Electric adventure vehicle maker Rivian (RIVN) reported second quarter results that beat estimates and, more importantly, raised its production guidance as well as narrowed its loss projection for the year.

Rivian now sees an annual production target of 52,000 vehicles versus prior guidance of 50,000 vehicles. Rivian also narrowed its full-year adjusted EBITDA loss to $4.2 billion, compared with the $4.3 billion it saw previously.

The $4.2 billion EBITDA loss projection Rivian now sees for 2023 is $1 billion less than the EBITDA loss it reported in 2022. Rivian has also reiterated it expects to achieve positive gross profit in 2024. Rivian said in its shareholder letter that gross profit per vehicle improved by approximately $35,000 compared with the first quarter.

"We remain confident in our ability to continue to drive our cost per vehicle lower by ramping production and leveraging our fixed costs, as well as our commercial, engineering design changes, and operational cost reduction efforts," the company said in a statement.

From a liquidity perspective, Rivian reported it had $9.26 billion in cash and cash equivalents, down from the $11.24 billion the company had at the end of the first quarter.

For the quarter, the company reported revenue of $1.12 billion vs. estimates of $1 billion, and an adjusted EPS loss of $1.08 vs. $1.36 estimated. That revenue figure represents a 175% jump from the $364 million reported a year ago. On an adjusted EBITDA basis, Rivian reported a loss of $881 million vs. the $1.13 billion analysts were expecting.

Rivian stock was trading slightly lower in after-hours trading.

In July, Rivian reported second quarter deliveries hit 12,640 units, topping estimates and also representing a large improvement over first quarter deliveries of 7,946, which also topped expectations.

Two quarters of strong production and delivery figures were a shot of good news for investors weary of Rivian’s previous production setbacks.

"Production coming out of the gate — it was excuses. It was one step forward, two steps back for four or five quarters. Now [they] finally turned the corner, and I think the worst is in the rearview mirror," Wedbush analyst Dan Ives said last month regarding Rivian’s second quarter deliveries.

"From a valuation perspective, $30 could be a base case," he said.

Rivian shares also got a boost when the company announced it would be joining Tesla’s Supercharging network in 2024 and incorporate Tesla’s (TSLA) NACS (North American Charging Standard) plug into vehicles in 2025.

Many EV makers have been cutting prices and availing themselves of the federal EV tax credit of $7,500 when applicable as a way to gin up demand and boost sales. Rivian, however, builds trucks that are priced above the $80,000 price cap for the EV tax credit for trucks. Fellow EV-maker Lucid (LCID) just yesterday slashed prices of its Air sedan in order to boost demand for its relatively pricey EV, which is also priced above the EV tax credit threshold.

This story is developing.

Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and on Instagram.

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