Rivian reports $179M gross profit, exceeding estimates, but shares fall on dilution concerns and profit-taking.
Rivian shares slid 8% to $15.53 after posting a $179 million Q2 gross profit, well above the $71 million estimate, and raising full-year delivery guidance to 65,000-70,000 units. The decline reflects a sell-the-news reaction despite strong fundamentals, as investors weigh a $1.3 billion equity raise and rising R2 production costs.
Prior to the report, Rivian had surged 4% in after-hours trading. Analysts noted the stock’s recent rally may have priced in the beat, while fresh dilution pressures the balance sheet. Competitor Lucid fell 6% in sympathy, while Tesla dipped less than 1% to $307.98.
The Global X Autonomous & Electric Vehicles ETF (DRIV) remained flat at $33.55, as chip-heavy holdings like NVIDIA and Qualcomm offset weakness in pure-play EV stocks.