Rivian sees 2026 vehicle deliveries between 65,000 and 70,000 units
Company expects 2026 adjusted EBITDA of $(2.00) bln to $(1.80) bln
Rivian projects 2026 capital expenditures of $1.70 bln to $1.80 bln
Overview
US electric vehicle maker's Q2 revenue rose 27% yr/yr, beating analyst expectations
Company posted $179 mln gross profit, up from a loss in prior year
Rivian began external deliveries of R2 SUV, boosting delivery volumes and regulatory credit revenue
Result drivers and key details
R2 SUV launch - External deliveries of R2 SUV began, driving higher delivery volumes and expanding Rivian's customer base
Regulatory credits - Revenue growth was supported by $108 mln in regulatory credits, with automotive segment credits rising $103 mln yr/yr
Software and services growth - Software and services revenue rose 37% yr/yr, aided by increased vehicle architecture and software development services, especially from the Volkswagen JV
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 15 "strong buy" or "buy", 8 "hold" and 5 "sell" or "strong sell"
The average consensus recommendation for the auto & truck manufacturers peer group is "buy."
Wall Street's median 12-month price target for Rivian Automotive Inc is $18.47, about 13.1% above its July 29 closing price of $16.33
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