Rivian stock rises after Q3 beat as pull-forward in sales leads to gross profit; R2 midsize SUV on track for 2026

Core Insights - Rivian reported third quarter results that exceeded estimates, with revenue of $1.55 billion, a 78% increase year-over-year, driven by a pull-forward in deliveries [1] - The company posted a loss per share of $0.65, better than the estimated loss of $0.71, while adjusted EBITDA loss was $602 million, slightly worse than the estimated $570.7 million [2] - Rivian maintained its full-year loss projection, reiterating an adjusted 2025 full-year EBITDA loss in the range of $2 billion to $2.25 billion [3] Financial Performance - Revenue for Q3 was $1.55 billion compared to the estimated $1.49 billion, marking a 78% increase from the previous year [1] - Gross profit was reported at $24 million, recovering from previous losses, while the adjusted EBITDA loss was $602 million [2] - The company continues to project a full-year loss, with capital expenditures estimated between $1.8 billion and $1.9 billion [3] Production and Delivery - In Q3, Rivian produced 10,720 vehicles and delivered 13,201 vehicles, aligning with expectations for a strong quarter [4] - The company maintained its 2025 delivery guidance range of 41,500 to 43,500 vehicles, narrowed from a previous range of 40,000 to 46,000 vehicles [4] Strategic Initiatives - The development of the R2 midsize crossover is crucial for boosting sales, with production on track for release in the first half of 2026 [5] - Rivian has completed the installation of all lines for the R2 body shop and expects to begin manufacturing validation builds by year-end [5]