-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下： Rivian (RIVN)公布的第一季度调整后每股收益为-0.55美元，高于此前预期的-0.41美元，优于市场普遍预期的-0.60美元。营收增长11%至13.8亿美元（比市场预期高出1000万美元），主要得益于车辆总销量增长20%至10,365辆，以及软件和服务收入同比增长49%至4.73亿美元。RIVN的毛利率下降800个基点至8.6%，但仍高于市场普遍预期的8.4%。本季度的财务业绩反映了公司通过R2车型拓展市场、提升市场准入度的战略转型，尽管短期盈利能力受到影响。RIVN维持了此前对2026年调整后EBITDA、车辆交付量和资本支出的预期。该公司第一季度末现金余额为48亿美元，低于2025年底的61亿美元。盘后交易中，股价上涨1%。RIVN第一季度盈利超出预期，但现金消耗仍然是主要担忧，自由现金流因运营支出和营运资本消耗增加而恶化。鉴于整个电动汽车行业面临严峻的需求挑战，执行风险依然很高。
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