On July 30, US electric vehicle manufacturer Rivian Automotive, Inc. released its financial report for the second quarter of fiscal year 2026. Driven by factors such as improved project operational efficiency, the company reduced its full-year capital expenditure plan for 2026 and narrowed its preliminary full-year loss forecast, while reaffirming its vehicle delivery target of 65,000 to 70,000 units for the year.

Financial data showed that Rivian achieved second-quarter revenue of $1.66 billion, exceeding the market consensus expectation of $1.51 billion. The adjusted loss per share for the quarter was $0.47, better than the market's expected loss of $0.63. The net loss attributable to common shareholders amounted to $837 million, narrowing by $278 million year-over-year. Additionally, the gross profit for the quarter turned profitable, reaching $179 million, compared to a loss of $206 million in the same period last year.

In terms of performance guidance, Rivian narrowed its adjusted loss forecast for the full year 2026 from the previous range of $1.8 billion to $2.1 billion to $1.8 billion to $2.0 billion. The preliminary capital expenditure budget for the full year was lowered from the original $1.95 billion to $2.05 billion to $1.7 billion to $1.8 billion. The company noted that the midpoint of the capital expenditure cut was approximately $250 million, primarily due to improved project operational efficiency and optimized capital spending pace.

By business segment, Rivian's second-quarter automotive revenue reached $1.14 billion, up 23% year-over-year, mainly driven by a 14% increase in delivery volume and higher regulatory credit revenue. Software and services revenue hit $515 million. During the period, the company began delivering its mid-size SUV model, the R2, and is expanding production capacity for this model at its sole manufacturing facility in Normal, Illinois. Rivian CEO RJ Scaringe emphasized that the official delivery of the R2 model is a significant step on the company's path to achieving per-unit production profitability.

Regarding the financial and capital position, as of the end of the second quarter, Rivian's cash, cash equivalents, and short-term investments totaled $5.3 billion. The company expects to receive an additional $1 billion in non-recourse debt financing later this year under a software cooperation agreement with the Volkswagen Group, as well as $250 million in equity investment from its partnership with Uber.