Rivian to Start R2 Production with Q1 Revenue Seen at $1.39B
Rivian expects Q1 revenue of $1.39B, down 27% year-over-year, with adjusted EPS loss of $0.59 and an EBITDA deficit near $500M as it begins R2 production in Normal, Illinois. The company also secured $1B from its Volkswagen JV and a $1.25B Uber robotaxi agreement for up to 50,000 units.
1. Q1 Earnings Preview
Rivian will report Q1 earnings after the bell on Thursday, with consensus forecasting revenue of $1.39B—down 27% year-over-year—an adjusted EPS loss of $0.59 and an EBITDA deficit of roughly $500M.
2. R2 Production Rollout
Production of the R2 midsize SUV has commenced at Rivian’s Normal, Illinois plant, with customer deliveries slated for later this spring alongside ongoing manufacturing of R1T, R1S and EDV delivery vehicles which totaled 10,236 produced and 10,365 delivered in Q1.
3. Partnerships, Cash, and Guidance
Rivian recently unlocked $1B from its Volkswagen JV partner and secured $1.25B from Uber for up to 50,000 autonomous R2 robotaxis; the company reaffirmed its 2026 delivery guidance of 62,000–67,000 vehicles while ending Q4 with approximately $6.1B in cash and cash equivalents.