Rivian lost $1.45 billion in the first quarter, showing that its recent company-wide cost-cutting measures have a ways to go before it can approach profitability.

The EV-maker brought in $1.2 billion in revenue in the period, coming in just under its record haul from the prior quarter, according to its first-quarter earnings report that was released Tuesday after markets closed. That’s slightly more than the $1.16 billion expected by Yahoo Finance analysts. Rivian’s revenue grew 82% from the $661 million it generated in the first quarter in 2023.