What happened?
Shares of electric vehicle manufacturer Rivian (NASDAQ: RIVN) jumped 5.1% in the afternoon session after the company reported a 38% increase in third-quarter 2026 revenue and raised its full-year outlook across all metrics.
According to a company press release, Rivian reported third-quarter 2026 revenue of $2.155 billion, an increase of 38% year over year. The release also said that vehicle deliveries climbed 46% compared with the previous year, with the R2 becoming its highest-volume vehicle, leading the company to raise its 2026 full-year outlook across all metrics. Revenue was above Wall Street's estimate of $2.06 billion.
The company also reported a GAAP loss of 63 cents per share, which was above analysts' consensus estimates of a 72-cent loss per share. In addition, full-year EBITDA guidance of negative $1.8 billion at the midpoint was above analyst expectations of negative $1.89 billion.
After the initial pop, the shares cooled down to $11.74, up 1.9% from the previous close.
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What is the market telling us
Rivian’s shares are extremely volatile and have had 39 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 28 days ago when the stock dropped 3.3% on the news that the company kept its full-year delivery guidance unchanged despite reporting third-quarter deliveries above expectations. Rivian released its production and delivery figures for the third quarter of 2026. During the quarter, the company manufactured 19,751 vehicles at its facility in Normal, Illinois, and delivered 19,248 vehicles. Although third-quarter deliveries were above expectations, the company reaffirmed its full-year delivery guidance range of 65,000 to 70,000 vehicles.
Rivian is down 39.5% since the beginning of the year, and at $11.74 per share, it is trading 47.7% below its 52-week high of $22.45 from December 2025. Investors who bought $1,000 worth of Rivian’s shares at the IPO in November 2021 would now be looking at an investment worth $116.56.
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