Rivian third-quarter earnings beat estimates as software revenue, R2 deliveries rise
Software and services revenue contributed to quarterly growth as the company continued the R2 ramp.
TL;DR
- Rivian said its software and services revenue reached $605 million in the third quarter, up 45% from a year earlier.
- The company reported 19,248 vehicle deliveries and said the R2 was its best-selling vehicle in the quarter.
- The filing documents quarterly results and company claims; it does not establish whether the software mix or delivery pace will continue.
Rivian reported third-quarter results that beat estimates, with software revenue and R2 deliveries among the developments highlighted by CNBC. The company also filed its quarterly results with the SEC. [1] [2]
Rivian's earnings materials said software and services generated $605 million in revenue, up 45% year over year, and $256 million in gross profit. The company attributed the segment's performance to vehicle electrical architecture and software development services, repair and maintenance, and Autonomy+. [2]
The company reported 19,248 vehicle deliveries in the quarter, a 46% year-over-year increase, and said R2 was its best-selling vehicle, outselling R1 and EDV. These are company-reported figures in its earnings presentation and filing. [2] [3]
Rivian said a second R2 production shift was brought online and described the vehicle program as part of its operating-efficiency plans. The filings do not establish whether deliveries, software revenue or margins will keep rising at the same pace in future quarters. [2] [3]
Why it matters
Rivian's results highlight the growing contribution of software and services alongside vehicle deliveries as the company scales R2 production. The reported quarterly mix is material, but its persistence and effect on longer-term profitability remain uncertain.
Editor's note
Operating and financial figures are taken from Rivian's SEC-filed earnings presentation; CNBC provides independent coverage. Forward-looking implications are not stated as outcomes.