In its first earnings report Rivian has confirmed that they've started R1S deliveries. Albeit that only 2 have been delivered so far...

Rivian has released its first earnings report since going public and revealed a lot of interesting new information in the process, including that it started deliveries of the R1S electric SUV.

In November, Rivian went public with an IPO on the NASDAQ. In the process, the electric automaker raised an incredible $13 billion to accelerate its plans to produce electric vehicles.

At the same time, it is also giving more insights into the company as it is required to release quarterly reports.

Today, Rivian released its first earnings report for the third quarter ending September 30.

When it comes to the financials, Rivian disclosed that it generated $1 million in revenue from delivering its first few R1T electric pickup trucks, but it lost $82 million making them.

That’s to be expected early in the production of a new vehicle.

Since the quarter ended right after Rivian started deliveries, the company gave an update on the current progression and confirmed that it had delivered 652 vehicles as of December 15.

Of those vehicles, two were R1S SUVs delivered this week. Those were the first deliveries of the Rivian’s SUV, but they were to CEO RJ Scaring and CFO Claire McDonough.

Customers’ deliveries of the Rivian R1S have yet to start.

As of the end of the quarter, Rivian had $8 billion in the bank, but that was before the IPO, so it’s safe to say that the company is sitting on a ton of cash right now.