Rivian Automotive Inc. revealed on Tuesday that its net loss in the first quarter of the fiscal year 2023 amounted to $1.35 billion, improving from the $1.59 billion recorded in the corresponding period last year. The loss per diluted share came in at $1.25, contrasted with $1.43 per share in the same timeframe in 2022. The company reported a gross loss of $535 million and total operating expenses of $898 million, performing better than market expectations.
"During 2022, we took steps to ensure our cost structure is appropriate for supporting long term sustained growth ... In addition to our operational progress, we recently took steps to further strengthen our balance sheet," Rivian said in its letter to shareholders, confirming its 2023 guidance.
The carmaker's shares jumped 5.70% in after-hours trading following the release of the report.
