Electric vehicle company Rivian Automotive (NASDAQ:RIVN) reported second quarter financial results after market close Tuesday.
Here are the key highlights.
What Happened: Rivian reported second-quarter net sales of $1.303 billion, up 5.1% year-over-year. The revenue beat a Street consensus estimate of $1.29 billion according to data from Benzinga Pro.
The company reported an adjusted loss of 97 cents per share. It missed the Street consensus estimate — a loss of 76 cents per share.
Rivian previously stated it produced 5,979 vehicles and delivered 10,661 cars in the quarter. The results come with production limited.
Rivian announced that it received a $1 billion equity investment from Volkswagen Group (OTC:VWAGY) as of June 30.
The company said it is on track for the progress of the highly anticipated R2 vehicle. Design validation is ongoing, and testing is underway.
"This quarter we made significant progress in R2 development and testing. We also substantially completed the expansion of our Normal, Illinois facility and have begun installing manufacturing equipment in preparation for our start of production," Rivian CEO RJ Scaringe said.
Read Also: Rivian Q2 Earnings Preview: Will Investors Wait For R2 Launch, 2026 Catalysts?
What's Next: Rivian said recent policy actions could impact financial results and cash flows, while remaining committed to the long-term opportunity for growth and profitability.
"Rivian remains focused on developing world class technology and efficiently scaling its manufacturing capacity in the United States in light of these policy changes," the company said.
Rivian is maintaining its 2025 delivery guidance of a range of 40,000 to 46,000 vehicles.
Rivian plans to commission its new R2 line in the third quarter. The Normal factory will close for three weeks in September to increase manufacturing capacity to 215,000 units.
Due to changes with regulatory credits and the second-quarter performance, Rivian is increasing its guidance range for an adjusted EBITDA loss in the range of $2 billion to $2.25 billion.
"Along with R2, our autonomy platform continues to be one of our major focus areas, and we're excited to share more of our roadmap later this year," Scaringe said.
RIVN Price Action: Rivian stock is down 4% to $11.68 in after-hours trading Tuesday versus a 52-week trading range of $9.50 to $17.14.
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