Rivian shares surged more than 15% in after-hours trading on Thursday, lifted by quarterly results that beat expectations and an ambitious forecast for delivery growth in 2026. The electric-vehicle maker expects to deliver between 62,000 and 67,000 units this year, an increase of 47% to 59% versus 2025, driven by the anticipated Q2 launch of its next-generation R2 SUV, priced from $45,000.

In Q4, Rivian posted a loss of $0.54 per share, better than the $0.68 loss expected, on revenue of $1.29bn, also above forecasts. FY 2025 revenue reached $1.7bn in Q4, lifting annual sales to an 8% year-on-year increase to over $5.3bn. The annual net loss narrowed to $3.6bn, from $4.75bn in 2024, with a notable reduction in losses in its automotive business thanks to the joint venture with Volkswagen.

The group recorded a gross profit of $144m in 2025, including $120m in Q4, marking an improvement in operating profitability. Rivian nonetheless expects pre-tax losses of between $1.8bn and $2.1bn in 2026, with capital expenditures of up to $2.05bn. The automaker is counting on the R2 to simplify production, cut costs in half and broaden its customer base, as demand for high-end models slows.

At the same time, Rivian continues production of its electric delivery van, intended mainly for Amazon. With $6.59bn in available liquidity at the end of 2025, the group says it has the resources needed to support its strategy. The year 2026 is being presented as a turning point, marked by faster commercial momentum, technological improvements and a clear path toward profitability.