Rivian Q2 Earnings Highlights: Revenue Beat, EPS Miss, Volkswagen JV To 'Speed Up The Transition Away From Fossil Fuels'

Electric vehicle manufacturer Rivian Automotive RIVN reported second-quarter financial results after the market close Tuesday.

Here are the key highlights.

What Happened: Rivian reported second-quarter revenue of $1.16 billion, which beat a Street consensus estimate of $1.13 billion according to data from Benzinga Pro.

The company reported a loss of $1.46 per share in the second quarter, missing a Street consensus estimate of a loss of $1.21 per share.

Rivian produced 9,612 vehicles and delivered 13,790 vehicles in the second quarter.

The company said the second quarter saw progress made on cost efficiency, improving products and strengthening the balance sheet.

"The second quarter has been a defining one for Rivian. We have demonstrated strong execution during the quarter with the plant retooling upgrade and launch of second generation R1 vehicles," Rivian CEO RJ Scaringe said.

The company ended the second quarter with $7.9 billion in cash and cash equivalents. With a revolving credit facility, the company has $9.2 billion in total liquidity. The totals include $1 billion of an unsecured convertible note from Volkswagen's investment in a planned joint venture.

Read Also: Rivian Stock Down 37% YTD: Can Q2 Results, Guidance, R2 Pre-Orders Kickstart Rally For EV Manufacturer?

What's Next: The company reaffirmed all aspects of its previously shared guidance. Rivian previously announced full-year production guidance of 57,000 units.

Rivian is planning to launch the R2 vehicle in the first half of 2026.

Rivian highlighted a joint venture signed with Volkswagen Group VWAGY in June during its quarterly results.

"The partnership is anticipated to accelerate the development of software for Rivian and Volkswagen Group," according to the automaker.

"It is planned to allow both companies to combine their complementary strengths and lower cost per vehicle by increasing scale and speeding up innovation globally."

Scaringe said the integration of Rivian's software technology stack into Volkswagen products is "moving along very well."

The CEO said the joint venture is expected to close in the fourth quarter.

"The output from our joint venture will see Rivian's technology in vehicles all around the world, helping to create more consumer choice and speed up the transition away from fossil fuels," Scaringe said.

RIVN Price Action: Rivian shares were down 1.89% to $14.52 in after-hours Tuesday versus a 52-week range of $8.26 to $26.83.

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Photo courtesy of Rivian.