Rivian (RIVN) earnings: Sales fell 26% but gross profit quadrupled

Rivian delivered a paradox in Q4 2025: physical deliveries collapsed as demand softened, yet the company posted its best gross profit ever thanks to the high-margin Volkswagen joint venture.In ~10 minutes:* Deliveries slumped 26% QoQ to just 9,745 vehicles.* Gross Profit hit $120M (9% margin), largely funded by VW cash.* Volkswagen accounted for 60% of all software revenue.* Strategic pivot: LiDAR is officially returning for Gen 3.* Cash burn was ~$1.0B, leaving $6B to bridge the gap to R2.The R1 era is slowing down, turning 2026 into a high-stakes transition year. Management is banking on B2B engineering revenue to keep the lights on while they retool for the mass-market R2 launch.Rivian Automotive, Inc. (RIVN) | Q4 FY2025AI-assisted production. Feedback/ticker requests: https://x.com/EarnUnscripted