Electric vehicle manufacturer Rivian Automotive, Inc. (NASDAQ: RIVN) reported better-than-expected third-quarter earnings after market close on Tuesday. The company is navigating the impact of federal EV tax credit eliminations while positioning for future growth with its midsize SUV development.
Revenue for the quarter reached $1.55 billion, surpassing Bloomberg consensus estimates of $1.49 billion and marking a 78% year-over-year increase, driven by accelerated vehicle deliveries.
Rivian posted a loss per share of $0.65, narrower than the expected $0.71. Adjusted EBITDA loss stood at $602 million, slightly higher than the projected $570.7 million.
Notably, the company achieved $24 million in gross profit this quarter, reversing the previous quarter's loss and marking its third consecutive quarter of positive gross margins. Shares rose 4% in after-hours trading.
Despite trade tensions and EV tax credit challenges, Rivian maintained its full-year loss guidance, reiterating its 2025 adjusted EBITDA loss forecast of $2.0–$2.25 billion and capital expenditures of $1.8–$1.9 billion.
CEO RJ Scaringe stated: "Q3 saw significant progress across our strategic priorities, including R2 development and technology roadmap execution. We remain confident that Rivian's vertically integrated technology and direct-to-consumer approach will establish a category-defining brand with a competitive product lineup for U.S. and European markets."
Earlier this month, Rivian reported Q3 production of 10,720 vehicles and deliveries of 13,201 units, meeting strong quarterly performance expectations. The company narrowed its 2025 delivery guidance to 41,500–43,500 vehicles from the prior 40,000–46,000 range, below its initial 2025 target of 46,000–51,000 units.
The upcoming R2 midsize crossover SUV remains pivotal to Rivian's growth strategy. Development remains on schedule for a first-half 2026 launch, with all production facility equipment now undergoing commissioning. The company confirmed complete installation and power-up of R2 body shop production lines, entering robotic testing phases, with production validation vehicles expected by year-end. Paint shop upgrades have increased annual capacity to 215,000 units.
