Rivian (RIVN) reported record third-quarter deliveries on October 2, 2026, after rolling out its cheaper R2 SUV, yet the stock still fell 17.7% from September 22 to October 21 while the S&P 500 was about flat. The car business still lost money, with a gross loss of $36 million in the June quarter of 2026, down from $335 million a year earlier, and management expects R2 to reach positive gross profit by the end of 2026. Profit currently comes from software and services, which earned a $215 million gross profit at a 42% margin, with the Volkswagen joint venture accounting for 60% of that segment's revenue. Rivian trades at 2.8 times sales, while free cash flow over the last four quarters was negative $3.49 billion, and the company raised about $1.3 billion by selling new shares in July. Rivian is expected to report third-quarter results on October 29, 2026, and the gross profit of its car business is the key figure to watch.
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