Rivian Automotive(NASDAQ:RIVN) 
Rivian Automotive, Inc. develops and manufactures electric adventure vehicles. It offers five-passenger pickup trucks and sports utility vehicles. The company provides electric SUVs and electric pickup vehicles. The company was founded in 2009 and is based in San Jose, California. It has additional ...
Website: http://www.rivian.com
Founded: 2006
IPO Price: $78 (Nov 10, 2021)
CEO: RJ Scaringe
Sector: Consumer Cyclical
Industry: Auto Manufacturers
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At a glance:
- Production and Deliveries Remain Key Near-Term Catalysts: Quarterly production and delivery volumes, along with any revisions to guidance, are central to assessing Rivian’s demand profile and manufacturing execution.
- Gross Margin Progress Driven by Cost-Down and Mix: Investors are focused on whether Rivian can continue improving gross margin through bill-of-materials reductions, manufacturing efficiency, and favorable vehicle/trim mix.
- Liquidity and Cash Burn Still in Focus: Rivian’s cash balance, operating cash burn, and capital expenditure requirements remain critical, as the company works to extend runway while scaling operations.
- R2 Platform Timeline and Capital Intensity: Execution on the upcoming R2 program—including timing, cost targets, and manufacturing readiness—will likely shape expectations for future volume growth and profitability.
- Competitive EV Landscape and Pricing Pressure: Pricing dynamics across the EV market, incentive levels, and competitive launches can affect Rivian’s margins and demand, making ASP stability and order trends important to watch.
Bull Thesis:
- Strong Product Demand & Brand Loyalty: Rivian's R1T and R1S vehicles continue to garner strong demand and positive reviews, cultivating a loyal customer base attracted to its unique blend of adventure, utility, and sustainable design, differentiating it in the premium EV market.
- Amazon EDV Partnership & Commercial Growth: The long-term partnership with Amazon for Electric Delivery Vans (EDVs) provides a stable, high-volume revenue stream and validates Rivian's commercial vehicle capabilities, with potential for expansion to other fleet customers beyond Amazon.
- Improving Cost Structure & Margin Expansion: As production scales and the company integrates more in-house components like the Enduro drive unit, Rivian is demonstrating progress in reducing per-vehicle costs and improving gross margins, paving the way for future profitability.
- R2 Platform & Future Market Expansion: The upcoming R2 platform, targeting a more accessible price point and broader market segment, is expected to significantly expand Rivian's total addressable market and drive substantial growth beyond its initial premium offerings.
Bear Thesis:
- Persistent Negative Free Cash Flow & Profitability Concerns: Rivian continues to report significant quarterly losses and negative free cash flow, indicating a long and capital-intensive path to sustained profitability, raising concerns about cash burn rates and the timeline to break-even.
- Intense Competition & Pricing Pressure: The electric vehicle market is becoming increasingly crowded and competitive, with established automakers and other startups vying for market share, potentially leading to pricing pressure and slower growth for Rivian's premium vehicles.
- Production Ramp-Up & Supply Chain Execution Risk: While production has improved, scaling manufacturing to achieve economies of scale and meet demand efficiently remains a complex challenge, with potential for supply chain disruptions or operational bottlenecks impacting delivery targets.
- High Capital Expenditure & Potential for Dilution: Building out manufacturing capacity, developing new platforms (like R2), and expanding infrastructure requires substantial ongoing capital investment, which could necessitate future equity raises and lead to shareholder dilution.
Main Competitors:
- Tesla, Inc. ($TSLA) (Cybertruck, Model X, Supercharger Network), Competes across the premium EV market with its established brand, extensive charging network, and advanced technology. The upcoming Cybertruck will be a direct competitor to Rivian's R1T, while the Model X competes with the R1S in the premium SUV segment.
- Ford Motor Company ($F) (F-150 Lightning, E-Transit, Mustang Mach-E), A major legacy automaker directly competing with Rivian in key segments. The F-150 Lightning is a direct rival to the R1T electric pickup, and the E-Transit competes with Rivian's EDV in the electric commercial van market. Ford leverages its vast manufacturing scale and established dealer network.
- General Motors Company ($GM) (Chevrolet Silverado EV, GMC Hummer EV, BrightDrop), Another automotive giant challenging Rivian across multiple fronts. The Chevrolet Silverado EV and GMC Hummer EV directly compete with the R1T and R1S, respectively, while GM's BrightDrop brand is a significant player in the electric commercial delivery van space, competing with Rivian's EDV.
- Mercedes-Benz Group AG ($MBG) (EQS SUV, EQE SUV, EQG (upcoming)), Competes in the premium and luxury electric SUV market, targeting a similar affluent customer base as Rivian's R1S. With its strong luxury brand heritage and upcoming rugged electric SUVs like the EQG, Mercedes-Benz offers a compelling alternative for high-end EV buyers.
Moat:
Rivian's moat primarily lies in its early mover advantage in the premium electric adventure vehicle segment (R1T, R1S) and its strategic partnership with Amazon for electric delivery vans (EDV). Its vertically integrated approach, proprietary 'skateboard' platform, and focus on outdoor lifestyle branding also differentiate it. However, competition is intensifying rapidly. Legacy automakers like Ford and GM are leveraging their massive scale, manufacturing expertise, and established supply chains to bring compelling electric trucks and vans to market. Tesla, with its brand recognition, charging infrastructure, and technological prowess, remains a formidable competitor across the premium EV landscape. New entrants and luxury brands like Mercedes-Benz are also vying for market share in the high-end SUV segment. Rivian's challenge is to scale production efficiently, maintain its brand identity, and continue innovating amidst a crowded and capital-intensive market.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
automotive | 839,000,000 | 1,142,000,000 | 927,000,000 | 922,000,000 | ||||||||||||||
software and services | 447,000,000 | 416,000,000 | 376,000,000 | 318,000,000 | ||||||||||||||
total revenues | 1,286,000,000 | 1,558,000,000 | 1,303,000,000 | 1,240,000,000 | ||||||||||||||
total cost of revenues | 1,166,000,000 | 1,534,000,000 | 1,509,000,000 | 1,034,000,000 | ||||||||||||||
gross profit | 120,000,000 | 24,000,000 | -206,000,000 | 206,000,000 | 170,000,000 | -392,000,000 | -451,000,000 | -527,000,000 | -606,000,000 | -477,000,000 | -412,000,000 | -535,000,000 | -1,000,000,000 | -917,000,000 | -704,000,000 | -502,000,000 | -383,000,000 | -82,000,000 |
yoy | -29.41% | -106.12% | -54.32% | -139.09% | -128.05% | -17.82% | 9.47% | -1.50% | -39.40% | -47.98% | -41.48% | 6.57% | 161.10% | 1018.29% | ||||
qoq | 400.00% | -111.65% | -200.00% | 21.18% | -143.37% | -13.08% | -14.42% | -13.04% | 27.04% | 15.78% | -22.99% | -46.50% | 9.05% | 30.26% | 40.24% | 31.07% | 367.07% | |
gross margin % | Infinity% | Infinity% | -Infinity% | Infinity% | 21.01% | -44.85% | -38.95% | -43.77% | -46.08% | -35.68% | -36.75% | -80.94% | -150.83% | -171.08% | -193.41% | -528.42% | -709.26% | -8200.00% |
operating expenses | ||||||||||||||||||
research and development | 424,000,000 | 453,000,000 | 410,000,000 | 381,000,000 | 374,000,000 | 350,000,000 | 428,000,000 | 461,000,000 | 526,000,000 | 529,000,000 | 444,000,000 | 496,000,000 | 402,000,000 | 452,000,000 | 543,000,000 | 547,000,000 | 726,000,000 | 441,000,000 |
selling, general, and administrative | 529,000,000 | 554,000,000 | 498,000,000 | 480,000,000 | 457,000,000 | 427,000,000 | 496,000,000 | 496,000,000 | 449,000,000 | 434,000,000 | 429,000,000 | 402,000,000 | 393,000,000 | 405,000,000 | 461,000,000 | 530,000,000 | 682,000,000 | 253,000,000 |
total operating expenses | 953,000,000 | 1,007,000,000 | 908,000,000 | 861,000,000 | 831,000,000 | 777,000,000 | 924,000,000 | 957,000,000 | 975,000,000 | 963,000,000 | 873,000,000 | 898,000,000 | 795,000,000 | 857,000,000 | 1,004,000,000 | 1,077,000,000 | 2,071,000,000 | 694,000,000 |
income from operations | -833,000,000 | -983,000,000 | -1,114,000,000 | -655,000,000 | -661,000,000 | -1,169,000,000 | -1,375,000,000 | -1,484,000,000 | -1,581,000,000 | -1,440,000,000 | -1,285,000,000 | -1,433,000,000 | -1,795,000,000 | -1,774,000,000 | -1,708,000,000 | -1,579,000,000 | -2,454,000,000 | -776,000,000 |
yoy | 26.02% | -15.91% | -18.98% | -55.86% | -58.19% | -18.82% | 7.00% | 3.56% | -11.92% | -18.83% | -24.77% | -9.25% | -26.85% | 128.61% | ||||
qoq | -15.26% | -11.76% | 70.08% | -0.91% | -43.46% | -14.98% | -7.35% | -6.14% | 9.79% | 12.06% | -10.33% | -20.17% | 1.18% | 3.86% | 8.17% | -35.66% | 216.24% | |
operating margin % | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -81.71% | -133.75% | -118.74% | -123.26% | -120.23% | -107.70% | -114.63% | -216.79% | -270.74% | -330.97% | -469.23% | -1662.11% | -4544.44% | -77600.00% |
interest income | 64,000,000 | 76,000,000 | 72,000,000 | 81,000,000 | 83,000,000 | 95,000,000 | 95,000,000 | 112,000,000 | 131,000,000 | 126,000,000 | 141,000,000 | 124,000,000 | 99,000,000 | 69,000,000 | 22,000,000 | 3,000,000 | 1,000,000 | 1,000,000 |
interest expense | -64,000,000 | -69,000,000 | -69,000,000 | -72,000,000 | -81,000,000 | -87,000,000 | -75,000,000 | -75,000,000 | -73,000,000 | -55,000,000 | -54,000,000 | -38,000,000 | -33,000,000 | -24,000,000 | -24,000,000 | -22,000,000 | -22,000,000 | -1,000,000 |
gain on convertible notes | ||||||||||||||||||
other income | 32,000,000 | -191,000,000 | -2,000,000 | 107,000,000 | 1,000,000 | 1,000,000 | -11,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 3,000,000 | -1,000,000 | 6,000,000 | 6,000,000 | 1,000,000 | 5,000,000 | -3,000,000 | 1,000,000 |
income before income taxes | -801,000,000 | -1,167,000,000 | -1,113,000,000 | -539,000,000 | -740,000,000 | -1,100,000,000 | -1,456,000,000 | -1,445,000,000 | -1,521,000,000 | -1,367,000,000 | -1,195,000,000 | -1,348,000,000 | -1,723,000,000 | -1,723,000,000 | -1,709,000,000 | -1,593,000,000 | ||
provision for income taxes | -3,000,000 | 1,000,000 | -2,000,000 | -2,000,000 | -3,000,000 | -1,000,000 | -1,000,000 | -1,000,000 | -1,000,000 | -3,000,000 | ||||||||
net income | -804,000,000 | -1,166,000,000 | -1,115,000,000 | -541,000,000 | -743,000,000 | -1,100,000,000 | -1,457,000,000 | -1,446,000,000 | -1,521,000,000 | -1,367,000,000 | -1,195,000,000 | -1,349,000,000 | -1,723,000,000 | -1,724,000,000 | -1,712,000,000 | -1,593,000,000 | -2,461,000,000 | -1,233,000,000 |
yoy | 8.21% | 6.00% | -23.47% | -62.59% | -51.15% | -19.53% | 21.92% | 7.19% | -11.72% | -20.71% | -30.20% | -15.32% | -29.99% | 39.82% | ||||
qoq | -31.05% | 4.57% | 106.10% | -27.19% | -32.45% | -24.50% | 0.76% | -4.93% | 11.27% | 14.39% | -11.42% | -21.71% | -0.06% | 0.70% | 7.47% | -35.27% | 99.59% | |
net income margin % | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -91.84% | -125.86% | -125.82% | -120.10% | -115.67% | -102.24% | -106.60% | -204.08% | -259.88% | -321.64% | -470.33% | -1676.84% | -4557.41% | -123300.00% |
less: net income attributable to noncontrolling interest | 7,000,000 | 7,000,000 | 2,000,000 | 4,000,000 | ||||||||||||||
net loss attributable to common stockholders | -811,000,000 | -1,173,000,000 | -1,117,000,000 | -545,000,000 | ||||||||||||||
net loss attributable to common stockholders, basic and diluted | -811,000,000 | -1,173,000,000 | -1,117,000,000 | -545,000,000 | -744,000,000 | -1,100,000,000 | -1,457,000,000 | -1,446,000,000 | -1,521,000,000 | -1,367,000,000 | -1,195,000,000 | -1,349,000,000 | -1,723,000,000 | -1,724,000,000 | -1,712,000,000 | -1,593,000,000 | -2,461,000,000 | -1,233,000,000 |
net income per share | -0.65 | -0.96 | -0.97 | -0.48 | -0.68 | -1.08 | -1.46 | -1.48 | -1.59 | -1.44 | -1.27 | -1.45 | -1.87 | -1.88 | -1.89 | -1.77 | -0.93 | -12.21 |
weighted-average common shares outstanding, basic and diluted | 1,186 | 1,220 | 1,155 | 1,137 | 1,013 | 1,014 | 1,001 | 978 | 947 | 952 | 942 | 930 | 913 | 918 | 908 | 901 | 204 | 101 |
*the prior periods have been recast to conform to current period presentation. | ||||||||||||||||||
loss on convertible notes | 17,000,000 | -458,000,000 | ||||||||||||||||
*the prior period has been recast to conform to current period presentation. | ||||||||||||||||||
revenues | 809,000,000 | 874,000,000 | 1,158,000,000 | 1,204,000,000 | 1,315,000,000 | 1,337,000,000 | 1,121,000,000 | 661,000,000 | 663,000,000 | 536,000,000 | 364,000,000 | 95,000,000 | 54,000,000 | 1,000,000 | ||||
yoy | -38.48% | -34.63% | 3.30% | 82.15% | 98.34% | 149.44% | 207.97% | 595.79% | 1127.78% | 53500.00% | ||||||||
qoq | -7.44% | -24.53% | -3.82% | -8.44% | -1.65% | 19.27% | 69.59% | -0.30% | 23.69% | 47.25% | 283.16% | 75.93% | 5300.00% | |||||
cost of revenues | 1,151,500,000 | 1,266,000,000 | 1,609,000,000 | 1,731,000,000 | 1,921,000,000 | 1,814,000,000 | 1,533,000,000 | 1,196,000,000 | 1,663,000,000 | 1,453,000,000 | 1,068,000,000 | 597,000,000 | 437,000,000 | 83,000,000 | ||||
fair value gain on convertible note | -7,500,000 | 60,000,000 | ||||||||||||||||
fair value loss on convertible note | -90,000,000 | |||||||||||||||||
income before provision for income taxes | -556,750,000 | -1,233,000,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||
current assets: | ||||||||||||||||||
cash and cash equivalents | 3,579,000,000 | 4,441,000,000 | 4,812,000,000 | 4,693,000,000 | 5,294,000,000 | 5,396,000,000 | 5,763,000,000 | 5,979,000,000 | 7,857,000,000 | 7,941,000,000 | 9,260,000,000 | 11,244,000,000 | 11,568,000,000 | 13,272,000,000 | 14,923,000,000 | 16,432,000,000 | 18,133,000,000 | 5,156,000,000 |
short-term investments | 2,503,000,000 | 2,647,000,000 | 2,696,000,000 | 2,485,000,000 | 2,406,000,000 | 1,343,000,000 | 2,104,000,000 | 1,879,000,000 | 1,511,000,000 | 1,192,000,000 | 942,000,000 | |||||||
accounts receivable | 555,000,000 | 203,000,000 | 254,000,000 | 412,000,000 | 443,000,000 | 217,000,000 | 249,000,000 | 389,000,000 | 161,000,000 | 237,000,000 | 342,000,000 | 157,000,000 | 102,000,000 | 106,000,000 | 62,000,000 | 22,000,000 | 26,000,000 | |
inventory | 1,594,000,000 | 1,638,000,000 | 2,103,000,000 | 2,589,000,000 | 2,248,000,000 | 2,680,000,000 | 2,583,000,000 | 2,797,000,000 | 2,620,000,000 | 2,530,000,000 | 2,161,000,000 | 1,823,000,000 | 1,348,000,000 | 949,000,000 | 655,000,000 | 494,000,000 | 274,000,000 | 126,000,000 |
other current assets | 361,000,000 | 346,000,000 | 255,000,000 | 215,000,000 | 192,000,000 | 201,000,000 | 258,000,000 | 270,000,000 | 164,000,000 | 186,000,000 | 156,000,000 | 126,000,000 | 112,000,000 | 97,000,000 | 92,000,000 | 98,000,000 | 126,000,000 | 63,000,000 |
total current assets | 8,592,000,000 | 9,275,000,000 | 10,120,000,000 | 10,394,000,000 | 10,583,000,000 | 9,837,000,000 | 10,957,000,000 | 11,314,000,000 | 12,313,000,000 | 12,086,000,000 | 12,861,000,000 | 13,350,000,000 | 13,130,000,000 | 14,424,000,000 | 15,732,000,000 | 17,046,000,000 | 18,559,000,000 | 5,345,000,000 |
property, plant, and equipment | 5,119,000,000 | 4,837,000,000 | 4,421,000,000 | 4,104,000,000 | 3,965,000,000 | 3,819,000,000 | 3,801,000,000 | 3,830,000,000 | 3,874,000,000 | 3,810,000,000 | 3,861,000,000 | 3,826,000,000 | 3,758,000,000 | 3,668,000,000 | 3,526,000,000 | 3,396,000,000 | 3,183,000,000 | 2,856,000,000 |
operating lease assets | 571,000,000 | 552,000,000 | 493,000,000 | 461,000,000 | 416,000,000 | 397,000,000 | 387,000,000 | 379,000,000 | 356,000,000 | 345,000,000 | 325,000,000 | 325,000,000 | 330,000,000 | 291,000,000 | 286,000,000 | 270,000,000 | 228,000,000 | 195,000,000 |
other non-current assets | 582,000,000 | 553,000,000 | 563,000,000 | 546,000,000 | 446,000,000 | 209,000,000 | 209,000,000 | 211,000,000 | 235,000,000 | 215,000,000 | 180,000,000 | 690,000,000 | 658,000,000 | 640,000,000 | 627,000,000 | 585,000,000 | 324,000,000 | |
total assets | 14,864,000,000 | 15,217,000,000 | 15,597,000,000 | 15,505,000,000 | 15,410,000,000 | 14,262,000,000 | 15,354,000,000 | 15,734,000,000 | 16,778,000,000 | 16,456,000,000 | 17,227,000,000 | 18,191,000,000 | 17,876,000,000 | 19,023,000,000 | 20,171,000,000 | 21,297,000,000 | 22,294,000,000 | 8,488,000,000 |
liabilities and stockholders' equity | ||||||||||||||||||
current liabilities: | ||||||||||||||||||
accounts payable | 595,000,000 | 554,000,000 | 489,000,000 | 713,000,000 | 499,000,000 | 617,000,000 | 769,000,000 | 1,019,000,000 | 981,000,000 | 1,134,000,000 | 1,007,000,000 | 984,000,000 | 1,000,000,000 | 828,000,000 | 732,000,000 | 571,000,000 | 483,000,000 | 417,000,000 |
accrued liabilities | 1,438,000,000 | 1,388,000,000 | 1,017,000,000 | 945,000,000 | 835,000,000 | 887,000,000 | 895,000,000 | 1,018,000,000 | 1,145,000,000 | 1,116,000,000 | 943,000,000 | 996,000,000 | 1,154,000,000 | 1,026,000,000 | 777,000,000 | 746,000,000 | 667,000,000 | 540,000,000 |
current portion of deferred revenues, lease liabilities, and other liabilities | 1,660,000,000 | 1,483,000,000 | 1,437,000,000 | 1,130,000,000 | 917,000,000 | |||||||||||||
total current liabilities | 3,693,000,000 | 3,425,000,000 | 2,943,000,000 | 2,788,000,000 | 2,251,000,000 | 1,933,000,000 | 2,086,000,000 | 2,401,000,000 | 2,487,000,000 | 2,624,000,000 | 2,274,000,000 | 2,269,000,000 | 2,424,000,000 | 2,109,000,000 | 1,753,000,000 | 1,524,000,000 | 1,313,000,000 | 1,047,000,000 |
long-term debt | 4,440,000,000 | 4,438,000,000 | 4,436,000,000 | 4,443,000,000 | 4,441,000,000 | 5,468,000,000 | 5,526,000,000 | 4,433,000,000 | 4,431,000,000 | 2,720,000,000 | ||||||||
non-current lease liabilities | 551,000,000 | 529,000,000 | 462,000,000 | 426,000,000 | 379,000,000 | 361,000,000 | 351,000,000 | 345,000,000 | 324,000,000 | 319,000,000 | 305,000,000 | 303,000,000 | 311,000,000 | 277,000,000 | 275,000,000 | 256,000,000 | 218,000,000 | |
other non-current liabilities | 1,586,000,000 | 1,741,000,000 | 1,677,000,000 | 1,618,000,000 | 1,777,000,000 | 601,000,000 | 573,000,000 | 486,000,000 | 395,000,000 | 241,000,000 | 216,000,000 | 161,000,000 | 111,000,000 | 71,000,000 | 47,000,000 | 30,000,000 | 23,000,000 | 5,000,000 |
total liabilities | 10,270,000,000 | 10,133,000,000 | 9,518,000,000 | 9,275,000,000 | 8,848,000,000 | 8,363,000,000 | 8,536,000,000 | 7,665,000,000 | 7,637,000,000 | 5,904,000,000 | 5,513,000,000 | 5,449,000,000 | 4,077,000,000 | 3,686,000,000 | 3,303,000,000 | 3,037,000,000 | 2,780,000,000 | 4,201,000,000 |
commitments and contingencies | ||||||||||||||||||
stockholders' equity: | ||||||||||||||||||
preferred stock, 0.001 par value... | ||||||||||||||||||
common stock, 0.001 par value... | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | |
additional paid-in capital | 31,508,000,000 | 31,198,000,000 | 31,028,000,000 | 30,072,000,000 | 29,866,000,000 | 28,455,000,000 | 28,279,000,000 | 28,070,000,000 | 27,695,000,000 | 27,590,000,000 | 27,383,000,000 | 27,217,000,000 | 26,926,000,000 | 26,743,000,000 | 26,547,000,000 | 26,226,000,000 | 25,887,000,000 | 306,000,000 |
accumulated deficit | -26,951,000,000 | -26,140,000,000 | -24,967,000,000 | -23,850,000,000 | -23,305,000,000 | -22,561,000,000 | -21,461,000,000 | -20,004,000,000 | -18,558,000,000 | -17,037,000,000 | -15,670,000,000 | -14,475,000,000 | -13,126,000,000 | -11,403,000,000 | -9,679,000,000 | -7,967,000,000 | -6,374,000,000 | -3,913,000,000 |
accumulated other comprehensive income | 8,000,000 | 7,000,000 | 6,000,000 | -4,000,000 | 4,000,000 | -1,000,000 | 2,000,000 | 3,000,000 | ||||||||||
noncontrolling interest | 28,000,000 | 18,000,000 | 11,000,000 | 8,000,000 | 4,000,000 | |||||||||||||
total stockholders' equity | 4,594,000,000 | 5,084,000,000 | 6,079,000,000 | 6,230,000,000 | 6,562,000,000 | 5,899,000,000 | 6,818,000,000 | 8,069,000,000 | 9,141,000,000 | 10,552,000,000 | 11,714,000,000 | 12,742,000,000 | 13,799,000,000 | 15,337,000,000 | 16,868,000,000 | 18,260,000,000 | ||
total liabilities and stockholders' equity | 14,864,000,000 | 15,217,000,000 | 15,597,000,000 | 15,505,000,000 | 15,410,000,000 | 14,262,000,000 | 15,354,000,000 | 15,734,000,000 | 16,778,000,000 | 16,456,000,000 | 17,227,000,000 | 18,191,000,000 | 17,876,000,000 | 19,023,000,000 | 20,171,000,000 | 21,297,000,000 | ||
liabilities and stockholders’ equity | ||||||||||||||||||
accumulated other comprehensive loss | -1,000,000 | -2,000,000 | -1,000,000 | -2,000,000 | -4,000,000 | -1,000,000 | ||||||||||||
liabilities and equity | ||||||||||||||||||
current portion of lease liabilities and other current liabilities | 429,000,000 | 422,000,000 | 364,000,000 | 361,000,000 | 374,000,000 | 324,000,000 | 289,000,000 | 270,000,000 | 255,000,000 | 152,000,000 | 126,000,000 | 89,000,000 | 42,000,000 | |||||
non-current portion of long-term debt | 2,718,000,000 | 2,716,000,000 | 1,231,000,000 | 1,229,000,000 | 1,228,000,000 | 1,227,000,000 | 1,226,000,000 | |||||||||||
customer deposits | 92,000,000 | 81,000,000 | 74,000,000 | 48,000,000 | ||||||||||||||
liabilities, contingently redeemable convertible preferred stock, and stockholders’ (deficit) equity | ||||||||||||||||||
current portion of long-term debt | ||||||||||||||||||
contingently redeemable convertible preferred stock, 0.001 par value... | 7,894,000,000 | |||||||||||||||||
stockholders' (deficit) equity: | ||||||||||||||||||
total stockholders' (deficit) equity | 19,514,000,000 | |||||||||||||||||
total liabilities, contingently redeemable convertible preferred stock, and stockholders' (deficit) equity | 22,294,000,000 | |||||||||||||||||
consolidated statements of operations | ||||||||||||||||||
other assets | 92,000,000 | |||||||||||||||||
liabilities, contingently redeemable convertible preferred stock, and stockholders’ deficit | ||||||||||||||||||
convertible notes | 2,958,000,000 | |||||||||||||||||
long-term lease liabilities | 191,000,000 | |||||||||||||||||
stockholders' deficit: | ||||||||||||||||||
total stockholders' deficit | -3,607,000,000 | |||||||||||||||||
total liabilities, contingently redeemable convertible preferred stock, and stockholders' deficit | 8,488,000,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | |||||||||||||||||
net loss | -804,000,000 | -1,166,000,000 | -1,115,000,000 | -541,000,000 | -743,000,000 | -1,100,000,000 | -1,457,000,000 | -1,446,000,000 | -1,521,000,000 | -1,367,000,000 | -1,195,000,000 | -1,349,000,000 | -1,723,000,000 | -1,724,000,000 | -1,712,000,000 | -1,593,000,000 | -2,461,000,000 |
depreciation and amortization | 201,000,000 | 187,000,000 | 196,000,000 | 200,000,000 | 218,000,000 | 259,000,000 | 274,000,000 | 280,000,000 | 270,000,000 | 256,000,000 | 223,000,000 | 188,000,000 | 199,000,000 | 174,000,000 | 161,000,000 | 118,000,000 | 113,000,000 |
stock-based compensation expense | 190,000,000 | 174,000,000 | 189,000,000 | 188,000,000 | 154,000,000 | 111,000,000 | 194,000,000 | 233,000,000 | 215,000,000 | 242,000,000 | 181,000,000 | 183,000,000 | 293,000,000 | 242,000,000 | 317,000,000 | ||
gain on equity method investment | 0 | 0 | 0 | -101,000,000 | |||||||||||||
loss on convertible notes | -17,000,000 | ||||||||||||||||
other non-cash activities | -11,000,000 | -46,000,000 | 20,000,000 | 20,000,000 | -57,000,000 | 30,000,000 | 2,000,000 | 53,000,000 | 69,000,000 | 39,000,000 | 5,000,000 | 2,000,000 | -5,000,000 | 24,000,000 | 16,000,000 | 47,000,000 | 12,000,000 |
changes in operating assets and liabilities: | |||||||||||||||||
accounts receivable | -379,000,000 | 78,000,000 | 158,000,000 | 31,000,000 | -225,000,000 | 31,000,000 | 140,000,000 | -228,000,000 | 76,000,000 | 104,000,000 | -184,000,000 | -55,000,000 | 6,000,000 | -45,000,000 | -41,000,000 | 4,000,000 | |
inventory | 11,000,000 | 403,000,000 | 472,000,000 | -364,000,000 | 515,000,000 | -83,000,000 | 310,000,000 | -435,000,000 | -133,000,000 | -281,000,000 | -409,000,000 | -781,000,000 | -454,000,000 | -583,000,000 | -253,000,000 | -367,000,000 | -212,000,000 |
other assets | 35,000,000 | -64,000,000 | 24,000,000 | 14,000,000 | -180,000,000 | 22,000,000 | 18,000,000 | -81,000,000 | |||||||||
accounts payable and accrued liabilities | 83,000,000 | 368,000,000 | -214,000,000 | 334,000,000 | -233,000,000 | -82,000,000 | -370,000,000 | 113,000,000 | -115,000,000 | 204,000,000 | -6,000,000 | 22,000,000 | 144,000,000 | 58,000,000 | 220,000,000 | 201,000,000 | |
deferred revenues | 8,000,000 | 92,000,000 | |||||||||||||||
other liabilities | -15,000,000 | 0 | -10,000,000 | -28,000,000 | 47,000,000 | 35,000,000 | 142,000,000 | 92,000,000 | |||||||||
net cash from operating activities | -681,000,000 | 26,000,000 | 64,000,000 | -188,000,000 | 1,183,000,000 | -876,000,000 | -754,000,000 | -1,269,000,000 | -1,107,000,000 | -877,000,000 | -1,361,000,000 | -1,521,000,000 | -1,446,000,000 | -1,368,000,000 | -1,204,000,000 | -1,034,000,000 | -1,086,000,000 |
cash flows from investing activities: | |||||||||||||||||
purchases of equity securities and short-term investments | -635,000,000 | -629,000,000 | |||||||||||||||
sales of equity securities and short-term investments | 1,000,000 | ||||||||||||||||
maturities of short-term investments | 776,000,000 | 677,000,000 | 810,000,000 | 717,000,000 | 857,000,000 | 1,025,000,000 | 1,121,000,000 | 550,000,000 | 700,000,000 | ||||||||
capital expenditures | -463,000,000 | -447,000,000 | -462,000,000 | -338,000,000 | -327,000,000 | -277,000,000 | -283,000,000 | -254,000,000 | -298,000,000 | -190,000,000 | -255,000,000 | -283,000,000 | -294,000,000 | -298,000,000 | -359,000,000 | -418,000,000 | 0 |
free cash flows | -1,144,000,000 | -421,000,000 | -398,000,000 | -526,000,000 | 856,000,000 | -1,153,000,000 | -1,037,000,000 | -1,523,000,000 | -1,405,000,000 | -1,067,000,000 | -1,616,000,000 | -1,804,000,000 | -1,740,000,000 | -1,666,000,000 | -1,563,000,000 | -1,452,000,000 | -1,086,000,000 |
net cash from investing activities | -321,000,000 | -393,000,000 | -706,000,000 | -408,000,000 | -1,386,000,000 | 501,000,000 | -489,000,000 | -606,000,000 | -603,000,000 | -432,000,000 | -1,193,000,000 | -283,000,000 | -294,000,000 | -298,000,000 | -359,000,000 | -418,000,000 | -456,000,000 |
cash flows from financing activities: | |||||||||||||||||
proceeds from stock-based compensation programs | 27,000,000 | -2,000,000 | |||||||||||||||
proceeds from issuance of capital stock | 0 | 0 | 2,000,000 | 3,000,000 | 1,000,000 | 4,000,000 | |||||||||||
proceeds from issuance of long-term debt | 0 | 0 | |||||||||||||||
repayments of long-term debt | 0 | 0 | |||||||||||||||
proceeds from issuance of convertible notes | 0 | 0 | 1,710,000,000 | 0 | 0 | 1,485,000,000 | 0 | ||||||||||
proceeds from funding of 50% interest in rivian and volkswagen group technologies, llc | |||||||||||||||||
proceeds from funding of 46.5% interest in mind robotics, inc. | |||||||||||||||||
purchase of capped call options | |||||||||||||||||
other financing activities | 0 | -1,000,000 | -27,000,000 | -9,000,000 | -2,000,000 | 0 | -1,000,000 | -4,000,000 | -3,000,000 | -10,000,000 | -2,000,000 | -3,000,000 | |||||
net cash from financing activities | 139,000,000 | -3,000,000 | 756,000,000 | -6,000,000 | 104,000,000 | 4,000,000 | 1,030,000,000 | -2,000,000 | 1,621,000,000 | -8,000,000 | 32,000,000 | 1,485,000,000 | 37,000,000 | 6,000,000 | 14,760,000,000 | ||
effect of exchange rate changes on cash and cash equivalents | 1,000,000 | -1,000,000 | 5,000,000 | 1,000,000 | -3,000,000 | -1,000,000 | 2,000,000 | -3,000,000 | |||||||||
net change in cash | -862,000,000 | -371,000,000 | 119,000,000 | -601,000,000 | -102,000,000 | -367,000,000 | -216,000,000 | -1,878,000,000 | -84,000,000 | -1,319,000,000 | -2,520,000,000 | -319,000,000 | -1,701,000,000 | -1,663,000,000 | -1,508,000,000 | -1,452,000,000 | 13,218,000,000 |
cash, cash equivalents, and restricted cash—beginning of period | 0 | 0 | 0 | 5,294,000,000 | 0 | 0 | 0 | 7,857,000,000 | 0 | 0 | 0 | 12,099,000,000 | 0 | 0 | 0 | 18,423,000,000 | 0 |
cash, cash equivalents, and restricted cash—end of period | -862,000,000 | -371,000,000 | 119,000,000 | 4,693,000,000 | -102,000,000 | -367,000,000 | -216,000,000 | 5,979,000,000 | -84,000,000 | -1,319,000,000 | -2,520,000,000 | 11,780,000,000 | -1,701,000,000 | -1,663,000,000 | -1,508,000,000 | 16,971,000,000 | 13,218,000,000 |
supplemental disclosure of cash flow information: | |||||||||||||||||
cash paid for interest | 1,000,000 | ||||||||||||||||
supplemental disclosure of non-cash investing and financing activities: | |||||||||||||||||
capital expenditures included in liabilities | -6,000,000 | 47,000,000 | 29,000,000 | 423,000,000 | 54,000,000 | 4,000,000 | -18,000,000 | 383,000,000 | -16,000,000 | 52,000,000 | 5,000,000 | 333,000,000 | -10,000,000 | 16,000,000 | -48,000,000 | 406,000,000 | -14,000,000 |
capital stock issued to settle bonuses | 0 | 0 | 0 | 47,000,000 | 0 | 0 | 0 | 179,000,000 | 0 | 0 | 0 | 137,000,000 | |||||
conversion of convertible notes | |||||||||||||||||
*the prior periods have been recast to conform to current period presentation. | |||||||||||||||||
right-of-use assets obtained in exchange for operating lease liabilities | 90,000,000 | 61,000,000 | 73,000,000 | 35,000,000 | 35,000,000 | 52,000,000 | 39,000,000 | 16,000,000 | 11,000,000 | 20,000,000 | 30,000,000 | 54,000,000 | |||||
*the prior period has been recast to conform to current period presentation. | |||||||||||||||||
sales of short-term investments | 53,000,000 | 48,000,000 | |||||||||||||||
deferred revenue | 59,000,000 | ||||||||||||||||
purchases of short-term investments | -835,000,000 | -1,916,000,000 | -247,000,000 | -1,327,000,000 | -902,000,000 | ||||||||||||
proceeds from issuance of capital stock including employee stock purchase plan | 3,000,000 | 27,000,000 | 4,000,000 | 22,000,000 | 2,000,000 | 37,000,000 | 7,000,000 | ||||||||||
inventory lcnrv write-downs and losses on firm purchase commitments | -39,000,000 | -97,000,000 | 150,000,000 | ||||||||||||||
proceeds from funding of 50% interest in rivian and vw group technology, llc | |||||||||||||||||
fair value loss on convertible note | -60,000,000 | ||||||||||||||||
other expenses | |||||||||||||||||
other current assets | 0 | -18,000,000 | -33,000,000 | -11,000,000 | -15,000,000 | -17,000,000 | 7,000,000 | 11,000,000 | |||||||||
other non-current assets | -17,000,000 | -29,000,000 | -20,000,000 | -18,000,000 | -8,000,000 | 5,000,000 | -13,000,000 | -6,000,000 | -2,000,000 | ||||||||
other current liabilities | -21,000,000 | 41,000,000 | 38,000,000 | 15,000,000 | 7,000,000 | 45,000,000 | 19,000,000 | 33,000,000 | 38,000,000 | ||||||||
other non-current liabilities | 77,000,000 | 38,000,000 | 48,000,000 | 54,000,000 | 44,000,000 | 25,000,000 | 26,000,000 | 6,000,000 | |||||||||
proceeds from share issuance upon initial public offering, net of underwriting discounts and commissions and offering costs | |||||||||||||||||
conversion of convertible preferred stock | |||||||||||||||||
inventory lcnrv charge and losses on firm purchase commitments | |||||||||||||||||
purchase of short-term investments | -467,000,000 | ||||||||||||||||
inventory write-downs and losses on firm purchase commitments | -9,000,000 | 229,000,000 | 224,000,000 | 395,000,000 | 113,000,000 | 188,000,000 | |||||||||||
stock-based compensation | |||||||||||||||||
proceeds from issuance of long-term debt, net of discount and debt issuance costs | |||||||||||||||||
principal payments and other financing activities | 0 | -1,000,000 | -1,000,000 | -1,000,000 | |||||||||||||
warrants issuance | |||||||||||||||||
customer deposits | 11,000,000 | 7,000,000 | 26,000,000 | ||||||||||||||
write-down of inventory | 64,000,000 | ||||||||||||||||
amortization of debt discounts and issuance costs | |||||||||||||||||
current assets | |||||||||||||||||
payables and accrued liabilities | |||||||||||||||||
non-current liabilities | |||||||||||||||||
decrease in note receivable due from affiliate | |||||||||||||||||
capital expenditures—property, plant, and equipment | |||||||||||||||||
capital expenditures—intangible assets | |||||||||||||||||
proceeds from sale of fixed assets | |||||||||||||||||
debt issuance costs | |||||||||||||||||
principal payments on long-term debt | |||||||||||||||||
principal payments under finance lease obligations | |||||||||||||||||
supplemental disclosures of cash flow information: | |||||||||||||||||
supplemental disclosure of non-cash investing activities: | |||||||||||||||||
issuance of warrants |