Rivian Automotive Inc (NASDAQ:RIVN) shares surged almost 13% after delivering better-than-expected third quarter financial results.
The electric vehicle maker posted revenue of $1.56 billion, up 78% from the same quarter last year and surpassing analyst forecasts of $1.5 billion.
Automotive revenue reached $1.14 billion, a 47% increase year-over-year, supported by higher vehicle deliveries and average selling prices.
Software and services revenue grew 324% to $416 million, reflecting Rivian’s expanding offerings in vehicle electrical architecture and software development.
Vehicle deliveries reached 13,201 units in the quarter, marking the company’s highest quarterly total for 2025. Production totaled 10,720 vehicles at Rivian’s Normal, Illinois, facility.
Rivian reported a profit of $24 million, turning a prior-year loss into a profit. Adjusted earnings per share came in at a loss of $0.65, better than the $0.72 loss per share expected by analysts.
Looking ahead, Rivian reaffirmed its full-year 2025 adjusted EBITDA loss forecast of $2 billion to $2.25 billion and capital expenditures of $1.8 to $1.9 billion.
The company added that it is on track for the launch of its more affordable R2 SUV in the first half of 2026 and continues to expand manufacturing capacity.
Wedbush analysts repeated their ‘Outperform’ rating and $16 price target on Rivian post-earnings, noting that the Q3 results included a top-line beat but a miss on adjusted EBITDA, reflecting higher operating expenses tied to the R2 product line, software development, and autonomous technology investments.
Looking ahead, the analysts highlighted the importance of successfully navigating macroeconomic and EV market headwinds, including tariffs and the expiration of federal EV tax credits.
“We remain positive in the long-term Rivian vision that is amid a massive transformation by preparing to ramp its R2 and midsize platform supply chains with improving autonomous capabilities, which is gaining traction across its customer base while navigating significant macro headwinds impacting the EV landscape,” they wrote.