Companies /Consumer Cyclical

Rivian Automotive Inc - Class A

NASDAQ: RIVN Auto Manufacturers
$15.55
▼ $0.52 (−3.21%) today
Markets open · 1:21pm ET

Q1 2025 Earnings

Reported May 6, 2025, 4:04pm ET · SEC source
$-0.48
Beat +47.98%
EPS · est. $-0.92
$1.2B
Beat +21.59%
Revenue · est. $1.0B
+6.3%
Beating market
RIVN vs S&P since report
2 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−6%−3%0May 6May 7report 4:04pm ETearnings+0.4%−5.8%
−6%−3%0May 6May 7earnings+0.4%−5.8%
RIVN −5.8%S&P 500 +0.4%
−6%−3%0May 6May 7report 4:04pm ETearnings+0.5%−5.8%
−6%−3%0May 6May 7earnings+0.5%−5.8%
RIVN −5.8%NASDAQ +0.5%
−5%0+5%+10%May 5May 14report 4:04pm ETearnings+5.2%+10.8%
−5%0+5%+10%May 5May 14earnings+5.2%+10.8%
RIVN +10.8%S&P 500 +5.2%
−5%0+5%+10%May 5May 14report 4:04pm ETearnings+7.7%+10.8%
−5%0+5%+10%May 5May 14earnings+7.7%+10.8%
RIVN +10.8%NASDAQ +7.7%
−5.78%
Day of report
+7.55%
Next session
+16.51%
One week
+13.21%
30 days

S&P 500 over the same 30 days: +6.87%.

Did RIVN Beat Earnings? Q1 2025 Results

Rivian delivered a standout first quarter in 2025, posting a loss per share of $0.48 against a consensus estimate of $0.92, a beat of nearly 48%, while revenue of $1.24 billion topped expectations by 21.59% and grew 3.0% year over year. The single most consequential driver was a record gross profit of $206 million, its second consecutive positive quarter, swinging from a $527 million gross loss in Q1 2024 as cost reductions exceeding $22,600 per vehicle and a surging software and services segment, which alone contributed $114 million in gross profit, reshaped the economics of the business. That milestone also triggered an expected $1 billion investment from Volkswagen Group, set to fund on June 30, 2025, at a 33% premium to the volume-weighted average stock price. Looking ahead, Rivian trimmed its 2025 delivery outlook to 40,000 to 46,000 vehicles, citing tariff pressures and potential demand softness, while maintaining its adjusted EBITDA loss guidance and keeping R2 production in Normal, Illinois on track for the first half of 2026.

Key Takeaways
  • Second consecutive quarter of positive gross profit at $206 million, the highest to date
  • Over $22,600 reduction in automotive cost of goods sold per vehicle delivered year-over-year
  • 85% improvement in cash flow from operating activities compared to Q1 2024
  • Software and services revenue grew to $318 million from $88 million driven by VW joint venture and remarketing
  • Automotive regulatory credit sales increased by $157 million
  • Higher average selling prices due to proportionally higher consumer deliveries

“This quarter we hit our second consecutive gross profit and our highest gross profit to date at $206 million. We have continued to make significant progress on R2, including vehicle validation builds underway and our Normal, Illinois manufacturing facility expansion on track.”

Rivian CEO, on the earnings call

Forward Guidance & Outlook

Rivian revised its 2025 delivery outlook downward to 40,000–46,000 vehicles due to evolving trade regulation, tariffs, and potential impacts on consumer sentiment and demand. The company is maintaining its adjusted EBITDA outlook of a $(1,700) million to $(1,900) million loss and continues to expect modest positive gross profit for full-year 2025. Capital expenditure guidance was raised to $1,800 million to $1,900 million due to expected tariff impacts. R2 production remains on track for the first half of 2026 in Normal, Illinois. The company expects an additional $1 billion investment from Volkswagen Group to be funded on June 30, 2025, following achievement of the gross profit milestone.

RIVN YoY Financials

Q1 2025 vs Q1 2024 · SEC filings Q1 2024 Q1 2025
$-600,000,000$0$600.0M$1.2B$1.2B$1.2BRevenue$86.2M$206.0MGross Profit$-420,248,941$-655,000,000Operating Income$-332,738,791$-541,000,000Net Income
$-600,000,000$0$600.0M$1.2BRevenueGross ProfitOperating IncomeNet Income

RIVN Revenue by Segment

Automotive$922.0M
Software and Services$318.0M

Figures from SEC filings and company reports. Not investment advice.