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38	38	= Financial Performance Highlights =
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40		-**//Q3 2023 Highlights//**
	40	+== Q3 2023 Highlights ==
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42	42	As of 30 September 2023, Total revenue for the third quarter of 2023 was $1,337 million, and for the third quarter of 2022, it was $536 million, resulting in a 149% increase in revenue, primarily driven by the delivery of 15,564 vehicles in 2023 compared to 6,584 delivery in 2022. Rivian generated a negative gross profit of ($477) million for the third quarter of 2023 as compared to ($917) million for the third quarter of 2022, resulting in a gross margin of -35.68% and -171.08% in 2023 and 2022, respectively. Gross profit improvement of 48% was primarily driven by ramping production and continued efforts to drive material cost reductions through commercial negotiations and engineering design changes. The third quarter of 2023 was impacted by a charge for LCNRV write-downs on inventory and losses on firm purchase commitments. The ending inventory balance included LCNRV write-downs of $292 million, while liabilities for losses on firm purchase commitments were $160 million, for a total of $452 million at the end of the third quarter of 2023. Total operating expenses in the third quarter of 2023 grew to $963 million, as compared to $857 million in the same period last year. In the third quarter of 2023, Rivian recognized a non-cash, stock-based compensation expense within operating expenses of $219 million as compared to $268 million in the third quarter of 2022 and depreciation and amortization expense within operating expenses of $80 million as compared to $52 million in the third quarter of  2022.
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44	44	Research and development (“R&D”) expenses in the third quarter of 2023 were $529 million compared to $452 million in the same period last year. The increase was primarily due to a $52 million increase in engineering, design, and development costs for future technologies and other related project costs and a $19 million increase in depreciation and amortization expenses.  Selling, general, and administrative (“SG&A”) expenses in the third quarter of 2023 were $434 million, as compared to $405 million in the same period last year. The increase was primarily due to a $52 million increase in payroll and related expenses due to an increase in headcount and other miscellaneous operating expenses to support commercial go-to-market operations. The operating loss of Rivian in the Q3 of 2023 and 2022 was equal to $1,440 million and $1,774 million, resulting in an operating margin of -107.70% and -330.97% in 2023 and 2022, respectively. The net loss for the third quarter of 2023 was ($1,367) million as compared to ($1,724) million for the same period last year. Net cash used in operating activities for the third quarter of 2023 was ($877) million, as compared to ($1,368) million for the same period last year. Capital expenditures for the third quarter of 2023 were ($190) million compared to ($298) million for the same period last year. The prior year’s values were higher due to elevated equipment and construction spending in the early stages of the production ramp. Basic and diluted loss per share were $1.44 and $1.88 in Q3 of 2023 and Q3 of 2022, respectively, based on 952 million and 918 million shares outstanding, respectively. The company does not pay any dividends.
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46		-**//Annual Performance Highlights//**
	46	+== Annual Performance Highlights ==
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48	48	In 2022, for the year ended 31 December 2022, Rivian reported an increase in revenue by $1,603 million compared to the previous year. The total revenue for 2022 amounted to $1,658 million, reflecting a 2,915% change from the $55 million reported in 2021. The gross loss for 2022 stood at ($3,123) million, resulting in a 572% increase in loss from the ($465) million recorded in 2021. The gross margin, calculated as a percentage of revenue, increased from 845.45% in 2021 to 188.36% in 2022. The net loss for 2022 was $6,748 million, indicating a 44% increase in loss from the $4,688 million net loss reported in 2021. This change can be attributed to an increase in the cost of sales, research and development expenses, and selling and administration expenses. The operating loss in 2022 reached $6,856 million, with a 62% increase from the $4,220 million reported in 2021. The operating margin improved from a (-7672.73%) loss margin in 2021 to a (-413.51%) loss margin in 2022. The net margin for 2022, calculated as the ratio of net profit to
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