Overview
- Rivian shares jumped nearly 27% on Feb. 13 after Q4 results, which included $1.29 billion in revenue, a 9% gross margin, and the company’s first annual gross profit with an adjusted loss per share of $0.54.
- Management guided for 62,000–67,000 deliveries in 2026 tied to the lower-priced R2, with a full reveal set for March 12 and initial customer deliveries expected in the second quarter.
- Stifel lifted its price target to $20 from $17, citing better-than-expected guidance, margin progress, and favorable early reviews of R2, and it flagged Software & Services growth as a key driver.
- Rivian reported $447 million in Q4 Software & Services revenue and $179 million in gross profit, with about 60% from its Volkswagen joint venture, which unlocked another $1 billion tranche as SSP testing advanced.
- Analyst views are split, with UBS staying cautious on R2 execution, margins, and cash burn as DA Davidson moved to Underperform, while Deutsche Bank upgraded to Buy and Cantor kept a Neutral stance; the stock has given back much of last week’s surge and traded near $16 premarket Thursday.