RIVN 1Q26 First Take: Overall, Rivian delivered a decent print. Revenue was roughly in line with estimates, while GP and net loss came in slightly better. Details below:
① Vehicle revenue reached $900 mn, above the $880 mn consensus. ASP was $88k, up from $83k in the prior quarter (+$5k), likely on improved mix (lower EDV share) and some pullback in promo discounts. ASP also topped the market’s $85k estimate.
② Vehicle GPM kept improving QoQ, rising from -10.9% to -6.8% (+410 bps), slightly better than the market’s -7.8% expectation. The ASP uplift offset drag from reduced scale benefits.
③ Adj. EBITDA was -$470 mn, better than the -$500 mn consensus, supported by stronger GP and disciplined R&D spend. Adj. EBITDA margin ticked up QoQ by ~200 bps to -34.2%. However, vs. this print, investors are more focused on R2, a lower-priced volume model, including ramp speed and margin implications; please stay tuned for Dolphin Research’s take and Trans. $Rivian Automotive(RIVN.US)
