Rivian Names Derek Mulvey Interim CFO and Delivers Q3 2026 Revenue Beat with Raised Guidance

Executive Summary

On October 29, 2026, Rivian Automotive, Inc. (NASDAQ: RIVN) filed a Form 8-K announcing two major developments:

1. Executive Transition: Appointment of Derek Mulvey as Interim Chief Financial Officer and principal financial officer, effective October 30, 2026, upon the departure of outgoing CFO Claire McDonough.
2. Q3 2026 Financial Results & Guidance Increase: Strong operational expansion driven by R2 manufacturing ramp, delivering 38% YoY revenue growth, positive consolidated gross profit, and an upward revision to full-year 2026 guidance.

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Leadership Transition Details (Item 5.02)

• Appointee: Derek Mulvey, age 36.
• Effective Date: October 30, 2026.
• Background: Vice President of Finance since March 2025; held senior strategic finance and IR roles at Rivian since June 2021; formerly Vice President at J.P. Morgan.
• Compensation Terms:
  • Annual base salary increased to $400,000.
  • Target annual incentive bonus opportunity equal to 40% of base salary.
  • Equity Grant: Granted 125,392 restricted stock units (RSUs) on September 21, 2026 (vesting 50% on February 15, 2027, and 50% on August 15, 2027, subject to continued service).
  • Execution of standard director/officer indemnification agreement.

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Third Quarter 2026 Financial & Operational Highlights (Item 2.02)

Operational Metrics

• Production: 19,751 vehicles produced at the Normal, Illinois facility.
• Deliveries: 19,248 vehicles delivered (+46% YoY), with R2 surpassing R1 and EDV to become Rivian’s best-selling model by volume.

Financial Performance

• Consolidated Revenue: $2.155 billion, up 38% YoY.
  • Automotive Revenue: $1.550 billion (+36% YoY), aided by an $80 million increase in regulatory credit sales ($81M total).
  • Software & Services Revenue: $605 million (+45% YoY), including $354 million (59%) from the Volkswagen Group joint venture.
• Gross Profit: Consolidated gross profit of $176 million, up $152 million YoY.
  • Automotive gross margin reflected $(80) million loss (improved from $(130) million YoY), absorbing ~$120 million in temporary R2 ramp costs.
  • Software & services gross profit reached $256 million (42% gross margin).
• Operating Loss: Reduced to $(881) million from $(983) million in Q3 2025.
• Adjusted EBITDA: $(435) million vs. $(602) million in Q3 2025.
• Net Loss: $(913) million vs. $(1.173) billion in the prior-year period.
• Liquidity: Total cash, cash equivalents, and short-term investments of $5.502 billion; total liquidity of $7.095 billion (pro forma including the $1.000 billion 10-year term loan from Volkswagen Group funded in October 2026).

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Upgraded 2026 Annual Guidance

Metric	Previous Guidance	Updated Guidance
Vehicle Deliveries	65,000 – 70,000 units	67,000 – 70,000 units
Adjusted EBITDA	$(1.95)B – $(1.85)B	$(1.85)B – $(1.75)B (+$100M at midpoint)
Capital Expenditures	$1.70B – $1.80B	$1.40B – $1.50B (-$300M at midpoint)

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Key Takeaways for Investors

• R2 Momentum: The R2 ramp is proceeding ahead of initial operational milestones, quickly establishing itself as Rivian's volume growth engine.
• Strategic Partnerships: The Volkswagen Group joint venture is generating material revenue contribution ($354M in the quarter) alongside non-dilutive capital support ($1B term loan).
• Leadership Continuity: Internal promotion of Derek Mulvey provides finance leadership continuity as the company prepares for commercial scaling into 2027.