RJ Scaringe Leads Rivian Automotive to Positive Gross Profit in Second Quarter of 2026
RJ Scaringe, the CEO of Rivian Automotive, reported that the company achieved a gross profit of $179 million in the second quarter of 2026, a significant improvement over the $206 million loss recorded in the same period last year. The administration announced that revenue reached $1.66 billion, up 27% year-over-year, driven by a 14% increase in vehicle deliveries and a $103 million boost from regulatory credits. While the company narrowed its adjusted EBITDA loss to $379 million, it also revised its full-year financial guidance to be more conservative, projecting an adjusted loss between $1.8 billion and $20 billion. The administration announced that capital expenditures were reduced to $1.7 billion to $1.8 billion due to project efficiencies. Scaringe noted that the launch of the R2 midsize SUV is a critical milestone for the company's path to profitability. The administration announced that Rivian expects to reach positive gross margin on the R2 by the end of the year, with a production ramp at the Normal, Illinois plant providing the necessary scale to close the profitability gap.