Rivian (RIVN) shares rose 15% over the week to close at $13.19, after Jefferies and UBS upgraded the stock to Buy with $17 targets, with UBS citing early R2 demand. Third-quarter revenue rose 38% to $2.16 billion, above the $2.0 billion analysts expected, on a record 19,248 deliveries, and the company raised its 2026 delivery guidance to 67,000–70,000 vehicles from 65,000–70,000. The automotive business still posted an $80 million gross loss, after about $120 million of R2 ramp costs, though management expects to exit 2026 at an automotive gross profit. Four firms cut their price targets, while Bank of America kept its Sell rating and $14 target. Rivian ended September with $5.5 billion in cash and short-term investments, while third-quarter free cash flow was negative $1.12 billion, and Uber will invest another $250 million if Rivian hits an autonomy milestone.
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Rivian (RIVN) posted an adjusted loss of 48 cents per share in the third quarter, narrower than the 65 cents a year earlier, while revenue rose 38% to $2.16 billion on record deliveries, regulatory credits and software growth. Deliveries jumped 46% to 19,248 units, and the R2 SUV became Rivian's best-selling vehicle. Automotive cost of goods sold per vehicle improved by more than $12,000 sequentially, and management raised full-year 2026 delivery guidance to 67,000–70,000 units while tightening its adjusted EBITDA loss guidance to $1.75–$1.85 billion. Free cash outflow, however, widened to $1.12 billion, and Rivian still needs to scale beyond its current R2 production plan of 160,000 units to reach overall profitability.
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