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The latest data point for RIVN's EV/EBITDA ratio in Q1'26 stands at -23.81, indicating a significant deepening of negative valuation relative to earnings, reflecting ongoing operational losses and potential market concerns over profitability. Over the period from Q2'23 to Q1'26, the EV/EBITDA ratio has exhibited a persistent negative trend with increasing magnitude, starting at -3.48 in Q2'23 and progressively worsening to -23.81 by Q1'26, marked by brief fluctuations such as a temporary improvement to -1.81 in Q4'23 before resuming decline. This area chart highlights volatility in early quarters, with notable inflection points including a sharp drop to -6.08 in Q1'25 and an acceleration in negativity post-Q4'25, underscoring challenges in scaling EV production and achieving EBITDA positivity for financial analysts monitoring RIVN's fundamentals.