Rivian Q2 2025 Earnings Results

[ACDC]

Q2 2025 Earnings just released:

• Revenue: $1.30B (13% increase from Q2 last year)
• Net loss: $1.1 billion (improvement over its $1.5 billion net loss in the same period last year)
• Gross Loss: $206M
• OPEX: $908M
• Net Loss: $1.12B
• Gross loss/vehicle: ~$19,300 (-16% gross margin)
• Adjusted EBITDA Loss: $667M
• Cash & Equivalents: $7.5B
• Production: 5,979 | Deliveries: 10,661
• 2025 delivery guidance remains 40,000 to 46,000 vehicles

Link to shareholder letter:
https://downloads.ctfassets.net/2md...1c6b361/EX_-_99.2_2Q25_Shareholder_Letter.pdf

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[mkg3]

The Analysts, consensus is projecting a loss of 65 cents per share for Q2 2025, revenue of $1.26 billion.

The Street earning whisper number is a loss of ($0.41/Share), revenue of $1.27 billion.

Announced after the market close and the earnings call at 14.00 PDT

https://rivian-q2-earnings-webcast-2025.open-exchange.net/registration

 

[COdogman]

 

[Hereforthesnacks]

Ugh, that’s pretty bad again. Trending to dip below 40k annualized sales.

I’ll reiterate my unpopular opinion that Scaringe should go and an Ops person should replace him.

Sales are down 21% so far this year compared to 2024. Tesla was always growing on their way to launching the Model 3. Rivian is not doing the same.

I hold out hope that management change will catalyze the company! It’s too cool of a car/truck to have it fade away.

 

[VandalSibs]

Tesla didn't have a governmental environment that is actively hostile to EVs (and really, material imports in general) while on it's drive to the Model 3. Rivian does.

Additionally, It's hard to have a consistent outlook (and to make decisions based on that outlook) when major economic policies are being made, altered, and ignored on what can be best described as the random whims of the current administration.

This is something that is going to affect the entire automotive industry, not just Rivian.

 

[ACDC]

Link to shareholder letter:

https://downloads.ctfassets.net/2md...1c6b361/EX_-_99.2_2Q25_Shareholder_Letter.pdf

 

[Hillbilly]

We need R2 sales yesterday.

 

[Oldsmobile_Mike]

Tesla didn't have a governmental environment that is actively hostile to EVs (and really, material imports in general) while on it's drive to the Model 3. Rivian does.

Additionally, It's hard to have a consistent outlook (and to make decisions based on that outlook) when major economic policies are being made, altered, and ignored on what can be best described as the random whims of the current administration.

This is something that is going to affect the entire automotive industry, not just Rivian.

Exactly. Saw an article last week that Jim Farley (Ford) is expecting them to lose $2B due to tariffs. And today's news was that the administration is moving to claw back $7B in grants to the solar industry. Meanwhile, Rivian's wasting how much on lawyers for Georgia? And it's only a matter of time until they come after Rivian's DoE loan.

It's hard to not be "doom and gloom" all the time, but JFC. Every day there's more terrible news that will hurt ordinary Americans. Or as someone smarter than me put it: "Sure, on the one hand, this will make people worse off and contribute to climate change, but on the other hand it means higher demand on the energy grid which raises electricity prices for us all!"

 

[SASSquatch]

Tesla didn't have a governmental environment that is actively hostile to EVs (and really, material imports in general) while on it's drive to the Model 3. Rivian does.

Additionally, It's hard to have a consistent outlook (and to make decisions based on that outlook) when major economic policies are being made, altered, and ignored on what can be best described as the random whims of the current administration.

This is something that is going to affect the entire automotive industry, not just Rivian.

Bingo. Tesla was the only real player in the market when it was ramping up M3 production. Now there are insane levels of competition.

I've been saying this for many moons now: Rivian needs strategic partnerships to survive (as does everyone in the industry). As a shareholder, I want to see them do more with VW. A joint venture EREV utilizing shared expertise that will add additional options for consumers who don't want range anxiety but still want the benefits of a fully electric drivetrain (EREVs are fully electric and only use small, efficient ICE as a battery generator to extend range).

They need revenue and the million dollar question will be how much demand will there be for the R2 when it is ready. Rivian needs there to be steady demand.

They are facing a hostile EV environment from a government subsidy and regulation side, and they are facing economic headwinds in terms of warning signs in the economy and consumer spending. When the sh*t hits the fan, luxury purchases are the first ones to go.

 

[mkhuffman]

Tesla didn't have a governmental environment that is actively hostile to EVs...

This is false. A true statement would be "the current government doesn't want to take hard working taxpayer money to subsidize car companies like previous ones subsidized Tesla."

The free market should decide. I decided and I didn't need a subsidy to help me decide. I wanted the most awesome truck available in the market so that's what I bought. I don't need someone who has less resources than I do to subsidize my $100k truck. And the current government agrees with me.

 

[BigSkies]

Don't overthink it for the quarter-by-quarter stuff.

The stuff that actually matters for 2025:
1. Reiterate (or close to it) production & delivery guidance for the full year. Quarterly ups and downs down matter much as long as the full year is within guidance.
2. Give a not-disastrous view on gross margins for the year. This may be questionable with regulatory credit changes combined with tariff stupidity.

The stuff that matters for 2026:
1. R2 remains on track to launch on-time.
2. R2 product development continues to go well.
3. The Georgia factory remains on-track.
4. The DOE loan isn't going away

 

[NC-Rivian]

Bingo. Tesla was the only real player in the market when it was ramping up M3 production. Now there are insane levels of competition.

I've been saying this for many moons now: Rivian needs strategic partnerships to survive (as does everyone in the industry). As a shareholder, I want to see them do more with VW. A joint venture EREV utilizing shared expertise that will add additional options for consumers who don't want range anxiety but still want the benefits of a fully electric drivetrain (EREVs are fully electric and only use small, efficient ICE as a battery generator to extend range).

They need revenue and the million dollar question will be how much demand will there be for the R2 when it is ready. Rivian needs there to be steady demand.

They are facing a hostile EV environment from a government subsidy and regulation side, and they are facing economic headwinds in terms of warning signs in the economy and consumer spending. When the sh*t hits the fan, luxury purchases are the first ones to go.

Tesla was built on the back of the sale of ”credits” to other manufacturers to make the EPA happy. Vehicles are an aside.

 

[DuoRivians]

Tough road ahead for Rivian. Can’t sugarcoat it. Lack of $7500 EV tax credit and regulatory credits make it really hard for EV startups to scale

 

[MountainBikeDude]

Ugh, that’s pretty bad again. Trending to dip below 40k annualized sales.

I’ll reiterate my unpopular opinion that Scaringe should go and an Ops person should replace him.

Sales are down 21% so far this year compared to 2024. Tesla was always growing on their way to launching the Model 3. Rivian is not doing the same.

I hold out hope that management change will catalyze the company! It’s too cool of a car/truck to have it fade away.

There are so many industry headwinds Rivian has faced since R1 launch. Now it's the loss of the EV credit, EV incentives from a federal standpoint across the board, and international trade relations going sideways and being shuffled around like a deck of cards.

Comparing Rivian now to Tesla at the same stage is a bit difficult. On one hand Rivian has the advantage of sourcing components more easily, due to other EV players in the same space (Battery cells as an example) While for Tesla at this stage, it had the benefit of being the only true ground up EV, but also had nearly no competition. Their closest competitor at the time was the Nissan Leaf, and a handful of Honda Insights.

While I agree. not a great year for Rivian, I think it's done what it can to continue on a longer term trajectory in spite of currently only producing 2 halo vehicles.

 

[Jonger1150]

This is false. A true statement would be "the current government doesn't want to take hard working taxpayer money to subsidize car companies like previous ones subsidized Tesla."

The free market should decide. I decided and I didn't need a subsidy to help me decide. I wanted the most awesome truck available in the market so that's what I bought. I don't need someone who has less resources than I do to subsidize my $100k truck. And the current government agrees with me.

How about no tax credits and no tariffs.

How about free market?

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