Live Earnings: Rivian Delivers Q2 Results After the Bell
Live Updates
What Changed This Past Quarter
| Metric | Q2 2025 | YoY Change |
|---|---|---|
| Deliveries | 13,790 | +9% |
| Revenue | $1.45B | +33% |
| Gross Margin | –32% | Improving |
| Net Loss | –$1.19B | Narrowed |
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Strong top-line beat
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Capex cut by $550M
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No update to delivery guide
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Margin still heavily negative
Management Commentary and Guidance Update
“Production is ramping while we push fixed costs lower…”
— RJ Scaringe, CEO
What it means: Execution is improving, but investors are focused on margins and capex discipline.
Guidance Update
| Metric | New Guide | Prior Guide | Signal |
|---|---|---|---|
| FY25 Production | 57,000 | 57,000 | ⚖️ Flat |
| FY25 Capex | $1.2B | $1.75B | 📉 Lowered |
Riven Shares Plummet After Earnings Beat
| Metric | Consensus | Actual | Result |
|---|---|---|---|
| Revenue | $1.29B | $1.45B | ✅ Beat |
| EPS (Adj.) | –$1.41 | –$1.05 | ✅ Beat |
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After-hours price move: Shares of RIVN are down 8.56%
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Guidance vs. Consensus: Full-year production guide remains at 57,000 units—in line with prior. However, gross margin outlook was tempered, and capex was revised lower to $1.2B (from $1.75B).
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Analyst take: Despite a clean beat on revenue and EPS, Rivian stock is sliding due to weaker-than-hoped margin ramp and capex pullback, which may signal demand caution or capital discipline under pressure.
CEO in Focus
“We see delivery capacity converging with production in Q2, forecasting a 20 % sequential rise in unit economics from mix and scale.”
RJ Scaringe, Founder & CEO
Rivian’s path to profitability hinges on narrowing the gap between build capacity and actual deliveries—and improving per-unit economics. Tonight’s report will reveal if that 20 % unit-economics lift materialized, and whether stronger mix (e.g., higher-margin R1T trucks) is finally feeding through to the P&L.
How Rivian Performed After Recent Earnings
Rivian’s stock has reacted positively to its larger beats—especially the outsized Q1 surprise—but volatility around guidance and cash-burn commentary suggests the market is equally focused on forward execution.
| Quarter | EPS Surprise | 1-Day Move | 7-Day Move | 14-Day Move |
|---|---|---|---|---|
| Q2 FY 2024 | –3.80 % | –4.00 % | +4.36 % | –0.15 % |
| Q3 FY 2024 | +0.94 % | +0.10 % | +14.81 % | +29.22 % |
| Q4 FY 2024 | +9.67 % | –4.70 % | –15.43 % | –18.74 % |
| Q1 FY 2025 | +47.98 % | +7.55 % | +24.29 % | +21.70 % |
Rivian (Nasdaq: RIVN | RIVN Price Prediction) reports Q2 FY 2025 results after the market close. After Q1 beat—where revenue of $1.29 billion beat consensus by 11.5 % and EPS of –$0.48 vs. –$0.92 consensus surprised +48 %—investors will assess delivery execution against a 2025 target of 150,000 units and margin-expansion levers around production cost, pricing and service revenue. Cash-burn guidance and capital-partner commentary will underpin sentiment.
We’ll be updating this live blog with news and analysis right after Rivian’s earnings hit the newswires. To receive updates, all you have to do is leave this page open, and updates will post automatically.
What to Expect – Estimates
Consensus (Yahoo Finance)
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Revenue: $1.29 billion
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EPS (Non-GAAP): –$1.41
Full-Year FY 2025
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FY 2025 Revenue: $5.22 billion
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FY 2025 EPS: –$2.90
These imply ~5 % Y/Y top-line growth and a modest EPS loss narrowing vs. –$3.48 in FY 2024.
Key Areas to Watch
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Unit-Economics & ASP
Management noted a blended ASP of $75,000 in Q1; investors will watch any shifts—especially in consumer vs. fleet mix—and margin implications. -
Production vs. Delivery Sync
With guidance calling for 150,000 unit builds in 2025, Q2 build vs. delivery cadence will signal channel fill risks or upside in order rates. -
Service & Software Revenue
Commentary on software-enabled service revenue and subscription offerings (e.g., Fleet OS) will be parsed for early margin support ahead of volume breakeven. -
Gross-Margin Improvement Plan
Q1 margins improved on scale efficiencies and mix; investors will listen for cost-reduction milestones (e.g., battery cost, automation) and any timing shifts. -
Cash-Burn & Financing Update
With a $3.5 billion cash balance, watch for updates on the ATM shelf, strategic partnerships (e.g., Amazon, Ford) or convertible issuances to extend runway.
Eric Bleeker has been investing for more than 20 years. He began his career working at Microsoft before joining Motley Fool, one of the largest publishers of financial research. In his 15 years at Motley Fool Eric served as the General Manager for Fool.com and led coverage in the Technology & Telecom sector. In addition, he was a featured columnist and has hosted dozens of investing seminars attended by more than a million total investors. Eric has more than 1,000 financial bylines to his name and has been featured in The Wall Street Journal, CNBC, Fox Business, and many other leading publications. He is currently focused on artificial intelligence investing and is a CFA Charterholoder.
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