Max Grigoryev
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Max Grigoryev in Fundamentality,

Tesla Released Its Earnings: It's A Huge Miss

Tesla just released its earnings. Analyst expected $1.62B in top-line revenue and -55c in EPS. In fact Tesla reported $1.3 billion revenue, versus the consensus of $1.62 billion.

In Q2, we delivered 14,402 new vehicles consisting of 9,764 Model S and 4,638 Model X, which was slightly higher than what we stated in our July announcement. Model S remains the market share leader in North America and Europe among all comparably priced four-door sedans, and Model X is quickly gaining ground against similarly priced SUVs in all regions.

“Despite the disciplined pace of capital spending in the first half of this year, we still expect to invest about $2.25 billion in capital expenditures in 2016, in support of our accelerated production plan for Model 3.” Source: MarketWatch

“Barring any further supply constraints, we plan to exit Q3 with a steady production rate of 2,200 vehicles per week, and plan to increase production to 2,400 vehicles per week in Q4. We anticipate that direct leasing will rise from 8% of deliveries in Q2 to about 15.”

Here is their P&L: