Rivian reported Q2 revenue of $1.658 billion, up 27% year-over-year, delivering 12,194 vehicles as customer deliveries for the new R2 officially began. Software, services, and regulatory credits helped narrow automotive gross losses to $36 million (down from $335 million last year), prompting Rivian to raise its full-year delivery guidance to 65,000–70,000 units and plan a second production shift by late Q3.

Despite $100 million in early R2 setup expenses and continuous cash burn, Rivian ended the quarter with $5.31 billion in cash, bolstered by a $1.3 billion July stock offering. With pro forma liquidity reaching $7.16 billion combined with additional milestone-based capital committed from Volkswagen, Uber, and the Department of Energy, the automaker is positioned to fund its high-volume R2 rollout.