$RIVN · Rivian Automotive, Inc. / DE
Rivian filed its Q3 2026 10-Q, reporting total revenues of $2.155B (+38.3% YoY) and gross profit of $176M, a dramatic improvement from $24M in Q3 2025. Net loss attributable to common stockholders narrowed to $913M, or $(0.63) per share, versus $(0.96) a year ago. The software and services segment generated $256M in gross profit, offsetting an $(80)M automotive gross loss. Cash and equivalents plus short-term investments stood at $5.5B as of September 30, 2026.
- Q3 revenue of $2.155B grew 38.3% YoY, with automotive revenue up 36% to $1.55B and software/services up 45% to $605M.
- Gross profit swung from $24M in Q3 2025 to $176M in Q3 2026; gross margin reached 8.2%.
- Net loss attributable to common stockholders narrowed to $913M from $1.173B YoY; loss per share improved to $(0.63) from $(0.96).
- Production volume jumped 84% YoY to 19,751 units; deliveries rose 46% to 19,248 units.
- Nine-month gross profit reached $474M vs. $24M in the prior-year period, driven by software/services segment gross profit of $652M.
Extended-hours trading shows RIVN at $11.95, up 4.37% vs the regular-session close of $11.45, indicating a positive initial reaction to the sharply narrowed losses and gross margin inflection.
Rivian's gross margin inflection to 8.2% and software/services segment profitability signal the company may be turning the corner from cash-incinerating startup toward a viable two-engine business model.
Rivian's 8.2% gross margin marks a critical milestone for an EV startup still scaling — Tesla crossed into positive gross margin in 2018 and reached similar revenue scale years earlier, but Rivian's software/services segment ($256M gross profit in Q3) provides a differentiated second engine.
Rivian remains dependent on Volkswagen Group for a significant portion of software/services revenue via the joint venture; any disruption to that relationship could materially impact results. The company also warns it will require additional financing to support operations and may not achieve profitability in the foreseeable future.