Rivian Stock Fell 9% after Earnings. Who Owns the EV Maker?

Rivian shares slid about 9% on Friday after the EV maker reported second-quarter results that beat expectations. The stock later recovered roughly 1% in after-hours trading. Rivian posted $1.66 billion in revenue, up 27.7% year over year and above Wall Street’s forecasts. The company also raised its 2026 delivery forecast to 65,000–70,000 vehicles, up from 62,000–67,000 previously. However, investor focus shifted to cash burn: Rivian used $487 million in operating cash in the quarter versus $64 million a year earlier. Free cash flow fell to negative $849 million from negative $398 million.