On July 31, Rivian Automotive, Inc. rose over 5% in pre-market trading. The rally was driven by the company's stronger-than-expected Q2 financial results released after the prior session's close.

Rivian reported Q2 revenue of $1.66 billion, up 27% year-over-year and well above the consensus estimate of $1.51 billion. Adjusted loss per share came in at $0.63, beating the expected $0.74 loss by approximately 15%. Notably, the company achieved positive gross profit for the first time, a key milestone for the capital-intensive EV maker. Rivian also raised its full-year delivery guidance to 65,000-70,000 vehicles from the prior 62,000-67,000 range, while narrowing its adjusted loss forecast to $1.8-2.0 billion and cutting capital expenditure plans to $1.7-1.8 billion.

Additionally, the company confirmed that its mid-size R2 SUV began customer deliveries during Q2, a pivotal product for its transition toward the mainstream market. RBC Capital raised its target price from $14 to $16, while Piper Sandler upgraded the stock to overweight with a $20 target.

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