Rivian shares are down as the market focuses on the magnitude of cash consumption revealed in the company’s first-quarter 2026 update. Rivian posted net cash used in operating activities of $703 million and negative free cash flow of $1.075 billion for Q1, signaling that the near-term funding debate is still centered on burn rate rather than revenue growth or product milestones. (sec.gov)

Rivian reported Q1 consolidated revenue of $1.381 billion (+11% year over year) and consolidated gross profit of $119 million, but the cash picture deteriorated meaningfully. The company also highlighted increased R&D spending tied to autonomy and R2 pre-production work, reinforcing that the R2 ramp is arriving with elevated operating costs. (sec.gov)

Rivian maintained its 2026 delivery outlook of 62,000 to 67,000 vehicles, alongside an adjusted EBITDA outlook of negative $2.10 billion to negative $1.80 billion and capital expenditures of $1.95 billion to $2.05 billion. Management also pointed to R2 production starting and employee deliveries, with external customer deliveries expected in the coming weeks, but investors appeared to prioritize the cash trajectory over the milestone headlines. (sec.gov)

Key swing factors for the stock are the pace of R2 customer deliveries and whether cost reductions translate into a visible improvement in cash burn over the next few quarters. Investors will also track liquidity (cash and short-term investments of $4.83 billion at quarter end) and the timeline for additional strategic funding, including the expected second-quarter 2026 equity investment tied to the Uber robotaxi partnership. (sec.gov)