Rivian Automotive Inc - Ordinary Shares - Class A

R2 ramp + early demand signals (good/surprising) - External customer deliveries began in June; RJ framed R2 as a “game changer” for long-term growth and profitability. - 57,000 demo drives in Q2 (record); management said Launch Edition reservation-to-order conversion is meaningfully higher than expected (no exact % shared). - Production ramp: started with single shift in Normal; management expects scale to two shifts by end of Q3. Ramp is gated by the slowest supplier; coordination across many suppliers is the key focus. - Demand not reported as the key limiter; management emphasized supply-chain readiness as the main gating factor for the back half.

Financial results (mixed: improving gross profit, still heavy losses) - Revenue: $1.66B in Q2 (+27% YoY). - Gross profit: $179M, gross margin 11% (includes $138M D&A and $31M stock-based comp). - Adjusted EBITDA loss: ($379M), driven by gross profit not yet enough to cover ramp/investment opex (scaling R2 + autonomy investment). - Automotive segment improvement: Automotive gross profit loss reduced to ($36M) vs ($335M) prior-year—+$299M improvement from higher volumes, regulatory credit revenue, and IEEPA tariff refund receivable, partly offset by R2 ramp inefficiencies.

2026 guidance + outlook (key forecasts; also acknowledges headwinds) - Total deliveries guidance: raised to 65,000–70,000 vehicles in 2026 (from prior guidance by +3,000 units), implying ~42,400–47,400 deliveries in 2H, weighted toward Q4 as R2 ramps. - Automotive gross profit timing: management expects Q3 automotive gross profit remains pressured due to ramp complexity, similar to Q2; expects benefit in Q4 as volume scales—positive automotive gross profit expected at the 2026 exit rate. - Adjusted EBITDA loss (2026): ($2.0B to $1.8B) (midpoint improved by $50M). Claire cited offsetting items: - Tailwinds: better-than-expected regulatory credits and higher delivery volumes (from guidance increase). - Headwinds: raw materials, memory, logistics cost increases, and continued ramp/autonomy investment.