Rivian Automotive (NasdaqGS:RIVN) Q4 2025 Earnings call February 12, 2026 05:00 PM ET Company ParticipantsAndrew Percoco - Executive Director of Equity ResearchClaire McDonough - CFOJames Picariello - Director and Head of US Autos ResearchJavier Varela - COOJoseph Spak - Managing DirectorRJ Scaringe - CEO and FounderConference Call ParticipantsBen Kallo - Senior Research AnalystChris Pierce - Senior AnalystDan Levy - Senior Equity Research AnalystEmmanuel Rosner - Managing Director and Senior Autos and Auto ...

Rivian Automotive (NasdaqGS:RIVN) Q4 2025 Earnings call February 12, 2026 05:00 PM ET Speaker2Good afternoon, and thank you for joining us for Rivian's fourth quarter and full year 2025 earnings call. Today, I'm joined by RJ Scaringe, our CEO and founder, Claire McDonough, our Chief Financial Officer, and Javier Varela, our Chief Operating Officer. Before we begin, matters discussed on this call, including comments and responses to questions, reflect management's views as of today. We will also be making st ...

Hello and welcome to Ask for a Trend. I'm Josh Lipton and for the next half hour, we are breaking down the trends of today that'll move stocks tomorrow. There's a lot to keep track of, so we're focusing on what you need to know to get ahead of the curve.Here are some of the trends we're going to be diving right into. Was another tough day for tech stocks on Wall Street and it's software coming under pressure again. But tech editor Deni suggests the fears are overblown.He makes his case straight ahead. Plus, ...

Rivian shares seeing a big move higher in the after hour session after reporting results moments ago. Philau has uh now the CEO of Rivian R. J.Scr for his first comments before the call. Phil, thank you Melissa. RJ, good to be here in Irvine.Let's start first off fourth quarter you lose money again. You're expecting to lose anywhere between 1.8% and 2.1% this year. When does this company get to sustain profitability.>> Well, Q4 for us was a really important quarter. This was the first u quarter where we've ...

Core Insights - Rivian anticipates delivering up to 67,000 electric vehicles (EVs) in the current year, indicating a significant ramp-up in production capacity [1] - The company plans to invest over $2.1 billion in capital expenditures to support its expansion roadmap, highlighting its commitment to growth and development in the EV market [1] Company Summary - Rivian's delivery target of 67,000 EVs represents a strategic goal to enhance its market presence and meet increasing consumer demand for electric vehicles [1] - The planned capital expenditures of more than $2.1 billion will likely be allocated towards scaling production facilities, enhancing technology, and expanding product offerings [1]

Core Insights - Rivian reported Q4 2025 revenue of $1.286 billion, exceeding market expectations of $1.263 billion [1] - The company posted an adjusted loss per share of $0.54, better than analyst expectations of a loss of $0.69 [1] - Vehicle deliveries in Q4 totaled 9,745 units, slightly below the analyst forecast of 9,964 units [1]

Automotive revenue, which makes up most of the company's top line, fell 45% to $839 million in the fourth quarter. ...

Manufacturing and Production Capacity - Rivian's manufacturing facility in Normal, Illinois has an annual production capacity of up to 215,000 vehicles, with a planned split of 155,000 R2 vehicles, 85,000 R1 vehicles, and 65,000 Rivian Commercial Vans[41]. - The company plans to construct a second manufacturing facility in Georgia with an anticipated capacity of 400,000 vehicles annually, starting production in 2028[42]. - The Normal Factory is currently operating below full production capacity, with no certainty on when production capacity will expand[118]. - The company is experiencing significant delays in vehicle manufacturing and delivery, which could adversely affect its business and financial condition[117]. Financial Performance and Projections - The company incurred net losses of $5,432 million, $4,746 million, and $3,626 million for the years ended December 31, 2023, 2024, and 2025, respectively, and does not expect to achieve profitability in the foreseeable future[91]. - Significant capital will be required to develop and grow the business, including costs related to production, research and development, and expanding sales and service operations[95]. - The company anticipates needing additional equity and/or debt financing in both the near- and long-term to support its business plan, which may be affected by market conditions and investor confidence[96]. - The company may not be able to accurately estimate the supply and demand for its vehicles, leading to inefficiencies and potential revenue loss[154]. Market and Competitive Landscape - The company faces intense competition in the EV market from both established automotive companies and new entrants, which may affect its market share and pricing strategies[101]. - Future growth is dependent on the adoption of EVs by consumers and commercial fleets, with the need for effective marketing and education on the benefits of EVs[105]. - The automotive industry is experiencing volatility in demand, influenced by factors such as economic conditions, interest rates, and government incentives, which could impact sales and revenue[100]. - Legislative changes and the rollback of government incentives for EVs could negatively impact customer demand and the company's growth prospects[110]. Supply Chain and Raw Materials - Rivian's supply chain faces challenges, particularly with battery raw materials like lithium and nickel, which are critical for vehicle production[50]. - There are potential challenges in securing necessary raw materials and components, which could impact production timelines and costs[118]. - The company has experienced significant cost increases and disruptions in the supply of raw materials, components, and equipment, which could adversely affect its business and financial condition[140]. - The company is exposed to fluctuations in prices of raw materials and components, which could increase operating costs and reduce margins if not managed effectively[153]. Technology and Innovation - Rivian's Autonomy+ feature significantly expanded its assistive hands-free driving capabilities from fewer than 150,000 miles to over 3.5 million miles of roads in North America[37]. - The company plans to introduce new EV models and technologies, including financing and software solutions, to meet evolving consumer expectations and market demand[111]. - The company is dependent on a joint venture for software development, which may introduce vulnerabilities if updates are not managed effectively[175][177]. Customer and Market Engagement - The company aims to generate a recurring revenue stream through value-added software and services, including vehicle repair, maintenance, and software subscriptions[37]. - Rivian's ability to offer attractive financing and leasing options is critical for vehicle demand, with potential financial risks if these options are limited[162]. - Future success depends on increasing sales of commercial vehicles and securing agreements with businesses, which involves complex sales cycles and competition[173]. Regulatory and Compliance Issues - Rivian's vehicles, including R1T, R1S, EDV, and Rivian Commercial Van, are fully compliant with all applicable NHTSA Safety Standards without the need for exemptions[60]. - The company has received EPA Certificates of Conformity and California Executive Orders for applicable model years for its vehicles[61]. - The company is subject to various international risks, including regulatory changes, supply chain disruptions, and geopolitical tensions[217]. Workforce and Talent Management - Rivian's workforce comprised 15,232 employees across North America and Europe as of December 31, 2025[79]. - The company has increased compensation to attract talent in the Normal, IL area, indicating a competitive hiring environment[220]. - The ability to provide competitive compensation and benefits is crucial for attracting and retaining employees, especially in light of stock price fluctuations[221]. Environmental and Social Responsibility - The company aims to match 100% of the energy consumed by vehicles with clean energy for the first 10,000 miles of driving[84]. - Rivian is exploring options to embed circular principles into its business to reduce waste and decarbonize operations[77]. - Rivian's philanthropic efforts through the Rivian Foundation aim to protect nature and advance a better energy future[82]. Risks and Challenges - The company faces significant risks related to product liability claims, which could adversely affect its financial condition and cash flows[211]. - A significant portion of the company's automotive revenues comes from Amazon Logistics, which represents 12.7% of its voting power as of December 31, 2025, and any changes in this relationship could materially affect the company's financial condition[156]. - The company is highly dependent on the services and reputation of its Founder and CEO, Robert J. Scaringe, and any adverse events affecting him could significantly disadvantage the company[160].

Core Insights - Rivian Automotive reported fourth-quarter revenue of $1.29 billion, a decrease from $1.73 billion in the same quarter last year, but above the consensus estimate of $1.27 billion [2][3] - The company experienced a significant decline in automotive revenue, which totaled $839 million, down 45% year-over-year, attributed to lower vehicle deliveries and average sales price [3] - Rivian's software and services revenue increased by 109% year-over-year, reaching $447 million in the fourth quarter [3] - The company reported a loss of 54 cents per share, which was better than the expected loss of 68 cents per share [3] - Rivian's consolidated gross profit for the fourth quarter was $120 million, with a full-year gross profit of $144 million, an improvement of $1.3 billion compared to fiscal 2024 [4] Production and Deliveries - Rivian produced 10,974 vehicles and delivered 9,745 vehicles in the fourth quarter, with total deliveries for the fiscal year reaching 42,247 vehicles [4] - The full-year revenue for Rivian was $5.39 billion, reflecting an 8% increase year-over-year [4] Future Outlook - The company plans to deliver the R2 vehicle to customers in the second quarter of 2026, with expectations of strong early reviews for pre-production builds [6] - Rivian provided guidance for 2026, projecting deliveries of 62,000 to 67,000 vehicles, a significant increase from 2025 [6] - Adjusted EBITDA is expected to range from a loss of $2.1 billion to a loss of $1.80 billion for fiscal 2026, with capital expenditures estimated between $1.95 billion and $2.05 billion [7] Stock Performance - Rivian's stock rose by 16.6% to $16.30 in after-hours trading, within a 52-week trading range of $10.36 to $22.69 [8]

Core Insights - Rivian has announced its delivery expectations for 2026, with a range of 62,000 to 67,000 vehicles, surpassing analyst estimates of 63,402 vehicles [1] - The company's stock surged by 13% in after-hours trading following the announcement [1] - Rivian also stated that its long-awaited mid-size SUV model is set to begin deliveries in the second quarter [1] Financial Performance - For the fourth quarter, Rivian reported revenue of $1.29 billion, a 26% year-over-year decline, compared to the expected revenue of $1.26 billion [1] - The adjusted loss per share was $0.54, compared to a loss of $0.46 in the same period last year, while the expected loss was $0.69 [1]