Rivian Automotive, Inc.

- In 2026, Rivian expects to receive $2.55 billion of capital from strategic partners: - $1 billion already received from Volkswagen Group in exchange for equity after winter testing milestone. - $300 million expected from Uber later in the quarter in exchange for equity, subject to conditions. - Additional $1 billion in nonrecourse debt expected from Volkswagen Group later this year. - Another $250 million expected from Uber in exchange for equity upon milestone completion related to robotaxi development. - Rivian has secured a $4.5 billion low-cost loan from the U.S. Department of Energy for Georgia plant expansion (300,000 unit capacity), with expected draw in early 2027. - Total liquidity and expected capital in 2026 is nearly $8 billion, including cash, loans, and partner funding. - No mention of new fundraising beyond these planned inflows and DOE loan.

- CapEx guidance for 2026 maintained at $1.95 billion to $2.05 billion. - Spending focuses on: - Finalizing construction and tooling for R2 vehicle in Normal, Illinois. - Continued build-out of sales, service, and charging infrastructure. - Initiating construction of greenfield plant in Georgia with initial capacity increased from 200,000 to 300,000 units. - $4.5 billion DOE loan secured to support Georgia plant build-out, providing low-cost financing and supporting up to 300,000 unit capacity. - Total expected capacity of 515,000 units between Illinois and Georgia plants aimed to achieve free cash flow positivity once fully ramped. - Additional capital expected from strategic partners: $2.55 billion total in 2026 including $1 billion from Volkswagen equity, $300-$500 million from Uber funding tranches, and $1 billion in nonrecourse debt from Volkswagen. - Focus on investing in autonomy R&D, with accelerated spend in 2026 and 2027.

- 2026 vehicle deliveries guidance: 62,000 to 67,000 vehicles across R1, R2, and commercial vans, with a back-half weighted ramp for R2. - Georgia production capacity increased from 200,000 to 300,000 units annually, supporting greater scale starting in late 2028. - R2 mass-market vehicle launch expected to drive significant volume growth; target of profitably delivering 4,000 vehicles per week at Normal by end of 2026. - Anticipated revenue growth driven by ramp of R2 production and expansion of commercial vans, especially with Amazon. - Software and Services segment grew 49% year-over-year, indicating strong recurring revenue potential. - Expected $2.55 billion of capital from strategic partners in 2026 to fuel growth. - Autonomy and expanded vehicle features seen as key growth drivers with increasing customer adoption over next 5 years.

- Rivian expects increasing automotive gross profit, targeting positive automotive gross profit exit by end of 2026 driven by ramp-up of R2 and cost efficiencies. - Adjusted EBITDA loss guidance for 2026 is between $2.1 billion to $1.8 billion, reflecting a transition year focused on scaling R2. - Full ramp of Normal (Illinois) and Georgia plants to 515,000 units capacity supports pathway to free cash flow positive in the future. - Capital expenditures remain guided at $1.95 billion to $2.05 billion for 2026, supporting R2 production scale-up, sales/service infrastructure, and Georgia plant buildout. - Milestones with partners (Uber and Volkswagen) expected to provide funding totaling nearly $8 billion in 2026 to support growth. - R2’s bill of materials is expected to be ~50% of R1’s, supporting structural cost reductions and profitability at scale. - Autonomy and product innovation investments will grow, with R&D spend increasing by ~22% year-over-year in Q1 2026 and accelerating further in 2027. - EPS and operating profits expected to improve gradually but remain negative through 2026 due to growth investments and complexity of R2 launch.

- R2 order trends are in early days as deliveries have just begun. - Reception around R2 product from journalists and customers has been very positive. - High excitement due to content, features, packaging, and overall value proposition. - No specific orderbook or pending order numbers disclosed on R2 yet. - Company expects R2 deliveries to ramp in back half of 2026. - R1 combined with commercial vans deliveries expected to be relatively flat in 2026. - Overall delivery guidance for 2026 remains unchanged at 62,000 to 67,000 vehicles across R1, R2, and vans. - Strong interest and enthusiasm continue for R1 with solid market share in premium electric SUVs. - No detailed conversion ratios or total pending order volumes released at this time.