Rivian Automotive shares surged 5.23% in pre-market trading, extending gains after the electric-vehicle maker reported second-quarter results that handily beat analyst expectations and raised its full-year delivery forecast.

The company posted revenue of $1.66 billion, up 27% from a year ago and above the consensus estimate of $1.51 billion. Adjusted loss per share came in at 46 cents, significantly better than the projected 63-cent loss. Rivian also swung to a gross profit of $179 million from a loss of $206 million a year earlier, driven by improved cost controls and a 37% jump in software and services revenue to $515 million.

Rivian lifted its 2026 delivery guidance to a range of 65,000 to 70,000 vehicles, up from 62,000 to 67,000, citing strong early demand for the new lower-priced R2 SUV. The company also lowered its capital spending forecast and projected a smaller adjusted core loss for the year. Analysts at RBC and TD Cowen subsequently raised their price targets on the stock, adding to the bullish sentiment.