Rivian topped its delivery forecast and raised its full-year outlook as the R2 SUV launched

The company now expects to deliver between 65,000 and 70,000 vehicles in 2026, up from its prior estimate, the company said. It also improved its adjusted EBITDA outlook by $50 million at the midpoint and cut its capital expenditure forecast by $250 million at the midpoint due to project efficiencies and timing of spend.

Rivian delivered 12,194 vehicles in the second quarter, compared with 10,365 in the prior quarter, and produced 12,613 vehicles at its Normal, Illinois facility. Revenue reached $1.658 billion, a 27% increase over the same quarter a year earlier. The company posted a gross profit of $179 million, a $385 million improvement over the same quarter in 2025.

The net loss for the quarter was $837 million, narrowing from $1.115 billion in the same period a year earlier. Adjusted EBITDA came in at negative $379 million, compared with negative $667 million in the second quarter of 2025.

Rivian began external deliveries of the R2 on June 9, the company said. The mid-size SUV carries a starting price of approximately $58,000, according to the Wall Street Journal, coming in below the company's earlier, pricier lineup. Chief Financial Officer Claire McDonough told investors that the R2 remains on track to turn a gross profit before year-end.

"The product that would motivate someone to move from ICE to an EV hasn't existed until R2," Rivian founder and Chief Executive Officer RJ Scaringe said on the call, according to the Wall Street Journal.

Software and services revenue rose 37% year over year to $515 million, with $308 million attributable to Rivian's joint venture with Volkswagen Group. Automotive segment revenue was $1.143 billion, a 23% increase over the same quarter a year earlier, though average vehicle selling prices declined due to a higher mix of commercial van and R2 deliveries.

Rivian ended the quarter with approximately $5.3 billion in cash, cash equivalents, and short-term investments. In July, the company brought in roughly $1.3 billion by issuing 86.25 million Class A shares in a follow-on equity offering. The company said its total available liquidity, including the Department of Energy loan for its Georgia plant and targeted equity investments from Volkswagen Group and Uber $UBER, exceeds $14 billion.

The Georgia factory, which is under construction, is expected to add up to 300,000 units of annual capacity for the R2 and other future models, the company said.