Rivian Automotive (RIVN, Financials) delivered a better-than-expected quarter, but slower shipments and macro pressures led Wedbush to trim its price target to $18. The firm kept its Outperform rating, betting on Rivian’s long-term potential.
Rivian’s Q1 revenue came in at $1.24 billion, outpacing the $997.7 million Wall Street expected. The company also posted a smaller adjusted EBITDA loss of $300 million, beating forecasts from both Bank of America and broader consensus.
Despite the upside, Rivian cut its full-year delivery outlook to 40,000–46,000 vehicles. Q1 deliveries fell to 8,640 — down 36% from a year ago. The drop comes as Rivian works to lower costs and stay on track for profitability.
Bright spots included software and services revenue, which jumped to $318 million from $214 million. Gross margin improved to 17%, with a second straight quarter of positive gross profit ($26 million), helped by regulatory credits and Volkswagen (VOWG_p) payments tied to their partnership.
Rivian also teased a fall event — “AI and Autonomy Day” — to outline its next steps in driver-assist tech and data-driven autonomy features.
Wedbush says the long-term thesis remains intact, but macro uncertainty and cost discipline could weigh on short-term performance.
