Overview
- Shares fell about 14% this week after initially jumping on Rivian’s 2026 delivery outlook, according to S&P Global Market Intelligence data.
- The company guided 62,000 to 67,000 vehicle deliveries for 2026, with the lower-priced R2 slated to begin customer deliveries in Q2 and expand production from a single shift.
- Q4 revenue totaled $1.3 billion with a $120 million consolidated gross profit, as software and services generated $179 million in gross profit at mid‑30% margins.
- Rivian projected a 2026 adjusted EBITDA loss of $1.8 billion to $2.1 billion and capex of roughly $2 billion, signaling continued cash burn during the R2 ramp.
- Liquidity stood at about $6.1 billion at year-end, while analyst reactions were mixed, including Baird trimming its price target to $23 and TD Cowen raising to $17 with a Hold.