Rivian Q1 preview: R2 production ramp, outlook, and cash burn in focus

Rivian (RIVN) volition study archetypal 4th net aft the doorbell connected Thursday, arsenic the pure-play EV-maker navigates launches of its highly anticipated R2 midsize SUV, portion managing its currency pain and conveyance production.

For the quarter, Rivian is expected to study gross of $1.39 cardinal per Bloomberg statement estimates, down 27% from a twelvemonth ago. The institution is expected to station an adjusted EPS nonaccomplishment of $0.59, with an EBITDA (earnings earlier interest, taxes, depreciation, and amortization) nonaccomplishment of $499.72 million.

Last quarter, the institution posted a gross nett of $120 million, breached down betwixt a nonaccomplishment of $59 cardinal for the automotive conception and a $179 cardinal summation from bundle and services. Rivian said the leap successful bundle and services nett was owed to "vehicle architecture and bundle improvement services" stemming from its associated task with Volkswagen (VOW3.DE).

Key for investors is the presumption of the company’s R2 accumulation rollout. Last week the institution announced the commencement of accumulation for the R2 astatine its works successful Normal, IL, with lawsuit deliveries starting “later this spring.”

“We are truly excited to beryllium producing R2 for our customers,” said Rivian CEO RJ Scaringe said successful a institution blog post. “The conveyance is unthinkable — it’s the effect of each the hard enactment and dedication of the Rivian team. I can’t hold for customers to acquisition R2!”

Currently the institution is producing and selling its larger R1T and R1S EVs, and its EDV transportation vehicles. Earlier this period the institution announced it produced 10,236 vehicles and delivered 10,365 vehicles successful Q1. Crucially, Rivian reaffirmed its 2026 transportation scope guidance of 62,000 to 67,000 vehicles.

Last 4th the institution released its full-year projections. Rivian sees its adjusted EBITDA nonaccomplishment for 2026 successful a scope of $1.80 cardinal to $2.10 billion, with superior expenditures of $1.95 cardinal to $2.05 billion.

For comparison, past twelvemonth the institution reported a adjusted EBITDA nonaccomplishment of $2.063 billion, with capex hitting $1.71 billion.

Rivian’s currency stockpile volition beryllium different cardinal metric to watch. Last period Rivian announced it unlocked different $1 cardinal successful concern from its JV spouse Volkswagen. The currency comes arsenic the 2 companies successfully tested the archetypal conveyance coming from the JV - the VW ID.EVERY1, which includes Rivian bundle and level tech.

Also successful March, Rivian announced a robotaxi woody with Uber (UBER). In speech for $1.25 cardinal successful investment, Urber volition person up to 50,000 autonomous R2 EVs.

At the extremity of Q4, Rivian’s currency and currency equivalents tallied $6.082 astir $1 cardinal little than the anterior quarter. Rivian said it had $6.588 cardinal successful full liquidity astatine the time.