Rivian Automotive reduced its 2026 spending plans and slightly narrowed its previously forecasted losses this year as the company reported second-quarter results Thursday.
The revised guidance now includes adjusted losses between $1.8 billion and $2 billion, down from $1.8 billion to $2.1 billion, and capital expenditures of $1.7 billion to $1.8 billion, down from $1.95 billion and $2.05 billion. It reconfirmed a previously raised delivery target of 65,000 to 70,000 vehicles to customers.
Rivian said the $250 million reduction in capital spending at the mid-point was enabled by “project efficiencies and timing of spend,” which the automaker previously increased to allow for added investments in new technologies such as its hands-free driving system.
The company’s gross profit, which is closely watched by investors, was $179 million compared to a loss of $206 million a year earlier. That included a $36 million loss for its automotive segment and a $215 million profit for its software and services division.
Rivian’s second-quarter revenue included $1.14 billion from automotive and $515 million from software and services. The results were slightly higher than its pre-released second-quarter revenue expectations of between $1.55 billion and $1.65 billion that were released last month in conjunction with disclosing a public offering of 75 million shares of its Class A common stock.
Automotive revenue increased 23% year-over-year, primarily due to a 14% increase in vehicle deliveries and a $103 million increase in revenues related to regulatory credits, the company said.
A Rivian R2 electric sport utility vehicle (SUV) is displayed at the company’s Venice Hub space in the Venice Beach neighborhood of Los Angeles, California on June 17, 2026.
Patrick T. Fallon | AFP | Getty Images
Rivian’s net loss attributable to common stockholders during the second quarter was $837 million, or 63 cents a share, a $278 million, or 34 cent per share, improvement compared with the second quarter of 2025.
Rivian previously said the raised delivery guidance was driven by higher deliveries during the second quarter of its electric delivery van and flagship R1 products.
The company also started delivering its midsize R2 SUV during the quarter. It’s ramping up production of that vehicle at its sole production plant in Normal, Illinois, which has capacity to produce 160,000 of the vehicles annually.
“Incredibly excited with R2 now getting into customers’ hands, and the overall feedback and response to the product has just been outstanding,” Rivian CEO RJ Scaringe told CNBC’s Phil LeBeau on Thursday. “And so, of course, that’s a major step for us on our path to profitability.”
Scaringe has said Rivian will reach profitability this year on a per-unit production basis with the R2, a smaller and less expensive sibling to its current luxury R1s SUV. But he said the company needs more scale than the 160,000 units already planned for the vehicle at its current plant in Normal, Illinois, to achieve profitability.
Rivian on Thursday reconfirmed its cash, cash equivalents and short-term investments balance was an estimated $5.3 billion, up from $4.8 billion to end the first quarter.
The company said later this year it expects to receive $1 billion in non-recourse debt financing from its software deal with Volkswagen Group and an additional $250 million equity investment from a separate partnership with Uber.
