Tesla released its second quarter 2016 financial results today after market close. The automaker missed on expectations for earnings, but beat slightly on revenue. Wall Street’s revenue consensus was $1.533 billion and Tesla generated $1.6 billion in NON-GAAP revenue, while the earnings consensus was a loss of $0.53 per share for the quarter, but Tesla actually lost $1.06 per basic share .
The company reaffirmed 50,000 deliveries in the second half of the year to hit the low-end of its original guidance of 80,000 to 90,000 vehicles.
You can read the shareholders letter in full below.
Here are the highlights:
- Tesla says that demand is not a problem: “Q2 net new vehicle orders rose 67% from a year ago”
- Tesla accelerating retail rollout: “a new retail location every four days on average during the remainder of Q3 and through Q4”
- The company highlights its record production of 18,345 vehicles during the quarter: ” Production hours per vehicle also declined throughout the quarter for both cars”
- “Some Model 3 production equipment is already on line, including initial capacity in our stamping and paint centers.”
- Gross margin was 23.1% on a GAAP basis (average S and X) – up from 21.9% in Q1.
- Cash position up to $3.25 billion due to capital raise, Model 3 deposits and draw from ABL.
Here’s the shareholders letter:
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