Rivian (RIVN) stock surged on Friday morning after the EV-maker reported strong delivery guidance for the year, as it ramps up for the release of its R2 vehicle which the company said is on track for the second quarter of this year.
The company expects vehicle deliveries for 2026 in a range of 62,000 to 67,000 units, meeting Wall Street estimates of around 63,400 units and suggesting the upcoming R2 will boost sales.
Crucially, the company said its upcoming R2 midsize vehicle is targeting customer deliveries for the second quarter, after early manufacturing validation builds rolled off the assembly line in January.
Rivian stock surged over 20% in early trade on Friday.
“This is for us a really key inflection here, where we’re going to demonstrate the long term profitability of the business with R2, such an important program for us in terms of adding scale to business,” CEO RJ Scaringe said in an interview with Yahoo Finance.
That being said, Rivian sees its adjusted EBITDA loss for 2026 in a range of $1.80 billion to $2.10 billion versus a loss of $1.8 billion expected, with capital expenditures of $1.95 billion to $2.05 billion, meeting estimates of $2.05 billion.
“RIVN provided solid FY26 delivery guidance while providing EBITDA targets below the Street expectations as the company ramps its new and existing vehicle lines to generate stable revenue growth while investing strategically across the business,” Wedbush analyst Dan Ives wrote in a note to clients.
And for a second quarter in a row, the company posted a gross profit of $120 million, broken down between a loss of $59 million for the automotive segment and a $179 million gain from software and services. Rivian said the jump in software and services profit is due to “vehicle architecture and software development services” stemming from its joint venture with Volkswagen (VOW3.DE).
For the year, Rivian’s adjusted EBITDA loss came in at $2.063 billion, wider than estimates of $1.8 billion but within the company’s forecast. Capital expenditures for the year hit $1.710 billion, versus estimates of $2.05 billion.
Cash and cash equivalents tallied $6.082 billion at the end of the fourth quarter, around $1 billion less than last quarter. Rivian said it had $6.588 million in total liquidity — crucial as it ramps up R2 production.
“We will be opportunistic with regards to additional capital raises,” Scaringe said, adding that Rivian anticipates another $2 billion in cash and debt from its joint venture with Volkswagen this year.
