Rivian Automotive Inc (NASDAQ:RIVN) reported first-quarter 2026 results that topped analyst estimates across key metrics, as the electric vehicle maker kicked off scalable production of its long-awaited R2 model and expanded capacity at its Georgia manufacturing facility.
Revenue for the quarter ended March 31 came in at $1.38 billion, up 11% year-over-year and ahead of the consensus estimate of $1.36 billion, driven by a 20% increase in delivery volumes and a surge in software and services revenue.
The company delivered 10,365 vehicles during the quarter, with software and services revenue surging 49% year-over-year to $473 million.
Adjusted EBITDA came in at a loss of $472 million, better than the Street's estimate of a $512 million loss. Rivian ended the period with total liquidity of $5.39 billion.
Rivian said it has begun scalable production of the R2 and made first deliveries to employees, with external customer deliveries expected in the coming weeks. A Premium variant is targeted for late 2026, with a Standard model planned for 2027 at approximately $45,000.
The company raised initial production capacity at its Georgia plant by 50% to 300,000 vehicles annually and secured a Department of Energy loan of up to $4.5 billion, with the first draw expected by early 2027.
Rivian also announced a partnership with Uber to supply 10,000 fully autonomous R2 robotaxis with an option for up to 40,000 more by 2030 alongside an Uber investment of up to $1.25 billion through 2031, which analysts at Wedbush said "represents a validation of RIVN's tech roadmap and its integrated AI strategy."
Volkswagen Group also completed a $1 billion equity investment following a winter testing milestone.
Rivian reaffirmed full-year 2026 guidance, projecting deliveries of 62,000 to 67,000 vehicles, adjusted EBITDA of between negative $2.1 billion and negative $1.8 billion, and capital expenditures of $1.95 billion to $2.05 billion.
“We remain positive that Rivian continues chipping away at its long-term R2 buildout while looking to optimize its R1 production with greater focus on consistent execution over the coming quarters,” Wedbush analysts wrote.
Shares were down approximately 5% in early trading on Friday.