Rivian trimmed its 2026 capital expenditure forecast and narrowed its loss guidance Thursday, signaling that the startup's costly transition to a mass-market vehicle lineup is progressing without blowing the budget. The company now sees adjusted losses of $1.8 billion to $2 billion, down from a prior range of $1.8 billion to $2.1 billion, and capital spending of $1.7 billion to $1.8 billion, a $250 million reduction at the midpoint from the previous $1.95 billion to $2.05 billion outlook. Rivian attributed the cut to "project efficiencies and timing of spend" while reconfirming its delivery target of 65,000 to 70,000 vehicles for the year.
The numbers that matter
Second-quarter results came in ahead of consensus: an adjusted loss of 47 cents per share versus the 63-cent estimate, on revenue of $1.66 billion against a $1.51 billion expectation. Automotive revenue rose 23 percent year over year to $1.14 billion, driven by a 14 percent increase in deliveries and a $103 million boost from regulatory credits. Software and services contributed $515 million. The net loss attributable to common shareholders narrowed to $837 million, or 63 cents a share, a $278 million improvement from the same quarter a year earlier.
Gross profit flips positive
The gross profit line, watched closely for evidence that Rivian can build vehicles for less than it sells them, swung to $179 million from a $206 million loss in the second quarter of 2025. The automotive segment still lost $36 million, but the software and services division generated $215 million in profit. That split underscores the emerging reality: Rivian's high-margin recurring revenue is already carrying the hardware business while the R2 ramp matures.
The R2 bet
Deliveries of the midsize R2 SUV began during the quarter at the company's sole plant in Normal, Illinois, which has capacity for 160,000 units annually. Chief Executive RJ Scaringe told CNBC the company expects to reach profitability on a per-unit production basis with the R2 this year, but acknowledged that 160,000 vehicles is not enough scale for overall corporate profitability. The math is straightforward: the plant caps out below the volume needed to absorb fixed costs, so a second factory, or a partner, remains a question of when, not if.
Cash runway and what's next
Rivian ended the quarter with an estimated $5.3 billion in cash, equivalents and short-term investments, up from $4.8 billion at the end of March. Later this year the company expects $1 billion in non-recourse debt financing from its Volkswagen software partnership and a $250 million equity investment from Uber. That incoming capital, combined with the reduced spend plan, buys time to prove the R2 can be the volume driver the business model requires.