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Rivian reduces 2026 spending plans, narrows earnings guidance
Rivian Automotive reduced its 2026 spending plans and slightly narrowed its previously forecast losses this year as the company reported second-quarter results Thursday.
The revised guidance now includes adjusted losses between $1.8 billion and $2 billion, down from $1.8 billion to $2.1 billion, and capital expenditures of $1.7 billion to $1.8 billion, down from $1.95 billion to $2.05 billion. It reconfirmed a previously raised delivery target of 65,000 to 70,000 vehicles to customers.
Rivian said the $250 million reduction in capital spending at the mid-point was enabled by "project efficiencies and timing of spend," which the automaker previously increased to allow for added investments in new technologies such as its hands-free driving system.
Rivian reported strong Q2 results, lifts guidance as R2 ramps up.
Rivian (RIVN) stock fell on Friday despite reporting second quarter results on Thursday that topped expectations, with the EV maker also bumping up its full-year financial guidance as its R2 midsize EV gets into the hands of customers.
Rivian reported Q2 revenue of $1.66 billion vs. $1.52 billion, per Bloomberg consensus, up 27% from a year ago. Rivian posted an adjusted loss per share of $0.63 vs. $0.76 estimated and an adjusted EBITDA loss of $379 million vs. $548 million expected, narrower than the $667 million loss from last year.
Rivian also achieved a gross profit of $179 million in the quarter.
However the stock fell over 6% after trading higher in after hours trading, with guidance likely not being good enough for investors.
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