Rivian widens Q3 loss
Rivian’s net loss attributable to common stockholders widened to $1.17 billion in the third quarter, compared to $1.1 billion in the same period last year. Meanwhile, total revenue rose sharply to $1.56 billion, up 78 per cent year-on-year, driven by increased deliveries and a surge in software and services income.
Automotive revenue climbed 47 per cent to $1.14 billion, while software and services revenue reached $416 million — up more than threefold. Around $214 million of this came from the joint venture with Volkswagen Group to develop vehicle electrical architecture and software systems. The company also reported a small consolidated gross profit of $24 million, compared to the $392 million loss in Q3/2024.
Rivian released its production and delivery figures in October. The manufacturer produced 10,720 vehicles and delivered 13,201 between July and September, including the first Amazon delivery vans for Canada. The company expects 41,500 to 43,500 deliveries in 2025. This further narrows the company’s expectations for 2025. When announcing its second-quarter figures, Rivian had set a target of 40,000 to 46,000 vehicles. It also reaffirmed its adjusted EBITDA guidance of minus $2.0 to $2.25 billion and capital expenditure forecast of $1.8 to $1.9 billion.
“We continue to make significant progress across our strategic priorities including preparation for the launch of R2 and development of our technology roadmap including autonomy and our vertically integrated hardware and software,” said Rivian. “While we face near-term uncertainty from trade, tariffs, and regulatory policy, we remain focused on long-term growth and value creation.”
The R2 compact SUV is seen as Rivian’s key volume product. Production and deliveries are planned to begin in the first half of 2026 at the company’s Normal, Illinois, plant, which will have capacity for up to 155,000 R2 units per year. Construction has also started on a second manufacturing site in Georgia, expected to add 400,000 units of annual capacity once complete.
Cash and equivalents totalled $7.09 billion at the end of September, with overall liquidity of $7.69 billion. Operating cash flow turned positive at $26 million, compared to an $876 million outflow last year. Free cash flow improved to minus $421 million from minus $1.15 billion.
“We believe the future car parc will be fully electric, autonomous, and software-defined,” Rivian said in its shareholder letter. “We remain confident in the opportunity ahead for Rivian.”
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