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Rivian hits the brakes after disappointing earnings and a cut to annual guidance

Rivian reported its second-quarter earnings after the bell on Tuesday.

8/5/25 4:23PM

Rivian posted second-quarter earnings after the bell on Tuesday, and the EV maker sees bumpier roads ahead. Rivian shares were down more than 4% in after-hours trading.

Rivian’s loss per share of $0.91 came in worse than analysts’ expectations of a $0.63 loss. Revenue reached $1.3 billion, slightly above the $1.29 billion forecast by analysts polled by FactSet.

The lack of gas-powered or hybrid vehicles to offset EV costs continued to weigh on Rivian, which posted a significantly worse-than-expected net loss of $1.12 billion on the quarter. Still, the figure improved on last year’s $1.46 billion loss. The company delivered 23% fewer vehicles in the second quarter, year over year.

Rivian, which assembles all of its vehicles in Illinois, does still import certain parts like batteries and windshields — though it reportedly quietly built up a battery stockpile, anticipating potential tariff impacts. Rivian maintained its full-year capex outlook of between $1.8 billion and $1.9 billion.

The company lowered its EBITDA outlook, forecasting a full-year loss of between $2 billion and $2.25 billion, deeper than the $1.7 billion to $1.9 billion loss range it had previously guided for. Wall Street estimates had full-year EBITDA at a $1.88 billion loss.

It’s been a rocky year for EV-only automakers like Rivian and rival Lucid, as the Trump administration scrapped pro-EV policies in its “big, beautiful bill” (though both companies largely only qualify for EV tax credits through leasing loopholes). As of market close on Tuesday, Rivian shares are down on the year, along with Lucid and Tesla.

On Monday, Rivian filed a lawsuit against Ohio’s department of motor vehicles, alleging that the state’s ban on direct car sales is “irrational in the extreme.” If Rivian comes out victorious, it could gain a legal playbook for challenging similar laws in the 25 states it does not directly sell in.

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SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

Revenue of $11.0 billion (estimate: $10.8 billion).
Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

Rivian hits the brakes after disappointing earnings and a cut to annual guidance

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