Rivian rides strong Q2 beat as Launch Edition R2 conversions top expectations
Rivian beat Q2 expectations with revenue of $1.66B and an adjusted EBITDA loss of $379M, and it lifted its full-year guidance while reaffirming 65,000–70,000 deliveries. Management said Launch Edition conversions for the R2 are meaningfully higher than Rivian’s internal projections, and that R2 costs are materially lower than R1, with a goal of positive gross margin on R2 by year-end. The company ended the quarter with about $5.3B in cash after a July $1.3B secondary offering to bolster its balance sheet as it ramps R2 production and a new Georgia factory amid ongoing supply-chain risks.
