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Rivian's Q2 Earnings Miss Expectations, Revenues Rise Y/Y
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Key Takeaways
Rivian posted a Q2 loss of 80 cents per share, missing estimates, while revenues rose 12.5% year over year.
Software and services revenues more than tripled, boosting overall sales beyond consensus expectations.
2025 EBITDA loss forecast widened to $2B-$2.25B, with deliveries projected at 40,000-46,000 units.
Rivian Automotive (RIVN - Free Report) reported a second-quarter 2025 loss of 80 cents per share, missing the Zacks Consensus Estimate of a loss of 65 cents per share but narrower than the year-ago period’s loss of $1.21. Revenues of $1.3 billion beat the Zacks Consensus Estimate of $1.26 billion and increased 12.5% on a year-over-year basis, fueled by year-over-year growth in software and services revenues.
Key Q2 Highlights of RIVN
Rivian recorded a total production of 5,979 units in the reported quarter, down from 9,612 units in the year-ago quarter. The company delivered a total of 10,661 units, down from 13,790 units a year ago.
Total gross loss amounted to $206 million compared with a gross loss of $451 million in the prior-year quarter. The gross margin for the reported quarter was a negative 16%. Total adjusted operating expenses were $681 million, up from $676 million in the prior-year quarter. Adjusted loss before interest, taxes, depreciation and amortization was $667 million, marking a major improvement from the $857 million loss incurred in the second quarter of 2024.
Net cash provided by operating activities for the reported quarter was $64 million compared to $754 million used in the prior-year quarter of 2024. Capital expenditures for the second quarter were $462 million compared to $283 million for the same period last year. Free cash outflow in the second quarter was $398 million.
Rivian's Q2 Segmental Performance
The Automotive segment recorded revenues of $927 million, down 13.7% year over year, primarily due to higher sales of first-gen R1 vehicles and vans in the prior period, which were not witnessed in this quarter. The total cost of revenues for this segment in the first quarter was $1,262 million, down 16.7% on a year-over-year basis. The segment generated a gross loss of $335 million in the reported quarter compared to a gross loss of $441 million in the prior-year quarter.
The Software and Services segment recorded revenues of $376 million and more than tripled year over year, primarily due to new vehicle electrical architecture, software development services, higher remarketing sales, and a rise in repair and maintenance services. The total cost of revenues for this segment in the second quarter amounted to $247 million and increased more than two-fold on a year-over-year basis. The segment generated a gross profit of $129 million for the second quarter compared with the loss of $10 million in the same quarter in 2024.
Financial Position of RIVN
Rivian had $4.81 billion in cash and cash equivalents as of June 30, 2025, compared to $5.29 billion as of Dec. 31, 2024. Long-term debt was $4,436 million as of June 30, 2025, compared to $4,441 million as of Dec. 31, 2024.
Rivian Revises 2025 Guidance
Rivian has updated its guidance for the full-year 2025. It expects to deliver 40,000 to 46,000 vehicles in 2025. Adjusted EBITDA is to remain negative, in the band of $2 billion to $2.25 billion, lower than the previous guidance of a loss of $1.7 billion- $1.9 billion. Capital expenditures expectations are reaffirmed to be between $1.8 billion and $1.9 billion.
Other Key Releases from the Auto Space
Mobileye Global Inc. (MBLY - Free Report) reported second-quarter 2025 adjusted earnings per share of 13 cents. The figure beat the Zacks Consensus Estimate of 11 cents. The company reported earnings per share of 9 cents in the year-ago quarter. Total revenues amounted to $506 million, beating the Zacks Consensus Estimate of $485 million. The metric also rose 15.26% year over year.
MBLY had cash and cash equivalents of $1.71 billion as of June 28, 2025, compared with $1.43 billion as of Dec. 28, 2024. Operating cash flow for the six months ended June 28, 2025, was $322 million. Capex was $28 million during the same time frame.
Group 1 Automotive (GPI - Free Report) reported second-quarter 2025 adjusted earnings per share (EPS) of $11.52, which beat the Zacks Consensus Estimate of $10.31 and rose 17.5% year over year. The automotive retailer registered net sales of $5.7 billion, which beat the Zacks Consensus Estimate of $5.55 billion. The top line also rose from the year-ago quarter’s $4.7 billion.
Group 1 had cash and cash equivalents of $52.7 million as of June 30, 2025, up from $34.4 million as of Dec. 31, 2024. Total debt was $3.2 billion as of June 30, 2025, up from $2.91 billion as of Dec. 31, 2024.
Lear Corp. (LEA - Free Report) reported its second quarter 2025 adjusted earnings per share of $3.47, which beat the Zacks Consensus Estimate of $3.23, thanks to better-than-expected revenues and profits from the Seating and E-System segments. The bottom line, however, decreased from $3.60 reported in the year-ago quarter. In the reported quarter, revenues remained flat year over year at $6.03 billion and surpassed the Zacks Consensus Estimate of $5.89 billion.
The company had $888 million in cash and cash equivalents as of June 28, 2025, compared with $1.05 billion as of Dec. 31, 2024. Long-term debt was $2.76 billion as of June 28, 2025, up from 2024-end levels. During the quarter under discussion, net cash used in operating activities totaled $296.2 million. The company posted an FCF of $170.8 million in the quarter.
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Rivian's Q2 Earnings Miss Expectations, Revenues Rise Y/Y
Key Takeaways
Rivian Automotive (RIVN - Free Report) reported a second-quarter 2025 loss of 80 cents per share, missing the Zacks Consensus Estimate of a loss of 65 cents per share but narrower than the year-ago period’s loss of $1.21. Revenues of $1.3 billion beat the Zacks Consensus Estimate of $1.26 billion and increased 12.5% on a year-over-year basis, fueled by year-over-year growth in software and services revenues.
Key Q2 Highlights of RIVN
Rivian recorded a total production of 5,979 units in the reported quarter, down from 9,612 units in the year-ago quarter. The company delivered a total of 10,661 units, down from 13,790 units a year ago.
Total gross loss amounted to $206 million compared with a gross loss of $451 million in the prior-year quarter. The gross margin for the reported quarter was a negative 16%. Total adjusted operating expenses were $681 million, up from $676 million in the prior-year quarter. Adjusted loss before interest, taxes, depreciation and amortization was $667 million, marking a major improvement from the $857 million loss incurred in the second quarter of 2024.
Net cash provided by operating activities for the reported quarter was $64 million compared to $754 million used in the prior-year quarter of 2024. Capital expenditures for the second quarter were $462 million compared to $283 million for the same period last year. Free cash outflow in the second quarter was $398 million.
Rivian's Q2 Segmental Performance
The Automotive segment recorded revenues of $927 million, down 13.7% year over year, primarily due to higher sales of first-gen R1 vehicles and vans in the prior period, which were not witnessed in this quarter. The total cost of revenues for this segment in the first quarter was $1,262 million, down 16.7% on a year-over-year basis. The segment generated a gross loss of $335 million in the reported quarter compared to a gross loss of $441 million in the prior-year quarter.
The Software and Services segment recorded revenues of $376 million and more than tripled year over year, primarily due to new vehicle electrical architecture, software development services, higher remarketing sales, and a rise in repair and maintenance services. The total cost of revenues for this segment in the second quarter amounted to $247 million and increased more than two-fold on a year-over-year basis. The segment generated a gross profit of $129 million for the second quarter compared with the loss of $10 million in the same quarter in 2024.
Financial Position of RIVN
Rivian had $4.81 billion in cash and cash equivalents as of June 30, 2025, compared to $5.29 billion as of Dec. 31, 2024. Long-term debt was $4,436 million as of June 30, 2025, compared to $4,441 million as of Dec. 31, 2024.
Rivian Revises 2025 Guidance
Rivian has updated its guidance for the full-year 2025. It expects to deliver 40,000 to 46,000 vehicles in 2025. Adjusted EBITDA is to remain negative, in the band of $2 billion to $2.25 billion, lower than the previous guidance of a loss of $1.7 billion- $1.9 billion. Capital expenditures expectations are reaffirmed to be between $1.8 billion and $1.9 billion.
Other Key Releases from the Auto Space
Mobileye Global Inc. (MBLY - Free Report) reported second-quarter 2025 adjusted earnings per share of 13 cents. The figure beat the Zacks Consensus Estimate of 11 cents. The company reported earnings per share of 9 cents in the year-ago quarter. Total revenues amounted to $506 million, beating the Zacks Consensus Estimate of $485 million. The metric also rose 15.26% year over year.
MBLY had cash and cash equivalents of $1.71 billion as of June 28, 2025, compared with $1.43 billion as of Dec. 28, 2024. Operating cash flow for the six months ended June 28, 2025, was $322 million. Capex was $28 million during the same time frame.
Group 1 Automotive (GPI - Free Report) reported second-quarter 2025 adjusted earnings per share (EPS) of $11.52, which beat the Zacks Consensus Estimate of $10.31 and rose 17.5% year over year. The automotive retailer registered net sales of $5.7 billion, which beat the Zacks Consensus Estimate of $5.55 billion. The top line also rose from the year-ago quarter’s $4.7 billion.
Group 1 had cash and cash equivalents of $52.7 million as of June 30, 2025, up from $34.4 million as of Dec. 31, 2024. Total debt was $3.2 billion as of June 30, 2025, up from $2.91 billion as of Dec. 31, 2024.
Lear Corp. (LEA - Free Report) reported its second quarter 2025 adjusted earnings per share of $3.47, which beat the Zacks Consensus Estimate of $3.23, thanks to better-than-expected revenues and profits from the Seating and E-System segments. The bottom line, however, decreased from $3.60 reported in the year-ago quarter. In the reported quarter, revenues remained flat year over year at $6.03 billion and surpassed the Zacks Consensus Estimate of $5.89 billion.
The company had $888 million in cash and cash equivalents as of June 28, 2025, compared with $1.05 billion as of Dec. 31, 2024. Long-term debt was $2.76 billion as of June 28, 2025, up from 2024-end levels. During the quarter under discussion, net cash used in operating activities totaled $296.2 million. The company posted an FCF of $170.8 million in the quarter.