe to our EV industry newsletter to join 14,000+ EV geeks.
