Rivian CEO on earnings, guidance: R2 deliveries expected to begin in Q2

Speakers

Phil LeBeau — Host, CNBC

RJ Scaringe — CEO, Rivian

Rivian achieved its first quarter of positive gross margin on a cash basis in Q4, realizing approximately $2,000 profit per vehicle (excluding depreciation).
The company faces an $11,000 per unit gap between cash margin and GAAP margin, primarily driven by depreciation which will amortize as volume scales.
R2 vehicle production and deliveries are confirmed to begin in Q2 of this year (2026), with R2 expected to become the majority of volume by the end of 2027.
2026 delivery guidance is set between 62,000 and 67,000 vehicles.
The R2 will launch with a premium configuration (dual motor, large battery) priced above the $45,000 base price, which will be available later.

Ticker	Direction	Speaker	Thesis	Time
RIVN	LONG	RJ Scaringe CEO, Rivian	Scaringe states Q4 was the "first quarter where we've really achieved positive gross margin on a cash basis" with "$2,000 of profit per vehicle." He confirms R2 deliveries begin in "the second quarter this year." Positive cash gross margin is the critical inflection point for EV manufacturers, signaling the end of losing cash on every unit sold solely due to variable costs. The launch of the R2 platform in Q2 provides the necessary volume catalyst to amortize the heavy fixed costs ($11k depreciation/unit) and move toward GAAP profitability. LONG. The transition to unit-level cash profitability combined with the imminent launch of a mass-market vehicle (R2) de-risks the fundamental thesis significantly. High depreciation costs ($11k/unit) keep GAAP earnings negative; execution risk on the R2 production ramp; potential demand softness if premium launch pricing is rejected by the mass market.	—