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).

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:

Here’s the shareholder letter in full:

View this document on Scribd

FTC: We use income earning auto affiliate links. More.

Subscribe to Electrek on YouTube for exclusive videos and subscribe to the podcast.

You’re reading Electrek— experts who break news about Tesla, electric vehicles, and green energy, day after day. Be sure to check out our homepage for all the latest news, and follow Electrek on Twitter, Facebook, and LinkedIn to stay in the loop. Don’t know where to start? Check out our YouTube channel for the latest reviews.

About the Author