Rivian Automotive : Shareholder Presentation (EX 99 1Q26 Rivian Earnings Presentation)

Published: 2026-04-30 20:09:09 ET RIVN

Published on 04/30/2026 at 08:09 pm EDT

April 30, 2026

Table of Contents

Q1 2026 Business Summary

Progress on Rivian's Strategic Priorities

R2 is Designed for Big Adventures and Everyday Use

Profitably Delivering R2 at an Accessible Price

Optimized Capacity for Georgia Plant

Strategic Partnerships Update

Strategic Investments Update

Summary Financial Performance and Operating Metrics

Automotive Segment Performance

Software and Services Segment Performance

Balance Sheet and Liquidity

Business Outlook

Quarterly Financial Performance

Condensed Consolidated Balance Sheets

Condensed Consolidated Statements of Operations

Condensed Consolidated Statements of Cash Flows

Depreciation and Amortization & Stock-Based Compensation Expense

Reconciliation of Non-GAAP Financial Measures and Definitions

‌Q1 2026 Business Summary

Continued R2 and technology execution, updated Georgia plans and Department of Energy loan

This quarter the Rivian team executed across many fronts, laying a strong foundation for the years ahead. As an American automotive technology company, we are building for a future that we believe will be fully electric, autonomous and AI-defined. With our category-defining brand, the start of production and deliveries of R2, our technology roadmap and a direct-to-customer ownership experience, we are excited about the opportunity ahead for our customers and our business.

Last week in Normal, Illinois, our team celebrated the start of saleable R2 production. It is an exciting milestone in Rivian's history and is the culmination of all the hard work and energy from so many people across the company. In an American automotive marketplace starved for high-quality EV choice, we believe R2 is an attractively priced option that is sized for everyday adventures. We could not be more excited to start getting this incredible vehicle in the hands of our customers this spring.

We are pleased to partner with the U.S. Department of Energy ("DOE") to grow our manufacturing footprint in Georgia. We made the strategic decision to increase the initial phase of production capacity by 50%, bringing it to 300,000 units for our mid-sized vehicle platform. This change is expected to boost cost efficiency, while still providing significant room for future expansion in later phases.The up to $4.5 billion DOE loan ($4,006 million principal and $494 million capitalized interest) to build our Georgia facility provides low cost financing that will enable Rivian to grow American jobs and establish stronger U.S. technology and manufacturing leadership while further scaling our customer base.

In March, we were excited to announce a new partnership with Uber to accelerate our shared autonomous vehicle goals, including plans for future R2 robotaxis. This partnership includes an investment of up to $1.25 billion from Uber subject to technical milestones and conditions.

Additionally, the Rivian and Volkswagen Group Technologies joint venture ("RV Tech") successfully completed winter weather testing of its production-intent zonal architecture for first generation Volkswagen Group software-defined vehicles. Achieving this milestone unlocked a $1 billion investment in Rivian by Volkswagen Group which we received today.

In the first quarter, Rivian generated approximately $1.4 billion of revenue, an 11% increase over the same quarter last year driven by a 20% year-over-year increase in delivery volumes and a strong performance from our software and services segment. Gross profit was $119 million.

‌Progress on Rivian's Strategic Priorities

Scaling R2 production and deliveries enables path to profitability

Started production of saleable R2 vehicles and made first deliveries to employees

On April 4, began paid subscriptions for Autonomy+ priced at either a one-time fee of $2,500 or $49.99 per month

With the start of R2 production in Normal, we expect to see significant fixed cost efficiencies over the coming quarters as we drive increased production volume

Updated the capacity for our Georgia plant allowing for a 50% increase in initial production capacity to 300,000 units annually which is expected to significantly boost cost efficiency, while still providing significant room for future expansion in later phases

RV Tech successfully completed winter weather testing of production-intent zonal architecture for the first generation of software-defined vehicles, unlocking a $1 billion equity investment into Rivian which we received today

Rivian was recognized by Fortune Magazine on its "America's Most Innovative Companies"1 list and by Newsweek as "Technology disruptor of the year"2

2026 R1S awarded TOP SAFETY PICK+ designation by Insurance Institute for Highway Safety (IIHS-HLDI), reinforcing Rivian's commitment to safety at the core of its products3

We opened our 100th service center in the quarter and also have over 680 mobile service vans as we scale our infrastructure to support mass market volume with R2

1 https://fortune.com/ranking/americas-most-innovative-companies/

2 https://www.newsweek.com/2025/05/02/key-decisions-face-adversity-have-helped-rivian-turn-profit-2056421.html

3 https://www.iihs.org/ratings/top-safety-picks/2026/all/rivian?tspPlusOnly#award-winners

‌R2 is Designed for Big Adventures and Everyday Use

Production of saleable R2 commenced with external customer deliveries expected in the coming weeks

In an American automotive marketplace starved for high-quality EV choice, we believe

R2 is an attractively priced option sized for everyday adventures - from school pickups to weekend excursions. R2 brings Rivian's design, performance and technology to a significantly broader audience with an array of trims to accommodate our customers' varying needs

and driving styles:

R2 Performance debuts in the spring and is the most capable R2 on- and -off road;

it is a dual-motor AWD variant with a staggering 656 horsepower and an EPA-estimated range of up to 330 miles

R2 Premium is expected to be available late this year and is elevated inside and out;

it features a dual-motor AWD setup that produces 450 horsepower and an EPA-estimated range of up to 330 miles

R2 Standard is expected to be available in the first half of 2027 and redefines expectations for the mid-size SUV segment; the RWD long-range configuration of R2 Standard delivers 350 horsepower and a Rivian-estimated range of up to 345 miles

An additional R2 Standard variant starting at around $45,000 is expected to start deliveries in late 2027

We were excited to celebrate another key milestone with the start of saleable R2 series production last week. This key step is the culmination of hard work from so many team members as we gear up for expected customer deliveries to the public in the coming weeks. We've already begun delivering R2 vehicles to our employees. We could not be more excited to get this incredible vehicle in the hands of our customers this spring.

‌Profitably Delivering R2 at an Accessible Price

R2 bill of materials expected to be approximately 50% of R1 and non-BOM costs expected to decline greater than 50% due to focus on design for manufacturing and fixed cost efficiencies1

Structural cost reductions from design changes, sourcing leverage and manufacturing simplicity2

Corner Radar and Ultrasonic Sensors Over 50% savings from

removing the ultrasonic sensors and sourcing leverage on corner radars

Front Windshield

~50% savings predominantly from sourcing leverage

Underbody Structure Utilizing large high pressure die casting resulting in

over 90% fewer parts and

~30% piece cost reduction

Power Conversion

5-to-1 module consolidation with integrated electronics;

~70% reduction in high-voltage cabling

Battery Pack

Floor to pack design; 4695 Structural Pack

Maximus Drive Unit

~30% piece cost savings; integrated side-mounted inverter

Low Voltage Harnesses

2.3 mile reduction in harness length and over 60% reduction in the number of in-line connectors

Front Suspension

Strut architecture delivering over 70% savings vs.

R1 double-wishbone

Rear Doors

~65% part count reduction and

~55% savings from design optimization

Depreciation and conversion costs absorbed over more units increasing profitability

1 Based on average vehicle cost as of the end of 2027

2 Percentage savings represent the expected decrease in cost of components for R2 vs. R1 production

‌Optimized Capacity for Georgia Plant

50% increase in phase one expected to boost cost efficiency and support thousands of U.S. manufacturing jobs

We updated capacity for our Georgia plant allowing for a 50% increase in initial production capacity to 300,000 units annually for our mid-sized platform. This change is expected to boost cost efficiency, while still providing significant room for future expansion in later phases. The company remains on track for vehicle production in Georgia to begin in late 2028.

As part of this new vision for our Georgia facility, Rivian worked with the Department of Energy to make strategic changes to the company's DOE loan. The up to $4.5 billion loan ($4,006 million principal and $494 million capitalized interest) provides low-cost financing for our Georgia plant. Rivian expects to draw on the loan by early 2027, subject to meeting certain conditions.

300,000

215,000

R1, R2

and EDV

Mid-sized Platform

Normal, Illinois

Stanton Springs, Georgia (Phase 1)

Expected Late 2028

Site capacity does not equal current production rates. There may be limitations discovered as production rates approach capacity. Production rates depend on a variety of factors, including equipment uptime, component supply, downtime related to factory upgrades, regulatory considerations and other factors.

Rendering of Future Georgia Facility

‌Strategic Partnerships Update

Highlights extensibility of our technology and vehicle programs to drive value

In March, we announced a new partnership with Uber to accelerate our shared autonomous vehicle goals, including plans for future R2 robotaxis. We believe this partnership is an important validation of our technology roadmap and vertically integrated approach. At the core of our platform is the Rivian Autonomy Processor (RAP1), our multi-modal perception platform (cameras, radar and LiDAR) and our AI-based approach to building our Large Driving Model with the data flywheel from our growing car parc.

Key elements of the partnership included an expected investment of up to $1.25 billion

in Rivian through 2031 based on the achievement of autonomous performance milestones, a vehicle purchase commitment by Uber, or its fleet partners, for up to 50,000 fully autonomous R2 robotaxis and certain software licensing fees in connection with its use of Rivian's Level 4 autonomous driving software system, subject to meeting certain conditions.

In March, RV Tech successfully completed winter testing of production-intent zonal architecture developed for the first generation of Volkswagen Group software-defined vehicles.

Testing took place over several months in Phoenix (USA) and Arjeplog (Sweden)

by a joint team from Volkswagen, Audi, and Scout brands and RV Tech. Tests included validating functionality and performance of the electronics and software, including OTA functionality - an important milestone for the joint venture's ongoing development work.

This milestone unlocked the next phase of equity investment from Volkswagen Group to Rivian of $1 billion which we received today.

‌Strategic Investments Update

Funding momentum for Rivian spin out companies

Late last year, the company established Mind Robotics to address a structural gap with current industrial automation solutions. Existing industrial robotics can perform repeatable dimensionally stable tasks, but a large share of factory value-add work requires human-like dexterity, adaptation and physical reasoning that current robotics cannot address. Mind Robotics is building the AI foundation - models, hardware,

and deployment infrastructure - to close that gap.

In March, Mind Robotics announced it raised $500 million in a Series A funding co-led by venture capital firms Accel and Andreessen Horowitz. As of March 31, 2026, Rivian's ownership interest was approximately 38% on a shares outstanding basis.

Bike lanes, shoulders and curbsides are the areas that make up the hardest part of the last-mile delivery puzzle. They are also where traditional vehicles struggle most and where smaller, more adaptable EVs like those being designed by ALSO have the greatest opportunity to perform.

In March ALSO, Rivian's micro mobility spin-off, announced a strategic investment and multi-year commercial collaboration with DoorDash to develop and deploy small,

purpose-built EVs designed to optimize how goods move in dynamic, population-dense environments. This collaboration comes alongside ALSO's $200 million Series C financing round led by Greenoaks, with participation from Prysm Capital and strategic investment from DoorDash. In addition, Amazon has partnered with ALSO to purchase thousands of pedal-assist electric cargo quads, known as the TM-Q. As of March 31, 2026, Rivian's ownership interest was approximately 35% on a shares outstanding basis.

‌Summary Financial Performance and Operating Metrics

Building for an adventurous future that is fully electric, autonomous and AI-defined

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

YoY

Production and Deliveries

Delivery Volumes

8,640

10,661

13,201

9,745

10,365

20%

Cumulative Delivery Volumes

131,593

142,254

155,455

165,200

175,565

33%

Production Volumes

14,611

5,979

10,720

10,974

10,236

(30)%

Consolidated Financials ($M)

Revenue

$1,240

$1,303

$1,558

$1,286

$1,381

11%

Gross Profit

$206

$(206)

$24

$120

$119

$(87)

Adjusted EBITDA (Non-GAAP)1

$(329)

$(667)

$(602)

$(465)

$(472)

$(143)

Service & Sales

Rivian Spaces

44%

Rivian Service Centers

100

35%

Demo Drives2

36,000+

28,000+

30,000+

24,000+

36,000+

Rivian Adventure Network

Rivian Adventure Network Locations

112

123

131

141

145

29%

Rivian Adventure Network Chargers

703

781

850

937

973

38%

1 A reconciliation of non-GAAP financial measures to the most comparable GAAP measure is provided later in this presentation.

2 Includes marketing events and Electric Joyrides

‌Automotive Segment Performance

Delivery growth driven by increase in sales of commercial vans

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Regulatory Credits

Automotive Revenues Excluding Regulatory Credits

$908

$850

$839

$810

$764

$1,141

$927

$922

($M)

$1,142

Deliveries

$924

10,365

9,745

13,201

10,661

8,640

Q1 2026 vs. Q1 2025 Commentary

Automotive revenue decreased (2)% year-over-year primarily due to a $100 million decrease in sales of automotive regulatory credits and a decline in automotive revenue per unit delivered due to a higher mix of commercial vans, which were partially offset by a 20% increase in vehicle deliveries

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

$(335)

$(62)

$(59)

$(130)

($M)

$92

Gross Margin

(7)%

(11)%

(36)%

10%

Automotive gross profit loss was $(62) million compared to $92 million for the same quarter in 2025, primarily due to the $100 million decrease in revenue from the sales of automotive regulatory credits and lower production volumes resulting in a $42 million and $3 million increase in depreciation

and stock-based compensation expenses, respectively

‌Software and Services Segment Performance

Robust revenue growth driven by vehicle electrical architecture and software development services for RV Tech

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

$318

$376

($M)

$447

$416

$473

Q1 2026 vs. Q1 2025 Commentary

Software and services revenue saw a

49% increase year-over-year primarily due

to an increase in vehicle electrical architecture and software development services from

RV Tech, as well as increases in vehicle repair and maintenance services and remarketing

Software and services gross profit was

$181 million compared to $114 million for the same quarter in 2025, primarily due

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

($M)

$129

$114

$154

$181

$179

Gross Margin

38%

40%

37%

34%

36%

to increased vehicle electrical architecture and software development services from the joint venture with Volkswagen Group and increased vehicle repair and maintenance services

‌Balance Sheet and Liquidity

Liquidity profile remains strong, with $5.4B of available liquidity and $2.55B of expected capital in 2026

$4,000

$3,500

$3,000

$2,500

$2,000

$1,500

$1,000

$500

$1 ,500

ABL

Facility (Undrawn)

$1 ,500

2029

Convert

$1 ,725

2030

Convert

$1 ,250

1L Notes

2026 2027 2028 2029 2030 2031

($M)

Total Available Liquidity

$5,394

Expected Capital in 2026

Volkswagen Group Equity Investment3

$1,000

Signing Uber Technologies Equity Investment4

300

Volkswagen Group Non-Recourse Loan5

1,000

Cash, Cash Equivalents and Short-Term Investments1 $4,830 Availability under ABL Facility2 564

Milestone Based Uber Technologies Equity Investment6 250

1 Based on balances as of March 31, 2026

2 As of March 31, 2026 the company had availability under the ABL Facility of $564M after giving effect to the borrowing base and outstanding letters of credit

3 Volkswagen Group equity investment of $1,000M related to the successful

Volkswagen Group Equity Investment7 $460

completion of vehicle winter testing milestones which we received today

4 Uber Technologies initial equity investment of $300M committed at signing

Milestone Based Uber Technologies Equity Investment

700

and expected to close in the second quarter of 2026, subject to certain conditions

Department of Energy Loan (Principal + Capitalized Interest)

4,500

5 Expected loan from Volkswagen Group at Rivian's option in October 2026

6 Uber Technologies first milestone based investment of $250M which we expect to receive

by the end of 2026 subject to the achievement of certain autonomy milestones and conditions

7 An additional Volkswagen Group equity investment of $460M is anticipated at the earlier of the first Volkswagen Group vehicle with RV Tech hardware and software on the road, or January 2028

8 Additional investment of up to $700M by Uber Technologies is anticipated through 2031 subject to the achievement of certain autonomous milestones and conditions by specific dates, building towards a scaled, fully-autonomous fleet of Rivian R2 robotaxis

9 Maximum expected Department of Energy loan of $4.5B ($4,006M principal and

$494M capitalized interest) which is dependent on meeting certain conditions

‌Business Outlook

Technology leadership

Demand generation and enhancing the customer experience

Optimize operational efficiency

Drive towards profitability

2026 Guidance

Vehicles Delivered

62,000 - 67,000

Adjusted EBITDA

$(2.10B) - $(1.80B)

Capital Expenditures

$1.95B - $2.05B

(in millions, except production, delivery, and gross margin)

(unaudited)

Three Months Ended

March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026

Production Delivery

14,611

8,640

5,979

10,661

10,720

13,201

10,974

9,745

10,236

10,365

Revenues

Automotive $ 922 $ 927 $ 1,142 $ 839 $ 908

$ 1,381

Software and services 318 376 416 447 473

1,240 $

1,303 $

1,558 $

1,286

Cost of revenues Automotive

Software and services

Total cost of revenues Gross profit

Gross margin

830 $

204

1,034 $

206 $

17 %

1,262 $

247

1,509 $

(206) $

(16)%

1,272 $

262

1,534 $

24 $

2 %

898 $

268

1,166 $

120 $

9 %

970

292

1,262

119

9 %

Research and development

Selling, general, and administrative

Adjusted research and development (non-GAAP)¹ Adjusted selling, general, and administrative (non-GAAP)¹

381 $

480

861 $

285 $

345

630

410 $

498

908 $

316 $

365

681

453 $

554

1,007 $

361 $

422

783

424

529

953

328

384

712

458

542

348

392

Adjusted EBITDA (non-GAAP)1

Cash, cash equivalents, and short-term investments

(329) $

7,178 $

(667) $

7,508 $

(602) $

7,088 $

(465) $

6,082 $

(472)

4,830

Net cash (used)/provided by operating activities

Capital expenditures

(188) $

(338)

(526)

64 $

(462)

(398)

26 $

(447)

(421)

(681)

(463)

(1,144)

(703)

(372)

147 $

254 $

198 $

187

183 $

195 $

175 $

188 $

207

Total stock-based compensation expense

$ 202

Total depreciation and amortization expense

$ (1,075)

Free cash flow (non-GAAP)¹

$ 740

Total adjusted operating expenses (non-GAAP)¹

$ 1,000

Total operating expenses

Total revenues

¹A reconciliation of non-GAAP financial measures to the most comparable GAAP measure is provided later in this presentation.

(in millions, except per share amounts)

(unaudited)

Assets

December 31, 2025

March 31, 2026

Current assets:

Cash and cash equivalents

3,579

2,845

Short-term investments

2,503

1,985

Accounts receivable, net

555

342

Inventory

1,594

1,543

Other current assets

361

330

Total current assets

8,592

7,045

Property, plant, and equipment, net

5,119

5,434

Operating lease assets, net

571

601

Strategic investments

119

669

Other non-current assets

463

484

Total assets

14,864

14,233

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable

595

754

Accrued liabilities

1,438

1,045

Current portion of deferred revenues, lease liabilities, and other liabilities

1,660

1,554

Total current liabilities

3,693

3,353

Long-term debt

4,440

4,442

Non-current lease liabilities

551

580

Other non-current liabilities

1,586

1,429

Total liabilities

10,270

9,804

Commitments and contingencies

Stockholders' equity:

Preferred stock, $ 0.001 par value; 10 shares authorized and 0 shares issued and outstanding as of December 31, 2025 and March 31, 2026

Common stock, $0.001 par value; 5,258 and 5,258 shares authorized and 1,240 and 1,260 shares

Additional paid-in capital

31,508

31,767

Accumulated deficit

(26,951)

(27,367)

Accumulated other comprehensive income

Noncontrolling interest

Total stockholders' equity

4,594

4,429

Total liabilities and stockholders' equity

$ 14,864

14,233

1 The prior period has been recast to conform to current period presentation.

issued and outstanding as of December 31, 2025 and March 31, 2026, respectively

(in millions, except per share amounts)

(unaudited)

Three Months Ended March 31,

2025

2026

Automotive

$ 922

$ 908

Software and services

318

473

Total revenues

1,240

1,381

Automotive

830

970

Software and services

204

292

Total cost of revenues

1,034

1,262

Gross profit

206

119

Operating expenses

Research and development

381

458

Selling, general, and administrative

480

542

Total operating expenses

861

1,000

Loss from operations

(655)

(881)

Interest income

Interest expense

(72)

(65)

Other income, net1

107

478

Loss before income taxes

(539)

(418)

Provision for income taxes

(2)

Net loss

(541)

(416)

Less: Net income attributable to noncontrolling interest

Net loss attributable to common stockholders

Net loss attributable to common stockholders, basic and diluted

Net loss per share attributable to Class A and Class B common stockholders, basic and diluted

Weighted-average common shares outstanding, basic and diluted

$ (545)

$ (0.48)

1,137

$ (416)

$ (0.33)

1,249

1 During the quarter ended March 31, 2026, we recognized a $506 million gain in "Other income, net" related to the Series A capital raise and related deconsolidation of Mind Robotics.

(in millions)

Three Months Ended March 31,

(unaudited)

2025

2026

Cash flows from operating activities:

Net loss

(541)

(416)

Depreciation and amortization

200

194

Stock-based compensation expense

188

207

Gain on strategic investments

(101)

(506)

Other non-cash activities

Changes in operating assets and liabilities:

Accounts receivable, net

211

Inventory

(364)

(80)

Other assets

Accounts payable and accrued liabilities

334

(182)

Deferred revenues

(290)

Other liabilities

(28)

(4)

Net cash used in operating activities

(188)

(703)

Cash flows from investing activities:

Purchases of equity securities and short-term investments

(835)

(558)

Sales of equity securities and short-term investments

Maturities of short-term investments

717

1,003

Deconsolidation of Mind Robotics, Inc.

(114)

Capital expenditures

(338)

(372)

Net cash used in investing activities

(408)

(25)

Cash flows from financing activities:

Proceeds from stock-based compensation programs

Other financing activities

(8)

(3)

Net cash used in financing activities

(6)

(2)

Effect of exchange rate changes on cash and cash equivalents

(4)

Net change in cash

(601)

(734)

Cash, cash equivalents, and restricted cash-Beginning of period

5,294

3,579

Cash, cash equivalents, and restricted cash-End of period

4,693

2,845

Supplemental disclosure of non-cash investing and financing activities:

Capital expenditures included in liabilities

Capital stock issued to settle bonuses

Right-of-use assets obtained in exchange for operating lease liabilities

$ 423

$ 47

$ 73

$ 534

$ 110

$ 60

1 The prior period has been recast to conform to current period presentation.

(in millions)

(unaudited)

Three Months Ended

March 31, 2025

June 30, 2025

September 30, 2025

December 31, 2025

March 31, 2026

Depreciation and amortization expense Cost of revenues

185

125

108

122

Research and development

Selling, general, and administrative

Total depreciation and amortization expense

147

254

198

187

202

Stock-based compensation expense Cost of revenues

Research and development

Selling, general, and administrative

Total stock-based compensation expense

183

195

175

188

207

(in millions)

(unaudited)

Adjusted Research and Development Expenses

Three M

2025

onths

ded March

2026

31,

Total research and development expenses

381

458

R&D depreciation and amortization expenses

(17)

(23)

R&D stock-based compensation expenses

(79)

(87)

Adjusted research and development (non-GAAP)

285

348

Three Months Ended March 31,

Adjusted Selling, General, and Administrative Expenses

2025

2026

Total selling, general, and administrative expenses

480

542

SG&A depreciation and amortization expenses

(55)

(57)

SG&A stock-based compensation expenses

(80)

(93)

Adjusted selling, general, and administrative (non-GAAP)

345

392

Adjusted Operating Expenses

Three M

2025

onths

ded March

2026

31,

Total operating expenses

861

1,000

R&D depreciation and amortization expenses

(17)

(23)

R&D stock-based compensation expenses

(79)

(87)

SG&A depreciation and amortization expenses

(55)

(57)

SG&A stock-based compensation expenses

(80)

(93)

Total adjusted operating expenses (non-GAAP)

630

740

(in millions, except per share amounts)

(unaudited)

Adjusted EBITDA

Three M

2025

onths

ded March

2026

31,

Net loss attributable to common stockholders

(545)

(416)

Interest income, net

(9)

Provision for income taxes

(2)

Depreciation and amortization

147

202

Stock-based compensation expense

183

207

Other income, net1

(107)

(478)

Adjusted EBITDA (non-GAAP)

(329)

(472)

Adjusted Net Loss Three Months Ended March 31,

2025

2026

Net loss attributable to common stockholders, basic and diluted

(545)

(416)

Stock-based compensation expense

183

207

Other income, net1

(107)

(478)

Adjusted net loss attributable to common stockholders, basic and diluted (non-GAAP)

(469)

(687)

2025 2026

Adjusted Net Loss Per Share Three Months Ended March 31,

Net loss per share attributable to common stockholders, basic and diluted $ (0.48) $ (0.33)

Stock-based compensation expense per share

0.16

0.17

Other income, net per share1

(0.09)

(0.38)

Adjusted net loss per share attributable to common stockholders, basic and diluted (non-GAAP)

$ (0.41)

$ (0.54) *

Weighted-average common shares outstanding, basic and diluted (GAAP)

$ 1,137

$ 1,249

* Does not calculate due to rounding.

1 During the quarter ended March 31, 2026, we recognized a $506 million gain in "Other income, net" related to the Series A capital raise and related deconsolidation of Mind Robotics.

(in millions, except per share amounts)

(unaudited)

Free Cash Flow

Three Months Ended March 31, 2025 2026

(338)

Net cash used in operating activities

(188) $

(703)

(1,075)

(526)

Capital expenditures

Free cash flow (non-GAAP)

(372)

(in millions)

(unaudited)

Three Months Ended

March 31, 2025

June 30, 2025

September 30, 2025

December 31, 2025

March 31, 2026

Adjusted Research and Development Expenses

Total research and development expenses

381

410

453

424

458

R&D depreciation and amortization expenses

(17)

(18)

(20)

(23)

R&D stock-based compensation expenses

(79)

(77)

(74)

(76)

(87)

Adjusted research and development (non-GAAP)

285

316

361

328

348

Adjusted Selling, General, and Administrative Expenses

Total selling, general, and administrative expenses

480

498

554

529

542

SG&A depreciation and amortization expenses

(55)

(52)

(55)

(59)

(57)

SG&A stock-based compensation expenses

(80)

(81)

(77)

(86)

(93)

Adjusted selling, general, and administrative (non-GAAP)

345

365

422

384

392

Adjusted Operating Expenses

Total operating expenses

861

908

1,007

953

1,000

R&D depreciation and amortization expenses

(17)

(18)

(20)

(23)

R&D stock-based compensation expenses

(79)

(77)

(74)

(76)

(87)

SG&A depreciation and amortization expenses

(55)

(52)

(55)

(59)

(57)

SG&A stock-based compensation expenses

(80)

(81)

(77)

(86)

(93)

Total adjusted operating expenses (non-GAAP)

630

681

783

712

740

Adjusted EBITDA

Net loss attributable to common stockholders

(545)

(1,117)

(1,173)

(811)

(416)

Interest income, net

(9)

(3)

(7)

Provision for income taxes

(1)

(2)

Depreciation and amortization

147

254

198

187

202

Stock-based compensation expense

183

195

175

188

207

Other (income) expense, net1

(107)

191

(32)

(478)

Restructuring expenses

Adjusted EBITDA (non-GAAP)

(329)

(667)

(602)

(465)

(472)

1 During the quarter ended March 31, 2026, we recognized a $506 million gain in "Other income, net" related to the Series A capital raise and related deconsolidation of Mind Robotics.

(in millions, except per share amounts)

(unaudited)

Three Months Ended

March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026

Adjusted Net Loss

Net loss attributable to common stockholders, basic and diluted

(545)

(1,117)

(1,173)

(811)

(416)

Stock-based compensation expense

183

195

175

188

207

Other (income) expense, net1

(107)

191

(32)

(478)

Restructuring expenses

Adjusted net loss attributable to common stockholders, basic and diluted (non-GAAP) $

(469)

(920)

(792)

(655)

(687)

Adjusted Net Loss Per Share

Net loss per share attributable to common stockholders, basic and diluted $

(0.48)

(0.97)

(0.96)

(0.66)

(0.33)

Stock-based compensation expense per share

0.16

0.17

0.14

0.15

0.17

Other (income) expense, net per share1

(0.09)

0.16

(0.03)

(0.38)

Restructuring expenses per share

0.01

Adjusted net loss per share attributable to common stockholders, basic and diluted (non-GAAP)

(0.41)

(0.80)

(0.65)

(0.54) * $

(0.54) *

Weighted-average common shares outstanding, basic and diluted (GAAP)

1,137

1,155

1,220

1,233

1,249

* Does not calculate due to rounding.

Free Cash Flow

Net cash (used)/provided by operating activities

(188)

(681)

(703)

Capital expenditures

(338)

(462)

(447)

(463)

(372)

Free cash flow (non-GAAP)

(526)

(398)

(421)

(1,144)

$ (1,075)

1 During the quarter ended March 31, 2026, we recognized a $506 million gain in "Other income, net" related to the Series A capital raise and related deconsolidation of Mind Robotics.

Our non-GAAP financial measures include adjusted research and development expenses, adjusted selling, general, and administrative expenses, total adjusted operating expenses, adjusted EBITDA, adjusted net loss, adjusted net loss per share, and free cash flow.

Adjusted research and development expenses is defined as total research and development expenses, less R&D depreciation and amortization expenses and R&D stock-based compensation expenses.

Adjusted selling, general, and administrative expenses is defined as total selling, general, and administrative expenses, less SG&A depreciation and amortization expenses and SG&A stock-based compensation expenses.

Adjusted operating expenses is defined as total operating expenses, less R&D depreciation and amortization expenses, R&D stock-based compensation expenses, SG&A depreciation and amortization expenses, and SG&A stock-based compensation expenses.

Adjusted EBITDA is defined as net loss before interest expense (income), net, provision for income taxes, depreciation and amortization, stock-based compensation, other expense (income), net, and special items. Our management team ordinarily excludes special items from its review of the results of the ongoing operations. Special items is comprised of (i) cost of revenue efficiency initiatives which include costs incurred as we transition between major vehicle programs, cost incurred for negotiations with major suppliers regarding changing demand forecasts or design modifications, and other costs for enhancing capital and cost optimization of the Company (ii) restructuring expenses for significant actions taken by the Company, (iii) significant asset impairments and write-offs, and (iv) other items that we do not necessarily consider to be indicative of earnings from ongoing operating activities, including fair value gain or loss on convertible note, net, and joint venture formation expenses.

Adjusted net loss is defined as net loss before stock-based compensation expense, other (expense) income, and special items.

Our management team ordinarily excludes special items from its review of the results of the ongoing operations. Special items is comprised of (i) cost of revenue efficiency initiatives which include costs incurred as we transition between major vehicle programs, cost incurred for negotiations with major suppliers regarding changing demand forecasts or design modifications, and other costs for enhancing capital and cost optimization of the Company (ii) restructuring expenses for significant actions taken by the Company, (iii) significant asset impairments and write-offs, and (iv) other items that we do not necessarily consider to be indicative of earnings from ongoing operating activities, including fair value gain or loss on convertible note, net, and joint venture formation expenses.

Adjusted net loss per share is defined as adjusted net loss divided by the weighted-average common shares outstanding.

Free cash flow is defined as net cash used in operating activities less capital expenditures.

Disclaimer

Rivian Automotive Inc. published this content on April 30, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2026 at 23:49 UTC.