Q1 2026 Rivian Automotive Inc Earnings Call Transcript
Key Points
- Rivian Automotive Inc (RIVN) has successfully started the production of its R2 model, marking a significant milestone for the company.
- The R2 model is expected to be a game-changer, offering a high-quality EV option in the popular five-passenger SUV and crossover segment.
- Rivian has achieved structural cost reductions for the R2, with the bill of materials expected to be approximately half of the R1 platform.
- The company has increased the production capacity for its Georgia plant by 50%, aiming for 300,000 units annually, which is expected to boost cost efficiency.
- Rivian has announced a strategic partnership with Uber to accelerate its autonomous vehicle goals, with plans to roll out point-to-point capabilities by the end of the year.
- Rivian Automotive Inc (RIVN) reported an adjusted EBITDA loss of $472 million for the first quarter, driven by increased operating expenses.
- Automotive gross profit loss was $62 million, primarily due to a decrease in sales of automotive regulatory credits and lower production volumes.
- The company faces challenges from macroeconomic and geopolitical factors, including supply chain risks and elevated costs.
- Rivian's normal factory sustained damage from a tornado, impacting production, although the company maintains its 2026 guidance.
- The complexity of launching a new vehicle is expected to negatively impact automotive gross profit in the second and third quarters before improving in the fourth quarter.
Good afternoon, and thank you for joining us for Rivian's first-quarter 2026 earnings call.
Today, I'm joined by RJ Skrinj, our CEO and Founder, Claire McDonough, our Chief Financial Officer, and Javier Varela, our Chief Operations 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 statements related to our business, operations, and financial performance that may be considered forward-looking statements under federal securities law.
Such statements involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are described in our SEC filings and the earnings presentation we filed with the SEC today.
During this call, we will discuss both GAAP and non-GAAP financial measures. A reconciliation of historical non-GAAP to GAAP financial measures is provided in our earnings presentation and press release.
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