Episode Details

Rivian delivered a paradox in Q4 2025: physical deliveries collapsed as demand softened, yet the company posted its best gross profit ever thanks to the high-margin Volkswagen joint venture.

In ~10 minutes:

* Deliveries slumped 26% QoQ to just 9,745 vehicles.

* Gross Profit hit $120M (9% margin), largely funded by VW cash.

* Volkswagen accounted for 60% of all software revenue.

* Strategic pivot: LiDAR is officially returning for Gen 3.

* Cash burn was ~$1.0B, leaving $6B to bridge the gap to R2.

The R1 era is slowing down, turning 2026 into a high-stakes transition year. Management is banking on B2B engineering revenue to keep the lights on while they retool for the mass-market R2 launch.

Rivian Automotive, Inc. (RIVN) | Q4 FY2025

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