-- Rivian Automotive (RIVN) posted Q1 results with beats across the board and reiterated its 2026 outlook while navigating a "murky" electric vehicle backdrop and trying to cut costs to achieve profitability goals, Wedbush Securities said in a note Friday.
The investment firm highlighted Rivian's revenue beat backed by a 20% year on year increase in delivery volumes.
The company also saw software and services revenue rise 49% year on year to $473 million, driven by an increase in vehicle electrical architecture and software development services, according to the note.
Rivian's robotaxi collaboration with Uber (UBER), under which Uber is expected to buy up to 50,000 autonomous vehicles and software licensing fees, is a validation of Rivian's tech roadmap and AI strategy, the investment firm said.
Wedbush reiterated Rivian's outperform rating and $25 price target.
Shares of Rivian were down more than 6% in Friday trading.
Price: $15.37, Change: $-1.03, Percent Change: -6.30%