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Rivian Q1 Earnings Beat on Higher Deliveries and Software Strength
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Key Takeaways
RIVN posted a narrower Q1 loss and topped revenue estimates on 20% higher deliveries.
Software and services revenues jumped to $473M, with strong margins boosting segment profit.
Automotive profit turned to a loss as credit sales fell and costs rose, pressuring margins.
Rivian Automotive (RIVN - Free Report) posted a reported loss of 55 cents per share in the first quarter of 2026, narrower than the Zacks Consensus Estimate of a loss of 60 cents, delivering a positive earnings surprise of 7.7%.
Quarterly revenues came in at $1.38 billion, topping the consensus mark of $1.37 billion by 1% and rising 11.4% year over year. Higher delivery volumes and strong software and services execution were key supports for the quarter.
Rivian Automotive, Inc. Price, Consensus and EPS Surprise
RIVN delivered 10,365 vehicles in the quarter, representing a 20% increase from the year-ago period. Cumulative deliveries reached 175,565, underscoring the company’s expanding on-road fleet and broader customer base.
Production totaled 10,236 units, down 30% year over year. Operationally, Rivian achieved a major milestone with the start of saleable R2 production at its Normal, IL, facility and has already begun delivering R2 vehicles to employees, with external customer deliveries expected in the coming weeks.
Rivian’s Mix Shift Pressures Automotive Profit
Rivian’s automotive segment generated $908 million of revenues in the quarter, down from $922 million a year ago. The year-over-year decline was largely attributable to a $100 million decrease in sales of automotive regulatory credits, along with lower automotive revenue per unit delivered, tied to a higher mix of commercial vans.
Profitability in the segment also moved in the wrong direction. Automotive gross profit was a loss of $62 million versus a $92 million profit in the first quarter of 2025, reflecting the reduced regulatory credit contribution and lower production volumes. Higher depreciation and stock-based compensation expenses within the segment were also contributing factors.
RIVN Leans on Software and Services Momentum
Software and services continued to be a bright spot. Segment revenues rose to $473 million from $318 million in the year-ago quarter, driven by higher vehicle electrical architecture and software development services from RV Tech, alongside growth in vehicle repair and maintenance services and remarketing activities.
The margin profile remained attractive. Software and services gross profit increased to $181 million from $114 million a year ago, supported by RV Tech-related services and higher contribution from service and remarketing. Segment gross margin was 38% for the quarter.
Rivian Spending Rises as It Builds for Scale
Gross profit amounted to $119 million compared with $206 million in the prior-year quarter. The gross margin for the reported quarter was 9% compared with 17% in the year-ago quarter.
Rivian’s operating expenses increased in the quarter. Research and development expense rose to $458 million from $381 million a year ago, while selling, general and administrative expense increased to $542 million from $480 million. Total operating expenses were $1 billion compared with $861 million in the prior-year quarter.
Higher spending, combined with the automotive gross loss, weighed on operating results. Loss from operations widened to $881 million from $655 million a year ago. The company expects to see meaningful fixed cost efficiencies over the coming quarters as R2 production volume rises, which is an important swing factor for cost absorption.
RIVN Liquidity, Cash Burn and 2026 Targets
Liquidity remained a key investor focus. As of March 31, 2026, Rivian’s cash and cash equivalents totaled $2.85 billion compared with $3.58 billion as of Dec. 31, 2025, and reported total available liquidity of $5.39 billion, including availability under its ABL facility. Long-term debt was $4,442 million as of March 31, 2025, compared with $4,440 million as of Dec. 31, 2025.
Cash flow was pressured by operating outflows and investment needs. Net cash used in operating activities was $703 million, and capital expenditures were $372 million, resulting in a negative free cash flow of $1.08 billion. For 2026, Rivian expects vehicle deliveries of 62,000-67,000 units, adjusted EBITDA in a range of negative $2.10 billion to negative $1.80 billion, and capital expenditures of $1.95-$2.05 billion.
Mobileye Global Inc. (MBLY - Free Report) reported first-quarter 2026 results on April 23. It posted earnings of 12 cents per share, beating the Zacks Consensus Estimate of 8 cents by 58.52%. The bottom line rose 50% year over year, driven by higher shipments of EyeQ system-on-chip. The company posted revenues of $558 million, which beat the Zacks Consensus Estimate of $520 million by 7.36% and increased 27.4% year over year.
Operating cash flow was $75 million, reflecting the company’s ability to convert its ADAS scale into cash generation.
Mobileye also approved a share buyback program of up to $250 million. By the end of the first quarter, MBLY had $1.21 billion in cash, after spending $591 million (net of cash received) on the Mentee Robotics acquisition.
Gentex Corporation (GNTX - Free Report) reported first-quarter 2026 results on April 24. It posted adjusted earnings of 48 cents per share, which beat the Zacks Consensus Estimate of 44 cents by 8.28%. The figure increased 11.6% from 43 cents a year ago. Net sales came in at $675 million, topping the consensus mark of $647 million by 4.36%. Revenues rose 17.1% from $577 million in the year-ago quarter, aided by contributions from VOXX and a richer mix of advanced features.
Liquidity improved during the quarter. As of March 31, 2026, GNTX’s cash and cash equivalents were $164.8 million compared with $145.6 million as of Dec. 31, 2025. Short-term investments increased to $10.3 million from $5.4 million.
PACCAR Inc. (PCAR - Free Report) reported first-quarter 2026 results on April 28. It reported earnings of $1.15 per share, beating the Zacks Consensus Estimate of $1.13 by 1.8%. The bottom line decreased 21.2% from $1.46 in the year-ago quarter. Consolidated revenues (including trucks and financial services) were $6.78 billion, down from $7.44 billion in the corresponding quarter of 2025. The decline reflected lower industry volumes.
On the balance sheet, cash and marketable securities were $8.60 billion as of March 31, 2026, compared with $9.25 billion as of Dec. 31, 2025, while stockholders’ equity increased to $19.76 billion from $19.26 billion over the same span.
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Rivian Q1 Earnings Beat on Higher Deliveries and Software Strength
Key Takeaways
Rivian Automotive (RIVN - Free Report) posted a reported loss of 55 cents per share in the first quarter of 2026, narrower than the Zacks Consensus Estimate of a loss of 60 cents, delivering a positive earnings surprise of 7.7%.
Quarterly revenues came in at $1.38 billion, topping the consensus mark of $1.37 billion by 1% and rising 11.4% year over year. Higher delivery volumes and strong software and services execution were key supports for the quarter.
Rivian Automotive, Inc. Price, Consensus and EPS Surprise
Rivian Automotive, Inc. price-consensus-eps-surprise-chart | Rivian Automotive, Inc. Quote
RIVN Delivers Higher Volumes as R2 Ramps
RIVN delivered 10,365 vehicles in the quarter, representing a 20% increase from the year-ago period. Cumulative deliveries reached 175,565, underscoring the company’s expanding on-road fleet and broader customer base.
Production totaled 10,236 units, down 30% year over year. Operationally, Rivian achieved a major milestone with the start of saleable R2 production at its Normal, IL, facility and has already begun delivering R2 vehicles to employees, with external customer deliveries expected in the coming weeks.
Rivian’s Mix Shift Pressures Automotive Profit
Rivian’s automotive segment generated $908 million of revenues in the quarter, down from $922 million a year ago. The year-over-year decline was largely attributable to a $100 million decrease in sales of automotive regulatory credits, along with lower automotive revenue per unit delivered, tied to a higher mix of commercial vans.
Profitability in the segment also moved in the wrong direction. Automotive gross profit was a loss of $62 million versus a $92 million profit in the first quarter of 2025, reflecting the reduced regulatory credit contribution and lower production volumes. Higher depreciation and stock-based compensation expenses within the segment were also contributing factors.
RIVN Leans on Software and Services Momentum
Software and services continued to be a bright spot. Segment revenues rose to $473 million from $318 million in the year-ago quarter, driven by higher vehicle electrical architecture and software development services from RV Tech, alongside growth in vehicle repair and maintenance services and remarketing activities.
The margin profile remained attractive. Software and services gross profit increased to $181 million from $114 million a year ago, supported by RV Tech-related services and higher contribution from service and remarketing. Segment gross margin was 38% for the quarter.
Rivian Spending Rises as It Builds for Scale
Gross profit amounted to $119 million compared with $206 million in the prior-year quarter. The gross margin for the reported quarter was 9% compared with 17% in the year-ago quarter.
Rivian’s operating expenses increased in the quarter. Research and development expense rose to $458 million from $381 million a year ago, while selling, general and administrative expense increased to $542 million from $480 million. Total operating expenses were $1 billion compared with $861 million in the prior-year quarter.
Higher spending, combined with the automotive gross loss, weighed on operating results. Loss from operations widened to $881 million from $655 million a year ago. The company expects to see meaningful fixed cost efficiencies over the coming quarters as R2 production volume rises, which is an important swing factor for cost absorption.
RIVN Liquidity, Cash Burn and 2026 Targets
Liquidity remained a key investor focus. As of March 31, 2026, Rivian’s cash and cash equivalents totaled $2.85 billion compared with $3.58 billion as of Dec. 31, 2025, and reported total available liquidity of $5.39 billion, including availability under its ABL facility. Long-term debt was $4,442 million as of March 31, 2025, compared with $4,440 million as of Dec. 31, 2025.
Cash flow was pressured by operating outflows and investment needs. Net cash used in operating activities was $703 million, and capital expenditures were $372 million, resulting in a negative free cash flow of $1.08 billion. For 2026, Rivian expects vehicle deliveries of 62,000-67,000 units, adjusted EBITDA in a range of negative $2.10 billion to negative $1.80 billion, and capital expenditures of $1.95-$2.05 billion.
RIVN currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Key Releases From Auto Space
Mobileye Global Inc. (MBLY - Free Report) reported first-quarter 2026 results on April 23. It posted earnings of 12 cents per share, beating the Zacks Consensus Estimate of 8 cents by 58.52%. The bottom line rose 50% year over year, driven by higher shipments of EyeQ system-on-chip. The company posted revenues of $558 million, which beat the Zacks Consensus Estimate of $520 million by 7.36% and increased 27.4% year over year.
Operating cash flow was $75 million, reflecting the company’s ability to convert its ADAS scale into cash generation.
Mobileye also approved a share buyback program of up to $250 million. By the end of the first quarter, MBLY had $1.21 billion in cash, after spending $591 million (net of cash received) on the Mentee Robotics acquisition.
Gentex Corporation (GNTX - Free Report) reported first-quarter 2026 results on April 24. It posted adjusted earnings of 48 cents per share, which beat the Zacks Consensus Estimate of 44 cents by 8.28%. The figure increased 11.6% from 43 cents a year ago. Net sales came in at $675 million, topping the consensus mark of $647 million by 4.36%. Revenues rose 17.1% from $577 million in the year-ago quarter, aided by contributions from VOXX and a richer mix of advanced features.
Liquidity improved during the quarter. As of March 31, 2026, GNTX’s cash and cash equivalents were $164.8 million compared with $145.6 million as of Dec. 31, 2025. Short-term investments increased to $10.3 million from $5.4 million.
PACCAR Inc. (PCAR - Free Report) reported first-quarter 2026 results on April 28. It reported earnings of $1.15 per share, beating the Zacks Consensus Estimate of $1.13 by 1.8%. The bottom line decreased 21.2% from $1.46 in the year-ago quarter. Consolidated revenues (including trucks and financial services) were $6.78 billion, down from $7.44 billion in the corresponding quarter of 2025. The decline reflected lower industry volumes.
On the balance sheet, cash and marketable securities were $8.60 billion as of March 31, 2026, compared with $9.25 billion as of Dec. 31, 2025, while stockholders’ equity increased to $19.76 billion from $19.26 billion over the same span.