Rivian is conducting another round of layoffs, the latest in a series of workforce reductions as the EV maker attempts to right-size its cost structure. Revenue grew 8.4% YoY to $5.4B, and the company has achieved a slim 2.7% gross margin — a milestone — but the -67.3% net margin and -$3.07 diluted EPS underscore how far the business still is from self-sustainability.

The core tension is whether headcount cuts can meaningfully accelerate the march to profitability or whether they risk slowing the R2 program ramp that is central to Rivian's long-term thesis. Investors will be watching for any updated guidance on cash burn trajectory, headcount targets, and whether Amazon van deliveries and the Volkswagen JV can provide enough near-term revenue cushion while the restructuring plays out.