Rivian Q1 Earnings: Double Beat, Record Gross Profit, Delivery Estimates Lowered On Tariff Concerns

Electric vehicle company Rivian Automotive RIVN reported first-quarter financial results after market close Tuesday.

Here are the key highlights.

What Happened: Rivian reported first-quarter revenue of $1.24 billion, up 3% year-over-year. The revenue total beat a Street consensus estimate of $1.00 billion according to data from Benzinga Pro.

The company reported a loss of 48 cents per share, beating a Street consensus estimate of a loss of 76 cents per share.

Rivian highlighted that it hit $206 million in positive gross profit for the first quarter. This marked the company's second consecutive quarter of gross profit.

Rivian previously reported first-quarter production and deliveries of 14,611 vehicles and 8,640 vehicles respectively.

"This quarter we hit our second consecutive gross profit and our highest gross profit to date at $206 million. We have continued to make significant progress on R2, including vehicle validation builds underway and our Normal, Illinois manufacturing facility expansion on track," Rivian CEO RJ Scaringe said.

Rivian also unlocked $1 billion through an investment from Volkswagen Group VWAGY, which is expected to be funded on June 30, 2025.

Rivian had over 7,000 "electric joyrides" at SXSW festival in Austin in March and a total of 36,000 demo drives in the first quarter of 2025. The company said this was a quarterly record for demos.

The first quarter also saw the announced partnership with HelloFresh for 70 Rivian Commercial Vans, which marks the company's first major fleet customer outside of original partner and investor Amazon.com Inc.

What's Next: The company highlighted its progress made on the R2, which is scheduled to begin production in the first half of 2026.

Rivian said the company manufactures 100% of its vehicles in the U.S. and gets the majority of its materials from the U.S., but it is not immune to the impact of tariffs and the macroeconomic environment.

The company shared new guidance for vehicle deliveries in 2025, ranging from 40,000 to 46,000 vehicles, down from prior guidance of 46,000 to 51,000 vehicles.

"The company's guidance represents management's current view on evolving trade regulation, policies, tariffs, and the overall impact these items may have on consumer sentiment and demand," the company said.

Rivian maintained guidance for adjusted EBITDA in a range of a loss of $1.7 billion to a loss of $1.9 billion.

The company expects to hit "modest" positive gross profits for the full fiscal year.

RIVN Price Action: Rivian stock is down 0.2% to $13.47 in after-hours trading Tuesday versus a 52-week trading range of $9.25 to $18.86.

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