Rivian Dips on Cash Burn Yet Beats Q1 Expectations

Rivian beat Q1 expectations with revenue of about $1.38B and a narrower loss of $0.33 per share, but the stock fell ~5% after hours as investors weigh elevated R2 spending and cash burn against the solid quarter. The company produced 10,236 vehicles and delivered 10,365, maintaining a full-year delivery outlook of up to 67,000. Liquidity stood around $5.4B, down from $6.1B prior, with much of the cash tied to the R2 platform whose large-scale production isn’t expected until 2026. Management stressed cash management going forward; Wall Street’s consensus remains a Moderate Buy with a target near $18, implying ~9.8% upside if spending stays on track.