Rivian Automotive (RIVN) shares climbed 7% in pre-open trading on Friday to $12.27, as investors responded to third-quarter results that beat Wall Street expectations on nearly every key measure, together with a raised full-year delivery outlook from the electric vehicle maker.

The company posted third-quarter revenue of $2.16 billion, up 38% from a year earlier and ahead of the roughly $1.99 billion analysts had forecast. The adjusted loss came in at $0.48 per share, narrower than the $0.64 loss analysts had projected.

Gross profit reached $176 million, well above estimates of around $110 million. Rivian attributed the gain to better unit economics as the ramp-up of its R2 vehicle picks up speed. Gross profit is a closely watched line for growth-stage EV makers because it shows whether each additional vehicle built adds value rather than draining capital as production scales. Net loss narrowed to $913 million from $1.2 billion in the same quarter last year, and adjusted loss per share improved from $0.65 a year earlier.

Third-party earnings data shared on X flagged the breadth of the beat, citing adjusted EBITDA of -$435 million against estimates of -$574 million and a full-year adjusted EBITDA loss guide of -$1.9 billion to -$1.8 billion:

RIVIAN $RIVN Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $2.16B (Est. $1.99B) 🟢; +38% YoY 🔹 EPS: -$0.63 (Est. -$0.84) 🟢 🔹 Gross Profit: $176M (Est. $110M) 🟢 🔹 Adj. EBITDA: -$435M (Est. -$574M) 🟢 FY26 Guide: 🔹 Adj. EBITDA: -$1.9B to -$1.8B (Est. -$1.84B) 🟡 🔹 Deliveries:… pic.twitter.com/euv9bDuqYg

— Wall St Engine (@wallstengine) October 29, 2026 (on X)

Deliveries and Guidance

Rivian produced 19,751 vehicles during the quarter and delivered 19,248, a performance the company described as a record for deliveries. For full-year 2026, Rivian now expects to deliver between 67,000 and 70,000 vehicles, a range that sits above its previous outlook. The company also tightened its adjusted EBITDA loss forecast to approximately $1.8 billion, compared with analyst expectations of a loss near $1.89 billion.

Chief Executive RJ Scaringe said the R2 became Rivian's best-selling vehicle by volume in the quarter. He added that the company's autonomy platform is advancing quickly and that the team is excited about its Point to Point feature.

Autonomy and the Uber Deal

Scaringe said he is confident Rivian will reach an autonomy milestone by the end of the year. Achieving that target would release a $250 million tranche of Uber's investment in the company. The investment forms part of a wider partnership under which the two companies are targeting driverless R2 robotaxi service on Uber's platform by 2028. That structure gives Rivian's autonomy push a concrete calendar marker: the year-end milestone functions both as a technical checkpoint and as the trigger for fresh capital within the partnership's 2028 robotaxi timeline.

Scaringe also said that take rates for the Autonomy+ subscription are running above Rivian's own internal targets, adding a software revenue line to the company's story.

Market Context

The earnings beat arrived at a turbulent moment for equity markets. The stock had been trading close to its 52-week low of $11.38 ahead of the report, so the premarket rally came off a weak starting point. Broader markets were under pressure on Friday, with the S&P 500 down about 1% and the Nasdaq off about 2%, as ongoing worries about AI spending weighed on technology shares.

Economic data also framed the trading session. The Employment Cost Index for the third quarter was due Friday morning. On Thursday, an advance GDP reading of 3.4% for the quarter came in stronger than expected.

Trading in Rivian shares after the release appeared mixed. The stock was up about 1% after the release according to one report, while one market data feed showed the stock down about 2% at last check. With early readings diverging, the regular-session close will offer the first full view of how investors weigh the results against the broader market pressure.

This article originally appeared on CoinCentral.