Welcome to Rivian's 2026 Annual Meeting of Stockholders. The company would like to remind you that some of the comments made today may contain forward-looking statements. Additional information about forward-looking statements, as well as other meeting materials, are available on the meeting page. Stockholders may also submit questions on the meeting page. We will now turn the meeting over to the company. Hello, welcome to our 2026 annual meeting of stockholders. I want to thank everyone for joining us today. After my opening remarks, I'll pass the call over to Michael Callahan, our Chief Administrative Officer, for the formal portion of today's meeting. We will turn it to the Q&A portion of the meeting. Before we begin, I'd like to reflect on 2025, which was a year of focused execution at Rivian as we laid the foundations for scaling our business. We've been investing in technology, sales, and service to position our business to rapidly grow with the launch of R2. As I've said before, we believe R2 will be a game changer for our customers and will be a key driver of Rivian's long-term growth and profitability. In an American automotive marketplace starved for high-quality EV choice, I believe R2 is an attractively priced option, sized for everyday adventures, from school pickups to weekend trips, that is targeting the popular five-passenger SUV and crossover segment. Earlier this month, the first R2 vehicle started arriving to our customers across the United States. Additionally, in 2025, we are excited to showcase our innovations across our vertically integrated hardware, software, and autonomy teams, unveiled the RAP1 at our inaugural Autonomy and AI Day. In the not-too-distant future, I be lieve autonomous capabilities will be a key differentiator for customers and a driver of market share. As discussed previously, our autonomy feature development is progressing well, We continue to expect to begin rolling out point-to-point capabilities by the end of the year. With regard to our financials, there are a few metrics I'd like to highlight for the last year. First, on a full year-over-year basis, we delivered nearly $5,500 improvement in average sale price due to the introduction of our second generation R1 quad models, a higher mix of R1 units, and increased base prices for the 2026 model year. Second, on a full year-over-year basis, we achieved an approximately $9,500 improvement in the automotive cost of goods sold per unit due to material cost reductions and operational efficiencies. Finally, the improvement in unit economics in our automotive segment, when combined with our strong software and service performance, resulted in greater than $1.3 billion in improve ment in full year gross profit, making 2025 our first full year of positive gross profit. In addition to our financial performance, in 2025, our team progressed the development of our technology roadmap and R2, while simultaneously driving continued improvement in our customer experience and our path to profitability. In closing, we believe the future of automotive industry will be electric, autonomous, and AI-defined. With our category-defining brand, the launch of R2, vertically integrated and extensible technology, and direct-to-consumer sales model, I have never been more confident in the opportunity ahead for Rivian. I would like to thank all those who continue to support our vision, including our employees, customers, partners, suppliers, communities, and shareholders. I'd now like to turn the meeting over to Mike to conduct the formal business of the meeting. Thanks, RJ. I will now call the formal portion of the 2026 annual meeting of stockholders to order. On the meeting page, you will find the agenda and rules of conduct for today's meeting. We will proceed with the items of business as set forth in the proxy statement. It is now 10:05 A.M. Pacific Time, and the polls are open for voting on all matters of business before the meeting. All stockholders of record as of April 23rd, 2026, or holders of a valid proxy, are entitled to vote at the meeting. If you previously voted, you do not need to vote again. If you have not voted, or if you previously voted and wish to change your vote, you may vote by clicking on the voting link on the meeting website and following the instructions there. After the proposals have been presented, we will respond to any additional questions that have been submitted that relate to the proposals and then close the polls. Note that only stockholders who have logged into the meeting using their control number will be able to vote and ask questions during the meeting. At this time, I'd like to welcome the members of our board of directors who are attending this meeting. We also have a representative from KPMG on the line, as well as a representative of Broadridge, who has been appointed as our inspector of election for this meeting and has signed the customary oath of office to execute her duties with strict impartiality. We will file the oath with the records of the meeting. This meeting has been duly called pursuant to the notice of annual meeting that was mailed on April 27th, 2026, to all stockholders of record as of April 23rd, 2026. We will file the affidavit of mailing with the records of the meeting. Based on information provided by Broadridge, a majority of the outstanding shares held of record and entitled to vote at this meeting are present and represented by proxy, and a quorum is present. I'd like to now introduce the proposals for consideration at this meeting. We have three proposals. The first proposal is the election of Karen Boone and Aidan Gomez to serve as Class II directors of the company for a term of office expiring at the annual meeting of stockholders to be held in 2029. The board recommends a vote for each of these nominees. The second proposal is the ratification of the audit committee's appointment of KPMG as the independent registered public accounting firm of the company for the year ending December 31, 2026. A representative from KPMG is in attendance at the meeting and available to respond to appropriate questions from stockholders. The board recommends a vote for this proposal. The third proposal is the approval on an advisory non-binding basis of the compensation paid to our named executive officers in 2025. The board recommends a vote for this proposal. If you wish to vote and have not yet voted, please vote now by clicking on the voting button on the meeting page and following the instructions. The polls will be closing momentarily. I'd like to take this time to respond to any questions we may have received that are related to the proposals. We have not received an y questions related to the proposals and can now close the polls. It is now 10:09 A.M. Pacific Time, and the polls are now closed for voting. Any votes submitted during the meeting today will be subject to final verification by the inspector of election. I have received a preliminary report from the inspector of election on the voting results. Based on this preliminary report, Karen Boone and Aidan Gomez have been elected as Class II directors. The appointment of KPMG as our independent registered public accounting firm for the year ending December 31, 2026, has been ratified. The resolution to approve, on an advisory basis, the compensation of our named executive officers in 2025 has been approved. The company will file the final tally of votes in a Form 8-K to be filed within four business days of today's meeting. There being no further business before the meeting, the annual meeting is now adjourned. I will now turn the call back over for the final topic on the agenda of Q&A. Derek, what's our first question? Thanks, Mike. RJ, first one's for you. Now that the R2 deliveries have begun, how's the reaction been so far? The reaction to the product has been incredible. As you've heard me talk about quite a bit, the R2 program has been really a core focus for us as a business, and it represents really the first high-volume mass-market product that we're launching. When we look at R1, it was our handshake with the world, but it's a flagship product. Its price point makes it a lower volume product relative to the mass market product that R2 is. R2 is a wonderful opportunity to allow more folks and more customers to have access to our brand and the amazing products that we build. Awesome. Mike, can you talk us through the rationale for RJ's compensation package? Thank you for the question. As detailed in our proxy statement, following a review and a consultation with an independent compensation consultant, the compensation committee canceled our CEO's 2021 performance grant and issued a new performance stock option and increased our CEO's base salary. This new award is designed to retain and incentivize RJ to execute on the company's critical next phase as it progresses its technology roadmap and launches R2. This entire award is at risk and will only compensate RJ if Rivian's share price, operating income, and cash flow from operations significantly improve from their current levels. The rigorous and challenging milestones associated with this option award are structured in such a way that ensures the options only vest should the company deliver significant value to our shareholders. Great. Thanks, Mike. RJ, we got a couple questions around autonomy. Can you talk about the progress the team is making and specifically when customers can expect the point-to-point feature release? We're incredibly excited about what we're building with our overall autonomy platform. As we talk about that, it's important just to recognize that's both what we call a large driving model, or LDM, but then the hardware that that runs on. For us, that's very soon going to be including our in-house silicon program, what we call RAP1. This is an 800 TOPS per chip platform. We have two of those two RAP1 chips that go into the vehicle for a total of 1,600 TOPS. That capability will have headroom that far exceeds point to point. Now, that said, point-to-point capabilities will be coming to our Gen 2 R1 products, as well as our launch R2 products starting late this year. We're excited about that. I was just in a demo drive with the team earlier, and it's really phenomenal, the progress we're making. Awesome. Thanks, RJ. Thanks, everyone, for all the great questions. That now concludes the Q&A portion of the meeting. I'll now turn the call back to RJ for closing remarks. As you heard, we're really excited about the road in front of us. We've got R2 launching. We just started customer deliveries. The feedback's been phenomenal. The technology roadmap, particularly with a focus on both our software and digital platforms, as well as our self-driving platforms, really creates an enormous opportunity for us to continue to scale and grow. We're looking forward to customers getting to experience both the products and the technology we're developing. I appreciate everybody's support, and thank you all for joining us in on the call. That concludes our meeting today. You may now disconnect