Rivian Automotive Inc. (NASDAQ: RIVN) shares jumped more than 20% intra-day on Friday after the electric vehicle manufacturer reported fourth-quarter revenue that exceeded analyst expectations, despite a sharp year-over-year decline in automotive sales.
The company recorded revenue of $1.29 billion for the quarter, slightly above the consensus estimate of $1.27 billion. Total revenue declined from $1.73 billion in the same quarter last year. However, sales from Rivian’s software and services segment more than doubled to $447 million.
On an adjusted basis, Rivian reported a loss of $0.54 per share, compared with analyst expectations of a $0.68 loss.
Automotive revenue fell 45% year over year to $839 million, driven by a $270 million reduction in regulatory credit sales, lower vehicle deliveries following the expiration of tax credits, and a lower average selling price due to a higher mix of commercial van deliveries.
The company produced 10,974 vehicles and delivered 9,745 vehicles during the quarter at its Normal, Illinois manufacturing facility.
For the full year, Rivian guided for vehicle deliveries between 62,000 and 67,000 units. Capital expenditures are projected between $1.95 billion and $2.05 billion. The company stated that development of its R2 vehicle remains on schedule, with initial customer deliveries expected in the second quarter of 2026.
