Rivian Automotive shares jumped in pre-market trading after the electric-vehicle maker beat Wall Street's second-quarter 2026 estimates on both revenue and losses. A pre-earnings analyst upgrade and early demand signals for the new R2 SUV added further momentum.
Rivian Automotive stock surged 4.0% in pre-open trading to reach $17.50 after the company delivered a double beat in its second-quarter 2026 earnings, released after Thursday's close. The report showed a smaller-than-expected loss and stronger revenue than analysts had modeled.
Rivian narrows loss, posts record gross profit
Rivian posted an adjusted loss of $0.47 per share against the $0.67 loss analysts had forecast. It brought in revenue of $1.66 billion versus estimates of $1.50 billion, reaching $1.658 billion and marking 27% year-over-year growth. The company also posted a record $179 million gross profit.
Rivian trimmed its 2026 spending plans as part of the report. Its revised guidance now includes adjusted losses between $1.8 billion and $2 billion, down from the prior range of $1.8 billion to $2.1 billion. It also cut planned capital expenditures to a range of $1.7 billion to $1.8 billion, down from $1.95 billion to $2.05 billion.
Piper Sandler upgrade added momentum
Ahead of the report, Piper Sandler upgraded Rivian from Neutral to Overweight on July 27, raising its 12-month price target to $20 from $18, citing improving EV demand and growing confidence in the R2 SUV launch. According to Investing.com, the Piper Sandler analyst said Rivian now has "a de-risked balance sheet and an improved demand outlook."
Additional funding is also expected later this year. That includes $1 billion in non-recourse debt financing from Volkswagen Group and $250 million in equity from Uber, both subject to conditions.
Broader market backdrop and R2 demand
The wider market gave the move room to run, with the Nasdaq up 1.2%, the S&P 500 gaining 0.6%, and the Dow Jones rising 0.6% on the day. Rivian's earnings beat was driven by higher vehicle deliveries, a surge in regulatory credit sales, and continued strength in its software and services segment.
Rivian also hosted more than 57,000 demo drives during the quarter, a company record, underscoring consumer interest in the R2 platform. Shares are now trading well above their 52-week low of $11.57, closing in on resistance levels not seen since earlier in the year.
Source: Investing.com
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