Rivian is, by each measure, a maker and vendor of EVs. However in 2025, it was the corporate’s software program and companies that helped its annual income develop by 8%.
Rivian reported Thursday $5.38 billion in complete income in 2025, up from $4.97 billion from the prior yr. That rosy image dulls a bit when wanting simply at its automotive income, which fell 15% to $3.8 billion in 2025. The autumn was fueled by a $134 million drop in regulatory credit score gross sales and decrease automobile deliveries, which have been partially offset by greater common promoting costs, in response to Rivian.
In the meantime, software program and companies income grew greater than threefold to $1.55 billion for the yr. And the three way partnership with Volkswagen Group was behind most of that progress, in response to Rivian. The “companies” element of this line merchandise, which Rivian doesn’t escape, contains a wide range of gadgets, together with automobile restore, automobile trade-ins, and upkeep companies. The rest, and the majority of the income, is from software program, and particularly because of the three way partnership with VW Group.
VW and Rivian fashioned a know-how three way partnership in 2024 that’s price as much as $5.8 billion. The three way partnership is milestone-based and in 2025 Rivian hit the mark, which meant a $1 billion payout within the type of a share sale. Underneath the phrases of the JV, Rivian will provide VW Group with its present electrical structure and software program know-how stack.
Rivian obtained an preliminary $1 billion convertible observe in 2024 and one other $1 billion fee in July 2025.
Rivian is anticipated to proceed to obtain funds from VW Group by way of 2027. Rivian is anticipated to obtain a further $2 billion of capital as a part of the three way partnership in 2026, CFO Claire McDonough stated Thursday on the corporate earnings name. About $1 billion of that’s topic to the profitable completion of winter testing, which is underway. The remaining $1 billion is nonrecourse debt, which is anticipated to be obtained in October.
And whereas the funds present a hefty stopgap, Rivian’s monetary success in 2026 will hinge largely on the rollout of its subsequent EV, the R2.
Techcrunch occasion
Boston, MA
|
June 23, 2026
Rivian confirmed in its earnings report Thursday that the R2 SUV, which is designed to be cheaper to construct and cheaper for purchasers, will come to market by June 2026. That “cheaper to construct” line merchandise is especially essential for Rivian, which has traditionally misplaced cash on each automobile it makes.
Rivian has spent years attempting to push the price of items offered determine down. And it has made progress with the rollout of its second-generation flagship R1T truck and R1S SUV. As an example, McDonough stated “within the fourth quarter it was in a position to ship $92,000 of cogs per unit and that was a few $4,000 per unit enchancment relative to the third quarter.” Rivian’s cogs per unit was $99,000 within the fourth quarter of 2024.
The corporate noticed its complete automotive price of income lower year-over-year from $1.4 billion within the fourth quarter of 2024 to $898 million in the identical quarter in 2025. Notably, the corporate’s price of income for software program steadily inched up all through 2025.
The R2 SUV, which is able to initially launch as a twin motor all-wheel-drive mannequin, is a chance to additional cut back prices. The corporate is anticipated to launch extra details about the R2, together with closing specs, on March 12.
Rivian’s steering for 2026 means that it’s banking on demand for R2 and its means to ramp up manufacturing. The corporate stated Thursday it expects to ship between 62,000 and 67,000 automobiles in 2026 — which might present as much as a 59% bump from final yr. Rivian delivered 42,247 automobiles in 2025, which incorporates its two R1 shopper automobiles and the electrical supply van (EDV).
Rivian CEO RJ Scaringe famous that the corporate expects some progress in EDV gross sales in 2026. Rivian plans to supply an all-wheel-drive model and a bigger battery pack variant of the EDV, for which Amazon is its main buyer.
“Each of these are to assist unlock particular use circumstances throughout the Amazon community,” Scaringe stated. “We’re working actually carefully with Amazon in defining the necessities of these and excited to get these launched.”
The corporate isn’t signaling profitability — on an adjusted foundation — simply but. However it’s providing up appreciable enchancment on that entrance. Rivian reported a $3.6 billion internet loss in 2025; it expects an adjusted internet lack of between $1.8 billion and $2.1 billion for 2026. Rivian additionally tasks capital expenditures shall be between $1.95 billion and $2.05 billion this yr.
