Rivian Q3 2025 Earnings: First Gross Profit Milestone, R2 Production on Track
Rivian posted its first consolidated gross profit in Q3 2025, a pivotal milestone for the EV startup as the R2 SUV enters final pre-production stages and the Georgia plant ramps output.
Rivian reported third-quarter 2025 financial results on Tuesday, marking a significant turning point: the EV startup posted its first consolidated gross profit of $24 million, a swing of more than $416 million compared to the same quarter last year. Revenue came in at $1.56 billion, up 78% year-over-year, and handily beat Wall Street expectations.
The earnings beat came as a relief to investors who have watched Rivian burn through cash since its 2021 IPO. The company delivered 13,201 vehicles in Q3 — its highest delivery quarter of 2025 — and produced 3,891 more at its Normal, Illinois and Georgia plants. The numbers suggest the production ramp that Rivian has been promising for two years is finally materializing at scale.
The R2 Pivot
The headline story isn’t just the financial milestone — it’s what comes next. The R2, Rivian’s smaller and more affordable electric SUV, entered pre-production at the Georgia facility in Q3. CEO RJ Scaringe told analysts on the earnings call that the R2 line is “in final commissioning stages” with commercial production targeted for H1 2026. The vehicle is critical to Rivian’s path to sustained profitability: at a projected starting price around $45,000, the R2 targets a far larger market segment than the $70,000-plus R1T and R1S.
Rivian also announced a new AI computing partnership during Q3, signaling ambitions to differentiate future vehicles with proprietary driver-assistance and in-vehicle intelligence. Details remain thin, but the company framed the collaboration as a multi-year initiative rather than a short-term software fix.
Tariffs and the CAMEX Offset
One concern heading into the quarter was the impact of tariffs on components sourced from overseas. Rivian management addressed this directly: tariff costs will be “significantly lower” than initially modeled, thanks in part to increased domestic sourcing for the R2 program. The company also flagged that its CAMEX (China-aligned manufacturing export) strategy — which was a wildcard on previous calls — is now largely de-risked for the R2’s component mix.
Cash position remained solid at $4.44 billion, with an additional $2.65 billion in short-term investments. Rivian reiterated its full-year production guidance of 57,000 vehicles, which would represent meaningful growth from 2024’s total.
What This Means
Reaching gross profit is the kind of milestone that separates serious EV companies from also-rans. Rivian’s path there has been longer and more painful than many predicted, but Q3 2025 represents the moment the financial narrative starts to shift. The R2 will determine whether this is a one-quarter wonder or the beginning of a sustained turnaround. First drives and production-intent prototypes are expected in early 2026, and the market will be watching closely.
Key Q3 2025 Numbers:
- Revenue: $1.56 billion (+78% YoY)
- Consolidated gross profit: $24 million (first-ever positive)
- Vehicles delivered: 13,201
- Net loss: $1.17 billion
- Cash + short-term investments: $7.09 billion
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