Q1 2026 Earnings Results. Georgia Plant Capacity Increased to 300K Vehicles!

[Nadus]

So, up til now, GA was always discussed as R2/R3 production site. Now the wording is Midsized Platform.

Some unknown new vehicle(s) coming from Rivian sooooon?

During the call, they mentioned variants of the R2 and R3 would be produced in Georgia, which I took to mean a small truck. Maybe just wishful thinking on my end, but that's what immediately popped into my noggin.

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[Dark-Fx]

It's the hypercar I've been recommending for ages. Stick the new quad motors in a beautiful looking super/hyper car and there you have it-mid life crisis at it's best!

I just want something with a removable roof.

 

[savethemanual]

Apparently analyst are not happy with no pre-order numbers mentioned when asked on the call, they always find something to bring the stock down. Ha!

 

[mkg3]

Since I listen to lots of earnings calls for stocks I own, this particular call was one of the worst I've heard in a quite a while.

Many questions from analysts were never directly answered - obliquely answered without actually answering. Two in particular were:
Q: impact of raw material and supplier cost increases in terms of costs
A: We work closely with 100s of suppliers and are engaged in raw materials

Q: DOE loan reduction initiated by Rivian or DOE and why?
A: We have a good working relationship with DOE

If you look at the after hours price action as the call happened, it looks like a ski slop going staring down with each passing minutes.

 

[Golfer04]

Since I listen to lots of earnings calls for stocks I own, this particular call was one of the worst I've heard in a quite a while.

Many questions from analysts were never directly answered - obliquely answered without actually answering. Two in particular were:
Q: impact of raw material and supplier cost increases in terms of costs
A: We work closely with 100s of suppliers and are engaged in raw materials

Q: DOE loan reduction initiated by Rivian or DOE and why?
A: We have a good working relationship with DOE

If you look at the after hours price action as the call happened, it looks like a ski slop going staring down with each passing minutes.

I've never understood Rivian being so evasive on these calls. I listen to these sometimes professionally and this one is the new leader in the worst call ever category.

 

[savethemanual]

Since I listen to lots of earnings calls for stocks I own, this particular call was one of the worst I've heard in a quite a while.

Many questions from analysts were never directly answered - obliquely answered without actually answering. Two in particular were:
Q: impact of raw material and supplier cost increases in terms of costs
A: We work closely with 100s of suppliers and are engaged in raw materials

Q: DOE loan reduction initiated by Rivian or DOE and why?
A: We have a good working relationship with DOE

If you look at the after hours price action as the call happened, it looks like a ski slop going staring down with each passing minutes.

I've never understood Rivian being so evasive on these calls. I listen to these sometimes professionally and this one is the new leader in the worst call ever category.

I agree, they avoid a straight answer worse than a politician, but the results were solid for the quarter and consistent with the direction in which Rivian has always stated they are headed.

 

[PVguy]

It's earnings day. The earnings call webcast starts at 5pm ET - link:

https://rivian-q1-earnings-webcast-2026.open-exchange.net/registration



Q1 2026 results:

Revenue: $1.381B
Gross Profit: $119M ($59M in credits)
- Automotive: -$62M
- Software: $181M

OPEX: $1.0B
Net Loss: -$416M

Adjusted EBITDA Loss: -$472M
Cash & Short-Term Investments: $4.83B

Production: 10,236
Deliveries: 10,365


More data (summarized by @SANZC02)

• Started production of saleable R2 vehicles and made first deliveries to employees with external customer deliveries expected in the coming weeks
• Consolidated revenue growth of 11 percent year-over-year and generated $119 million of consolidated gross profit for the quarter
• Increased Georgia plant initial production capacity to 300,000 vehicles annually; expects first advance on $4.5 billion DOE loan in early 2027
• Robotaxi partnership with Uber to deploy up to 50,000 fully autonomous robotaxis
• $1 billion of funding from Volkswagen Group through successful completion of winter testing

Do these two stories seem contradictory or misleading?
https://www.autonews.com/rivian/an-rivian-reports-q1-earns-after-sales-gain/

 

[VSG]

During the call, they mentioned variants of the R2 and R3 would be produced in Georgia, which I took to mean a small truck.

I'm pretty sure all they meant was the vehicles for Uber and the vehicles for the European market. The R2 and R3 are considered the same platform, MSP.

 

[Gen(R3)Xer]

I've clicked "do not recommend" and have done the same with the Youtubers. Its incredible how often they can be wrong and yet still get visits. Has done wonders for my peace of mind, honestly. I don't know how people can delve themselves into constant negativity. It is truly exhausting.

They’re just chasing the algorithm. It feeds off of human negativity, mainly fear and hate. I don’t like it either. I want to watch positive news about the EV industry, not politically motivated poison or clickbait meant to enrage you.

It’s time we start going after big tech companies that have been promoting this garbage. There have been some successful lawsuits recently, particularly against the impact of social media and AI on youth suicide. It’s affecting everyone though.

 

[kurtlikevonnegut]

Yeah but they declined federal loans for the second phase. And it’s not like Rivian is in a position to self fund via positive cash flows

It's possible that they are in discussions to identify a location for local manufacturing in the EU or GBR that would take on some of the planned capacity of the Georgia site. Given the state of things over there and the general dislike for Tesla's leadership, there may be some mutual interest.

Or they may be negotiating a manufacturing JV with VAG to build Euro-market R2/3 at VAG plants.

 

[BigSkies]

Yeah but they declined federal loans for the second phase. And it’s not like Rivian is in a position to self fund via positive cash flows

There isn't positive cash flows, but looking at their statement of cash flows shows a generally better picture than most people get from the loss numbers on their income statement.

Of those losses on their income statement, about $200M per quarter is stock based comp, and $200M per quarter is depreciation. These are real expenses, but cash burn is lower than exists in most people's imagination. Operating Cash Flow even turned slightly positive in Q2 and Q3 last year.

The next few quarters will look ugly from a cash flow standpoint as working capital gets committed to the R2 launch, but that will improve once production, inventory and sales stabilize.

I guess my point is that Rivian isn't the cash-incinerator it was before the Gen 2 launch. They don't have billions in capital to throw around on vanity projects. But they have access to capital to hit their growth targets. This is a pretty big change, as I remember writing some comments a while back about how I wasn't sure they'd have the capital they needed.

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