Shares of Rivian Automotive (RIVN -3.88%) are up 2.8% as of 10:16 a.m. ET on Friday, following the premium electric-vehicle (EV) maker's release of its second-quarter 2022 report on Thursday after the market close.

The market's moderately positive reaction is probably largely attributable to the company reaffirming its 2022 unit production target, which was arguably the most important metric in the report. That's because it's crucial for EV start-ups to ramp up production as quickly as possible in order to drive down the fixed cost per vehicle.

Here's an overview of Rivian's second quarter and outlook centered around nine key metrics.

A medium blue Rivian R1S SUV in a rural setting.

R1S SUV. Image source: Rivian.

1. Revenue of $364 million

Rivian's second-quarter revenue was $364 million, topping the Wall Street consensus estimate of $337.5 million. This result was up from $0 revenue in the year-ago period and nearly quadruple the $95 million in the first quarter of 2022. Revenue was primarily derived from vehicles delivered in the quarter.

2. Produced 4,401 vehicles

In Q2, the company produced 4,401 total vehicles, up 72% from 2,553 in the first quarter. Through the second quarter, it had produced a total of about 8,000 vehicles. 

In Q2, the company delivered 4,467 vehicles, up from 1,227 in the first quarter. 

Rivian has launched three all-electric premium vehicle models: R1T (pickup truck), R1S (SUV), and EDV ("electric delivery vehicle," or delivery van).

3. R1 preorders of 98,000

The company ended the second quarter with about 98,000 preorders from consumers in the United States and Canada for its two R1 models, the R1T pickup and R1S SUV. This is up from just over 90,000 preorders as of May 9.

4. Continued rollout of Amazon's 100,000 delivery vans

Amazon was an early backer of Rivian and still owns shares. The e-commerce giant placed an initial order of 100,000 custom-designed electric delivery vans (EDVs) with Rivian, which the company continued to fulfill in the second quarter.

The fact that Amazon owns a stake in Rivian and is a large customer are big reasons why Rivian deserves a spot on investors' watch lists.

5. Operating loss of $1.7 billion

Loss from operations was $1.7 billion, compared with an operating loss of $580 million in the same period last year. 

6. Net loss of $1.7 billion

Reported net loss was $1.7 billion, compared with a net loss of $580 million in the year-ago period. (Yes, these are the same numbers as the operating loss numbers.) Loss per share was $1.89, compared with $5.74 in the year-ago quarter. The loss per share decreased because the company's November initial public offering (IPO) increased the number of shares.

Adjusted for one-time items, net loss was $1.5 billion, or $1.62 per share, compared with $581 million, or $5.75 per share, in the year-ago period. 

7. Cash used in operations was $1.2 billion

In Q2, Rivian used $1.2 billion in cash running its operations, which is just over double the $489 million in cash it used in the year-ago period. 

The increase in cash used in operations was due to the ramping up of production at the company's factory in Normal, Illinois; the scaling of its commercial and corporate operations; and an increase it its research and development activities.

Free cash flow was negative $1.6 billion, compared with negative $920 million in the year-ago period. 

8. Ended Q2 with $15.5 billion in cash, cash equivalents, and restricted cash

Rivian's balance sheet is in good shape. It ended the quarter with $15.5 billion of cash, cash equivalents, and restricted cash.

At the company's current cash burn rate of $1.6 billion per quarter, its cash would last nearly 10 quarters. 

9. Reaffirmed annual production guidance of 25,000 vehicles

Rivian reaffirmed its 2022 production forecast of 25,000 total vehicles. In its shareholder letter, it said that it believes "supply chain constraints will continue to be the limiting factor of our production." But it said it's making progress on supply constraints, and expects this progress will enable it to add a second shift for vehicle assembly toward the end of the third quarter.

The company revised its outlook for annual adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). It now expects this metric to be negative $5.45 billion, compared with negative $4.75 billion previously. This revised guidance reflects several factors, including raw material inflation, expedited freight expenses, and supply chain issues.

For context, in the second quarter, adjusted EBITDA was negative $1.31 billion, and for the first half of the year, it was negative $2.45 billion.

In order to compensate from a cash-spend standpoint for the revised adjusted EBITDA guidance, the company lowered its 2022 capital expenditures guidance to $2 billion from $2.6 billion. 

A somewhat better quarter than many investors likely expected

Rivian turned in a somewhat better Q2 report than many investors and Wall Street analysts were probably expecting. Not only was its second-quarter revenue higher than the consensus estimate, but it reaffirmed its full-year 2022 production forecast. Given the continuing supply chain issues that Rivian and other automakers have been experiencing, many investors and analysts were likely prepared for a reduction of the annual production target.