Rivian has released its Q2 2025 financial results, revealing a mixed performance. While revenue came in slightly above expectations, higher operating costs, new tariffs, and the upcoming expiration of federal EV tax credits contributed to a wider full-year loss forecast.
Despite these challenges, the automaker reaffirmed its delivery targets and highlighted continued progress on its upcoming R2 SUV.
Rivian reported revenue of $1.303 billion for the quarter, surpassing consensus estimates of $1.29 billion and marking a 5.1% increase year-over-year. However, the company posted an adjusted loss of $0.97 per share—wider than the $0.76 per share loss analysts had expected.
Net losses for the quarter totaled $1.1 billion, an improvement over the $1.5 billion loss during the same period last year.
Vehicle deliveries reached 10,661 units, down 22% compared to Q2 2024, while production totaled just 5,979 vehicles. The production dip, attributed to preparation for upcoming 2026 model year vehicles and broader supply chain challenges, represents a 37% year-over-year decline.
Despite the production slowdown, Rivian reaffirmed its full-year delivery target of 40,000 to 46,000 vehicles, citing an expected delivery peak in Q3. However, due to increased costs and upcoming policy changes in the U.S., the company revised its adjusted EBITDA loss projection for the full year to a range of $2.0 billion to $2.25 billion, up from the previously forecasted $1.7 billion to $1.9 billion.
CEO RJ Scaringe pointed to several external pressures, including the 25% tariff on EVs and components and the upcoming expiration of the federal EV tax credit on September 30, as key factors impacting profitability.
A significant bright spot in Rivian’s update is the ongoing development of its R2 SUV. The company has completed major facility expansions at its Normal, Illinois plant and has begun installing manufacturing equipment for the R2 production line, which is scheduled to be commissioned in Q3.
Rivian plans to pause operations for three weeks in September to accommodate the transition, ultimately boosting production capacity to 215,000 units annually.
The R2 is expected to begin production in the first half of 2026, and validation prototypes are already being tested. Rivian views the model as critical to its future profitability, with a cost structure designed to deliver faster positive gross margins compared to its R1 lineup.
Rivian shares fell nearly 4% in after-hours trading following the release of the report.
