Rivian Automotive, Inc. (Nasdaq: RIVN) — research brief (BMC #063 on gallery, queue id 62)

Prepared 2026-10-10 (America/Chicago). Labels: FACT = stated by Rivian in its Form 10-K for FY2025 (filed 12 Feb 2026), its Form 10-Q for the quarter ended 30 Jun 2026 (filed 30 Jul 2026), its Q2 2026 results release and earnings presentation (Form 8-K exhibits 99.1/99.2, 30 Jul 2026), its Q3 2026 production and deliveries release (Form 8-K exhibit 99.1, 2 Oct 2026) or a Form 8-K dated 7 Oct 2026; SECONDARY = third-party reporting (none used for numbers below); INFERENCE = arithmetic or reasoning by this project from company-stated numbers. No invented figures. Fiscal year = calendar year, USD. Quarterly figures are unaudited. Non-GAAP measures (adjusted EBITDA, free cash flow = operating cash flow less capital expenditures) are Rivian-defined.

Sources (accessed 2026-10-10)

Form 10-K FY2025: https://www.sec.gov/Archives/edgar/data/1874178/000187417826000008/rivn-20251231.htm
Form 10-Q for the quarter ended 30 Jun 2026: https://www.sec.gov/Archives/edgar/data/1874178/000187417826000054/rivn-20260630.htm
Q2 2026 results release (8-K Ex. 99.1, 30 Jul 2026): https://www.sec.gov/Archives/edgar/data/1874178/000187417826000053/ex-9912q26rivianearningspr.htm
Q2 2026 earnings presentation (8-K Ex. 99.2): https://www.sec.gov/Archives/edgar/data/1874178/000187417826000053/ex-9922q26rivianearnings.htm
Q3 2026 production and deliveries release (8-K Ex. 99.1, 2 Oct 2026): https://www.sec.gov/Archives/edgar/data/1874178/000187417826000057/ex-9913q26deliveryproducti.htm
Form 8-K, 7 Oct 2026 (VW joint venture $1.0B term loans funded): https://www.sec.gov/Archives/edgar/data/1874178/000187417826000061/rivn-20261007.htm
Investor relations: https://rivian.com/investors ; company site https://rivian.com
Logo: Simple Icons does not carry a Rivian glyph, so the logo is a project monogram ("R" on an amber tile), not Rivian's official mark. Trademark of Rivian; identification only.
Raw text in /workspace/rivian-src/ (10k.txt, 10q.txt, pr.txt, sl.txt, dp.txt, 8k61.txt).

Teaching arc

Sell adventure EVs and Amazon's vans at a gross loss on the cars, let a Volkswagen software joint venture and regulatory credits supply the margin, and bet the next phase on R2 volume. FY2025 revenue was $5.39B (+8%) on 42,247 deliveries (−18%): new EVs $3.64B, regulatory credits $197M, software and services $1.55B. Segments: Automotive $3.83B revenue with a −$432M gross loss; Software and Services $1.56B with $576M gross profit (37%, INFERENCE), so total gross profit was just $144M (2.7%) and the loss from operations $3.59B. Concentration: Chase Bank (consumer lease buyer) ~36% of revenue, Amazon $900M (16.7%, INFERENCE), Volkswagen joint venture $836M (15.5% of revenue, ~54% of the segment, INFERENCE). Then R2: external deliveries began 9 Jun 2026; Q2 2026 revenue $1.658B (+27%), gross profit $179M (11%) including $108M of credits, loss from operations $836M, free cash flow −$849M; Q3 2026 deliveries 19,248, 2026 guide 65,000–70,000.

Key numbers

FY2025 (10-K, FACT unless noted)

Revenue $5,387M (FY24 $4,970M, +8%; FY23 $4,434M). By source (Note 4): new electric vehicles $3,639M (FY24 $4,161M); regulatory credits $197M ($333M; $73M in FY23); software and services $1,551M ($476M). INFERENCE mix: new EVs 67.6%, credits 3.7%, software and services 28.8%.
Segments (MD&A): Automotive revenue $3,830M (−15%), cost $4,262M, gross loss $(432)M (FY24 $(1,207)M); Software and Services revenue $1,557M (+222%), cost $981M, gross profit $576M (FY24 $7M). INFERENCE segment margin 37.0%.
Total cost of revenues $5,243M (INFERENCE 97.3% of revenue); gross profit $144M (FY24 $(1,200)M; INFERENCE 2.7% margin).
Opex: R&D $1,668M (+3%), SG&A $2,061M (+10%), total $3,729M. Loss from operations $(3,585)M (FY24 $(4,689)M). Net loss $(3,626)M; net loss attributable to common $(3,646)M. Interest expense $274M; interest income $293M. $186M expense for securities class action settlement (net of expected insurance recoveries) in other expense.
Cash flow: operating $(779)M, capex $(1,710)M; INFERENCE free cash flow ≈ $(2,489)M. Cash and equivalents $3,579M + short-term investments $2,503M = $6,082M; total liquidity $6,588M incl. ABL availability $506M (31 Dec 2025). Long-term debt $4,440M (incl. $1.3B 10% senior secured green notes due 2031).
Volumes: production 42,284 (FY24 49,476), deliveries 42,247 (51,579; −18%). Automotive revenue fell mainly on fewer deliveries (45W tax credit ended 30 Sep 2025) and lower credit sales, partly offset by higher average selling prices.
Customers: Chase Bank ~36% of FY25 revenue (37% FY24) via leasing, with a residual-value risk-sharing liability (not material at year-end); Amazon revenue $900M (FY24 $1,040M; FY23 $823M), primarily EDV sales; Volkswagen Group joint-venture revenue $836M (FY24 $73M). Amazon beneficially owns shares and a warrant representing 12.7% of voting power (31 Dec 2025); Amazon has ordered an initial 100,000 EDVs globally (subject to modification); sales of Rivian Commercial Vans to certain last-mile delivery and retail customers require Amazon's consent; Rivian Adventure Gear sold on Amazon.com since Jun 2025 (commissions not material); Rivian buys data services from Amazon.
Volkswagen Group: 50/50 joint venture (consolidated) for zonal electrical architecture and software; VW paid $1.0B on 30 Jun 2025 ($750M for ~51.5M shares at $14.56 plus $250M premium recorded as deferred revenue); up to $2.5B more expected (milestones) incl. a $1.0B loan facility available 1–30 Oct 2026. The 10-K says JV revenue may fall around 2028 when the combined performance obligation is satisfied.
Employees 15,232 incl. consolidated JV (31 Dec 2025); >1,200 granted patents, >2,000 applications pending.
Manufacturing: Normal, Illinois plant up to 215,000 vehicles/yr at full rate (10-K split expected up to 155,000 R2 / 85,000 R1 / 65,000 commercial van); operating significantly below full rate; 1.2M sq ft supplier and logistics park; Georgia (Stanton Springs North) plant planned — 10-K: 400,000 units/yr in two 200,000 phases, vertical construction 2026, first line 2028; Q2 2026 release says up to 300,000 units. Hundreds of suppliers, mostly single- or limited-source.
Software and services: VW JV engineering, Autonomy+ (paid fee began April 2026), remarketing, repair and maintenance, charging (Rivian Adventure Network, >95% open to non-Rivian EVs), Connect+ subscription, FleetOS, insurance and financing via third parties, Gear Shop.
Incentives: DOE loan (originally up to ~$6.0B tranches, Jan 2025); Georgia incentive package up to $1.5B; Illinois REV agreement up to ~$0.8B; regulatory credit programs being rolled back — ability to keep earning/selling credits "uncertain".

Q2 2026 (10-Q + results release, FACT unless noted)

Revenue $1,658M (+27%); new EVs $1,037M (+12%, INFERENCE), credits $108M (Q2'25 $7M), software and services $513M. Segment: Automotive $1,143M (+23%), gross loss $(36)M (Q2'25 $(335)M; includes ~$100M incremental R2 ramp cost and an IEEPA tariff refund receivable); Software and Services $515M (+37%), gross profit $215M (42% margin); $308M (60%) of software and services revenue from the VW JV. Gross profit $179M (11% margin; Q1'26 $119M, 9%).
R&D $466M, SG&A $549M, opex $1,015M; loss from operations $(836)M (Q2'25 $(1,114)M); net loss attributable to common $(833)M; adjusted EBITDA $(379)M. Operating cash flow $(487)M, capex $(362)M, free cash flow $(849)M (H1: $(1,924)M). Cash, equivalents and short-term investments $5,310M; total liquidity $5,846M; pro forma $7,163M with ~$1.317B net proceeds from July offering (86.25M shares at $15.50).
Volumes: production 12,613, deliveries 12,194 (+14%); cumulative deliveries 187,759; record 57,000+ demo drives. Amazon revenue $554M in Q2 (Q2'25 $176M; H1 $1,022M vs $275M). Chase ~9% of revenue (Q2'25 45%).
Uber: subscription agreement March 2026; $300M received May 2026 (~20M shares at $15.34); up to $950M more across four milestones; collaboration on R2-based Level 4 vehicles for Uber's platform; Uber $250M first milestone targeted for later in 2026.
Amazon: 40,000+ Rivian EDVs active; Commercial Van platform passed 1B miles driven; new EDV variants (AWD, larger battery) in development.
Autonomy: point-to-point advanced assisted driving targeted by end of 2026; Rivian Assistant on all R1 (R2 later in 2026); in-house RAP1 autonomy processor expected in future vehicles.
DOE loan (A&R LARSSA Apr 2026): Note A up to $3,355M (+ up to $315M capitalized interest) and Note B up to $651M (+ up to $179M); ~$4.5B total; first draw expected early 2027; conditions include positive gross margin and equity reserves.
Guidance (2026): deliveries 65,000–70,000; adjusted EBITDA $(2.00)B–$(1.80)B; capex $1.70B–$1.80B. Rivian cites rising raw-material, memory and logistics costs.

After quarter-end (FACT)

Q3 2026 (2 Oct 2026): production 19,751; deliveries 19,248; guidance for 2026 deliveries reaffirmed; Q3 results due 29 Oct 2026. INFERENCE: 9-month deliveries 41,807 (10,365 + 12,194 + 19,248); reaching 65,000–70,000 implies Q4 deliveries of ~23,200–28,200; Q3 deliveries +46% vs Q3'25 (13,201).
7 Oct 2026 8-K: $1.0B, 10-year VW joint-venture term loans funded; Rivian's loan (Loan B) 6.03% fixed, secured only by Rivian's 50% JV equity, non-recourse to Rivian; $100M/yr amortization starts at year 3; interest first payable at year 2.

What is NOT disclosed (do not invent)

Revenue or subscriber counts for Connect+, Autonomy+, FleetOS or charging separately; EDV vs R1 delivery split; R2 pricing or order counts (only a $100 refundable deposit is stated in the 10-K).
Per-vehicle gross margin; credit costs (credits' near-zero cost is not stated by Rivian).
Unit economics of the Rivian Adventure Network.

Block coverage map

Key Partners: Amazon, Volkswagen Group (JV, equity, loan), Uber (equity, autonomy), Chase Bank (leasing), hundreds of suppliers, DOE / Georgia / Illinois incentives, third-party insurance and financing providers, partner collision centers. Key Activities: design and build R1/R2/EDV, vertical integration (motors, inverters, battery packs, electronics, RAP1), software and autonomy, VW engineering, charging and service, Georgia plant construction. Key Resources: Normal plant and supplier park, 15,232 people, patents, fleet data (187,759 deliveries), RAN, liquidity. Value propositions: adventure EVs, R2 mid-size SUV, commercial vans with lower TCO, OTA software and subscriptions, charging, software platform for others. Customer relationships: demo drives, OTA updates, Connect+/Autonomy+, service, FleetOS, trade-ins. Channels: website/app, company spaces, service, Adventure Network, fleet direct sales, Gear Shop and Amazon.com. Segments: consumers, commercial fleets (Amazon), Volkswagen Group, credit buyers, Uber. Cost structure: cost of revenues $5.24B (97%), R&D $1.67B, SG&A $2.06B, capex $1.71B, interest, warranty, R2 ramp.

# Rivian Automotive, Inc. (Nasdaq: RIVN) — research brief (BMC #063 on gallery, queue id 62) Prepared 2026-10-10 (America/Chicago). Labels: **FACT** = stated by Rivian in its Form 10-K for FY2025 (filed 12 Feb 2026), its Form 10-Q for the quarter ended 30 Jun 2026 (filed 30 Jul 2026), its Q2 2026 results release and earnings presentation (Form 8-K exhibits 99.1/99.2, 30 Jul 2026), its Q3 2026 production and deliveries release (Form 8-K exhibit 99.1, 2 Oct 2026) or a Form 8-K dated 7 Oct 2026; **SECONDARY** = third-party reporting (none used for numbers below); **INFERENCE** = arithmetic or reasoning by this project from company-stated numbers. No invented figures. Fiscal year = calendar year, USD. Quarterly figures are unaudited. Non-GAAP measures (adjusted EBITDA, free cash flow = operating cash flow less capital expenditures) are Rivian-defined. ## Sources (accessed 2026-10-10) - Form 10-K FY2025: https://www.sec.gov/Archives/edgar/data/1874178/000187417826000008/rivn-20251231.htm - Form 10-Q for the quarter ended 30 Jun 2026: https://www.sec.gov/Archives/edgar/data/1874178/000187417826000054/rivn-20260630.htm - Q2 2026 results release (8-K Ex. 99.1, 30 Jul 2026): https://www.sec.gov/Archives/edgar/data/1874178/000187417826000053/ex-9912q26rivianearningspr.htm - Q2 2026 earnings presentation (8-K Ex. 99.2): https://www.sec.gov/Archives/edgar/data/1874178/000187417826000053/ex-9922q26rivianearnings.htm - Q3 2026 production and deliveries release (8-K Ex. 99.1, 2 Oct 2026): https://www.sec.gov/Archives/edgar/data/1874178/000187417826000057/ex-9913q26deliveryproducti.htm - Form 8-K, 7 Oct 2026 (VW joint venture $1.0B term loans funded): https://www.sec.gov/Archives/edgar/data/1874178/000187417826000061/rivn-20261007.htm - Investor relations: https://rivian.com/investors ; company site https://rivian.com - Logo: Simple Icons does not carry a Rivian glyph, so the logo is a project monogram ("R" on an amber tile), **not** Rivian's official mark. Trademark of Rivian; identification only. - Raw text in /workspace/rivian-src/ (10k.txt, 10q.txt, pr.txt, sl.txt, dp.txt, 8k61.txt). ## Teaching arc **Sell adventure EVs and Amazon's vans at a gross loss on the cars, let a Volkswagen software joint venture and regulatory credits supply the margin, and bet the next phase on R2 volume.** FY2025 revenue was **$5.39B (+8%)** on 42,247 deliveries (−18%): new EVs **$3.64B**, regulatory credits **$197M**, software and services **$1.55B**. Segments: **Automotive $3.83B revenue with a −$432M gross loss; Software and Services $1.56B with $576M gross profit (37%, INFERENCE)**, so total gross profit was just **$144M (2.7%)** and the loss from operations **$3.59B**. Concentration: Chase Bank (consumer lease buyer) ~36% of revenue, Amazon $900M (16.7%, INFERENCE), Volkswagen joint venture $836M (15.5% of revenue, ~54% of the segment, INFERENCE). Then R2: external deliveries began 9 Jun 2026; **Q2 2026 revenue $1.658B (+27%)**, gross profit $179M (11%) including $108M of credits, loss from operations $836M, free cash flow −$849M; **Q3 2026 deliveries 19,248**, 2026 guide 65,000–70,000. ## Key numbers **FY2025 (10-K, FACT unless noted)** - Revenue $5,387M (FY24 $4,970M, +8%; FY23 $4,434M). By source (Note 4): new electric vehicles $3,639M (FY24 $4,161M); regulatory credits $197M ($333M; $73M in FY23); software and services $1,551M ($476M). INFERENCE mix: new EVs 67.6%, credits 3.7%, software and services 28.8%. - Segments (MD&A): Automotive revenue $3,830M (−15%), cost $4,262M, gross loss $(432)M (FY24 $(1,207)M); Software and Services revenue $1,557M (+222%), cost $981M, gross profit $576M (FY24 $7M). INFERENCE segment margin 37.0%. - Total cost of revenues $5,243M (INFERENCE 97.3% of revenue); gross profit $144M (FY24 $(1,200)M; INFERENCE 2.7% margin). - Opex: R&D $1,668M (+3%), SG&A $2,061M (+10%), total $3,729M. Loss from operations $(3,585)M (FY24 $(4,689)M). Net loss $(3,626)M; net loss attributable to common $(3,646)M. Interest expense $274M; interest income $293M. $186M expense for securities class action settlement (net of expected insurance recoveries) in other expense. - Cash flow: operating $(779)M, capex $(1,710)M; INFERENCE free cash flow ≈ $(2,489)M. Cash and equivalents $3,579M + short-term investments $2,503M = $6,082M; total liquidity $6,588M incl. ABL availability $506M (31 Dec 2025). Long-term debt $4,440M (incl. $1.3B 10% senior secured green notes due 2031). - Volumes: production 42,284 (FY24 49,476), deliveries 42,247 (51,579; −18%). Automotive revenue fell mainly on fewer deliveries (45W tax credit ended 30 Sep 2025) and lower credit sales, partly offset by higher average selling prices. - Customers: Chase Bank ~36% of FY25 revenue (37% FY24) via leasing, with a residual-value risk-sharing liability (not material at year-end); Amazon revenue $900M (FY24 $1,040M; FY23 $823M), primarily EDV sales; Volkswagen Group joint-venture revenue $836M (FY24 $73M). Amazon beneficially owns shares and a warrant representing 12.7% of voting power (31 Dec 2025); Amazon has ordered an initial 100,000 EDVs globally (subject to modification); sales of Rivian Commercial Vans to certain last-mile delivery and retail customers require Amazon's consent; Rivian Adventure Gear sold on Amazon.com since Jun 2025 (commissions not material); Rivian buys data services from Amazon. - Volkswagen Group: 50/50 joint venture (consolidated) for zonal electrical architecture and software; VW paid $1.0B on 30 Jun 2025 ($750M for ~51.5M shares at $14.56 plus $250M premium recorded as deferred revenue); up to $2.5B more expected (milestones) incl. a $1.0B loan facility available 1–30 Oct 2026. The 10-K says JV revenue may fall around 2028 when the combined performance obligation is satisfied. - Employees 15,232 incl. consolidated JV (31 Dec 2025); >1,200 granted patents, >2,000 applications pending. - Manufacturing: Normal, Illinois plant up to 215,000 vehicles/yr at full rate (10-K split expected up to 155,000 R2 / 85,000 R1 / 65,000 commercial van); operating significantly below full rate; 1.2M sq ft supplier and logistics park; Georgia (Stanton Springs North) plant planned — 10-K: 400,000 units/yr in two 200,000 phases, vertical construction 2026, first line 2028; Q2 2026 release says up to 300,000 units. Hundreds of suppliers, mostly single- or limited-source. - Software and services: VW JV engineering, Autonomy+ (paid fee began April 2026), remarketing, repair and maintenance, charging (Rivian Adventure Network, >95% open to non-Rivian EVs), Connect+ subscription, FleetOS, insurance and financing via third parties, Gear Shop. - Incentives: DOE loan (originally up to ~$6.0B tranches, Jan 2025); Georgia incentive package up to $1.5B; Illinois REV agreement up to ~$0.8B; regulatory credit programs being rolled back — ability to keep earning/selling credits "uncertain". **Q2 2026 (10-Q + results release, FACT unless noted)** - Revenue $1,658M (+27%); new EVs $1,037M (+12%, INFERENCE), credits $108M (Q2'25 $7M), software and services $513M. Segment: Automotive $1,143M (+23%), gross loss $(36)M (Q2'25 $(335)M; includes ~$100M incremental R2 ramp cost and an IEEPA tariff refund receivable); Software and Services $515M (+37%), gross profit $215M (42% margin); $308M (60%) of software and services revenue from the VW JV. Gross profit $179M (11% margin; Q1'26 $119M, 9%). - R&D $466M, SG&A $549M, opex $1,015M; loss from operations $(836)M (Q2'25 $(1,114)M); net loss attributable to common $(833)M; adjusted EBITDA $(379)M. Operating cash flow $(487)M, capex $(362)M, free cash flow $(849)M (H1: $(1,924)M). Cash, equivalents and short-term investments $5,310M; total liquidity $5,846M; pro forma $7,163M with ~$1.317B net proceeds from July offering (86.25M shares at $15.50). - Volumes: production 12,613, deliveries 12,194 (+14%); cumulative deliveries 187,759; record 57,000+ demo drives. Amazon revenue $554M in Q2 (Q2'25 $176M; H1 $1,022M vs $275M). Chase ~9% of revenue (Q2'25 45%). - Uber: subscription agreement March 2026; $300M received May 2026 (~20M shares at $15.34); up to $950M more across four milestones; collaboration on R2-based Level 4 vehicles for Uber's platform; Uber $250M first milestone targeted for later in 2026. - Amazon: 40,000+ Rivian EDVs active; Commercial Van platform passed 1B miles driven; new EDV variants (AWD, larger battery) in development. - Autonomy: point-to-point advanced assisted driving targeted by end of 2026; Rivian Assistant on all R1 (R2 later in 2026); in-house RAP1 autonomy processor expected in future vehicles. - DOE loan (A&R LARSSA Apr 2026): Note A up to $3,355M (+ up to $315M capitalized interest) and Note B up to $651M (+ up to $179M); ~$4.5B total; first draw expected early 2027; conditions include positive gross margin and equity reserves. - Guidance (2026): deliveries 65,000–70,000; adjusted EBITDA $(2.00)B–$(1.80)B; capex $1.70B–$1.80B. Rivian cites rising raw-material, memory and logistics costs. **After quarter-end (FACT)** - Q3 2026 (2 Oct 2026): production 19,751; deliveries 19,248; guidance for 2026 deliveries reaffirmed; Q3 results due 29 Oct 2026. INFERENCE: 9-month deliveries 41,807 (10,365 + 12,194 + 19,248); reaching 65,000–70,000 implies Q4 deliveries of ~23,200–28,200; Q3 deliveries +46% vs Q3'25 (13,201). - 7 Oct 2026 8-K: $1.0B, 10-year VW joint-venture term loans funded; Rivian's loan (Loan B) 6.03% fixed, secured only by Rivian's 50% JV equity, non-recourse to Rivian; $100M/yr amortization starts at year 3; interest first payable at year 2. ## What is NOT disclosed (do not invent) - Revenue or subscriber counts for Connect+, Autonomy+, FleetOS or charging separately; EDV vs R1 delivery split; R2 pricing or order counts (only a $100 refundable deposit is stated in the 10-K). - Per-vehicle gross margin; credit costs (credits' near-zero cost is not stated by Rivian). - Unit economics of the Rivian Adventure Network. ## Block coverage map Key Partners: Amazon, Volkswagen Group (JV, equity, loan), Uber (equity, autonomy), Chase Bank (leasing), hundreds of suppliers, DOE / Georgia / Illinois incentives, third-party insurance and financing providers, partner collision centers. Key Activities: design and build R1/R2/EDV, vertical integration (motors, inverters, battery packs, electronics, RAP1), software and autonomy, VW engineering, charging and service, Georgia plant construction. Key Resources: Normal plant and supplier park, 15,232 people, patents, fleet data (187,759 deliveries), RAN, liquidity. Value propositions: adventure EVs, R2 mid-size SUV, commercial vans with lower TCO, OTA software and subscriptions, charging, software platform for others. Customer relationships: demo drives, OTA updates, Connect+/Autonomy+, service, FleetOS, trade-ins. Channels: website/app, company spaces, service, Adventure Network, fleet direct sales, Gear Shop and Amazon.com. Segments: consumers, commercial fleets (Amazon), Volkswagen Group, credit buyers, Uber. Cost structure: cost of revenues $5.24B (97%), R&D $1.67B, SG&A $2.06B, capex $1.71B, interest, warranty, R2 ramp.