After market close today, Tesla released its financial results and shareholders letter for the first quarter 2017. Wall Street was expecting record revenue of $2.5 billion for the quarter and a loss of $0.16 per share.
The company delivered higher on revenue of $2.7 billion and missed on earnings with a loss of $1.33 (non-GAAP).
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In early April, Tesla had originally reported just over 25,000 deliveries during the first quarter. Today, they confirmed the official number of 25,051:
“Vehicle production in Q1 increased by 64% compared to a year ago, which enabled us to set new quarterly records of 25,051 deliveries and $2.7 billion in GAAP revenue.”
The company reiterated that it’s on track for 47,000 to 50,000 deliveries during the first half of the year and that the second half will be dependent on Model 3 ramp up, which so far remains the same.
Here we will be posting our follow-up posts about the earnings to expand on the most important points:
- Tesla gives an update on Model 3 production plan: new Schuler press online, still on track for 5k/week in 2017 – 10k/week in 2018
- Tesla is adding hundreds of new stores, service centers and repair trucks before Model 3 launch
- Tesla announces start of ‘solar roof tile’ production within next two months
- Tesla Model Y: Elon Musk says electric crossover coming in ‘late 2019 or 2020’ on new platform
- Tesla Semi is using ‘a bunch’ of Model 3 electric motors, says Elon Musk
Here’s the shareholder letter in full: