Rivian Automotive (RIVN -2.21%), a manufacturer of all-electric pickup trucks and SUVs, gave investors and fans some fresh data to mull over on Tuesday. The company released its first-quarter earnings report -- an update that includes information on Rivian's financials, production, deliveries, and management's expectations for the rest of the year.

As investors digest the information from the report, here are five key takeaways to get started.

1. Deliveries soared year over year but were down sequentially

First-quarter deliveries were 7,946. This was down from 8,054 deliveries in the fourth quarter of 2022 but up substantially from the 1,227 vehicles the company delivered in the first quarter of 2022.

2. Production similarly increased year over year but fell sequentially

Rivian produced 9,395 vehicles during the quarter, down from 10,020 in the fourth quarter of 2022 but up from 2,553 in the year-ago quarter.

This year-over-year growth occurred "despite our commercial van production line being down for a significant portion of the quarter" in order to introduce new technology into its production line, management explained in Rivian's first-quarter shareholder letter.

As of March 31, 2023, Rivian has now produced a total of about 35,000 vehicles.

3. Rivian's net loss narrowed

Perhaps the most surprising figure from the update was how substantially Rivian's net loss narrowed. The company's quarterly loss was $1.35 billion. This compares to a net loss of $1.59 billion in the year-ago quarter and a loss of $1.72 billion in the fourth quarter of 2022. This bottom-line progress helped the company's adjusted loss per share come in at $1.43 -- better than analysts' average forecast for an adjusted loss per share of $1.59. 

Some key factors driving Rivian's bottom-line improvement were improved scale and its move in 2022 to begin implementing a program designed to boost efficiency and reduce costs.

"The program is already delivering improvements in key spend areas as teams across the company make the resource, technology, and process improvements required for our long-term success," management said in Rivian's first-quarter shareholder letter. "Sustaining our focus and improving our operating efficiency remain key objectives for 2023 and beyond."

4. Cash decreased

Given how significant the company's quarterly losses are, investors should keep a close eye on Rivian's cash balance. Fortunately, the company still has a good chunk of cash. But that cash balance could shrink quickly if Rivian doesn't make dramatic progress toward profitability over the next two years.

Rivian ended the quarter with $11.8 billion in cash, cash equivalents, and restricted cash. This compares to $12.1 billion in the fourth quarter of 2022 and nearly $17 billion in the first quarter of 2022.

5. Rivian expects to build 50,000 vehicles this year

Given Rivian's first-quarter performance and management's visibility into the supply chain, management is reaffirming its guidance for full-year production of 50,000 vehicles. In addition, management said it still expects its adjusted earnings before interest, depreciation, and amortization (EBITDA) to be negative $4.3 billion for the year. Finally, management also reiterated its plan to spend approximately $2 billion total on capital expenditures in 2023 to help support its production expansion, product development, and other investments.

Rivian's results show important progress toward narrowing losses as the company races to scale its business.