Rivian reported a smaller first-quarter loss than analysts expected and kept its 2026 outlook unchanged, even as investors weighed lower cash levels and a revised federal loan for its Georgia plant. The electric vehicle maker also said it plans to raise initial Georgia capacity by 50% while drawing Department of Energy funding earlier than planned.
Rivian reported first-quarter revenue of $1.38 billion, compared with $1.39 billion expected by analysts cited by Bloomberg. Revenue rose 11% from the same period last year, supported by vehicle deliveries and growth in services.
The company posted a loss of $0.33 per share, beating the expected loss of $0.72 per share. Adjusted EBITDA showed a loss of $472 million, which widened from a year earlier. However, Rivian recorded a gross profit of $119 million, marking its third straight quarter of gross profit.
Rivian’s automotive business still reported a gross loss during the quarter. However, its software and services segment posted $180 million in gross profit, rising nearly 60% from the prior year. The result showed that services continued to support the company while vehicle production costs remained high.
The company also reaffirmed its 2026 delivery guidance of 62,000 to 67,000 vehicles. Earlier in April, Rivian said it produced 10,236 vehicles and delivered 10,365 vehicles in the first quarter.
Rivian has started production of the R2 midsize SUV at its Normal, Illinois, plant. The company expects customer deliveries to begin later this spring, after initial production for employees.
CEO RJ Scaringe said the company is preparing suppliers, the plant, and the product for the broader launch. He said, “We’re now ramping production, starting deliveries here very, very soon, beyond employees, but to customers.”
The R2 ramp will mainly take place in the third and fourth quarters, according to Scaringe. Rivian expects higher output to reduce unit costs as fixed costs spread across more vehicles. Scaringe said, “With the increase in volume, you have more fixed cost absorption, so the cost of goods sold will come down meaningfully.”
Rivian currently sells the R1T pickup, R1S SUV, and electric delivery vehicles. The R2 remains a key part of its plan to reach higher volumes and improve margins over time.
Rivian also changed plans for its Georgia assembly plant. The company now plans to raise the plant’s initial capacity by 50% to 300,000 units, up from 200,000 units. Construction is expected to start in 2026, while production is targeted for late 2028.
The Department of Energy loan tied to the project will fall from $6.6 billion to about $4.5 billion. However, Rivian will be able to start drawing funds in 2027 instead of 2028.
Scaringe said the revised structure helps Rivian access funds earlier. He said, “Accessing those dollars sooner and faster is going to be helpful to get more capacity, more volume sooner.”
Rivian ended the quarter with $4.83 billion in cash, cash equivalents, and short-term investments. Total liquidity stood at $5.39 billion. Scaringe said Volkswagen, Uber, the DOE loan, and existing cash give Rivian $13.6 billion of accessible liquidity for its coming ramp-up period.
Despite the earnings beat, Rivian shares fell more than 4% in premarket trading on Friday. Investors assessed the company’s cash use, capital spending plans, and timeline for higher production.
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