Rivian boosts revenue and improves margins in Q2
Some of Rivian’s key figures in the quarterly report improved significantly compared to last year. However, unlike in Q4/2024 and Q1/2025, the US EV posted a loss again. Rivian reported a consolidated gross loss of $206 million. That is still an improvement, considering that figure still stood at minus $451 million in Q2/2024. Automotive gross profit also remained negative at minus $335 million, which the company attributed to lower production volumes and underutilised capacity. Gross profit from software and services was $129 million.
The US startup and VW partner reported $1.30 billion in total revenue for the quarter, up from $1.16 billion in Q2 2024. Automotive revenue accounted for $927 million, while software and services contributed $376 million, compared to $84 million in the same period last year.
Rivian also reported $182 million in revenue related to its joint venture with Volkswagen Group, following a $1 billion investment from the German automaker in June. In fact, Rivian ended the quarter with $7.5 billion in cash, cash equivalents, and short-term investments. Including its credit facility from Volkswagen, paid in June, total liquidity was reported at $8.5 billion.
The carmaker released its delivery and production figures in July, saying it had produced 5,979 vehicles and delivered 10,661 vehicles during the second quarter of 2025. The fact that deliveries exceeded production so clearly is linked to the course of the year so far: in the first quarter, Rivian built over 14,600 EVs but delivered only 8,640. This surplus has now been handed over to customers in the second quarter.
The US EV maker also states that it expects the third quarter to be its “highest delivery quarter for the year across both our consumer and commercial vehicles.” However, it does not go into detail. One reason could be the existing federal tax credit in the US. As the $7,500 subsidy will no longer be available after 30 September, customers could try to get their hands on an electric vehicle before the cut-off date. Moreover, Rivian recently presented quad-motor variants of the R1S and R1T. Deliveries of the new model kicked off in July.
But back to the Q2 results: The company reported an adjusted EBITDA of -$667 million, an improvement over -$857 million for the same period last year. Net loss for the quarter was $1.12 billion, compared to $1.46 billion in 2024.
The company reaffirmed its 2025 targets, including expected deliveries of 40,000 to 46,000 vehicles and capital expenditures of $1.8 to $1.9 billion. It also revised its full-year adjusted EBITDA loss guidance to 2-2.25 billion dollars, citing updated assumptions around regulatory credits and Q2 results.
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