Rivian reported $1.658 billion in Q2 revenue but automotive losses persist, offset by $215 million in software and services profit.
Rivian (RIVN) posted second-quarter revenue of $1.658 billion, up 27% year-over-year, beating Wall Street expectations. The company reported a $179 million gross profit, reversing a loss from the same period last year, driven by $215 million in software and services revenue.
Despite the revenue beat, Rivian’s automotive segment recorded a $36 million gross loss, highlighting ongoing profitability challenges. A joint venture with Volkswagen contributed $308 million to software revenue, masking losses from vehicle production.
Shares fell despite the results, reflecting investor skepticism over the company’s path to sustained profitability as it scales the R2 SUV.