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Tesla's H1 loss widens, but revenues grow

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Tesla's H1 loss widens, but revenues grow


August 2 (Solar) – Tesla Inc (NASDAQ:TSLA) on Wednesday reported an expanded net loss for the first half (H1) of 2018, but said it expects to be “sustainably profitable and cash flow positive” in the second half.

The net loss attributable to common shareholders reached nearly USD 1.43 billion (EUR 1.23bn) in January-June, as compared to USD 666.7 million a year back. Revenues, meanwhile, jumped by 35% to USD 7.41 billion, after both automotive sales and energy revenues increased.

The table contains details of Tesla’s performance.

Results in USD million Q2 2018 Q1 2018 Q2 2017 H1 2018 H1 2017
Net loss to common shareholders 717.5 709.6 336.4 1,427 666.7
Non-GAAP net loss to common shareholders 520.2 567.9 220.4 1,088 435.3
Loss from operations 621.4 597 240.9 1,218.4 498.5
Total revenues 4,002 3,409 2,790 7,411 5,486
– of which automotive 3,358 2,735 2,287 6,093 4,576
– of which energy generation and storage 374.4 410 286.8 784.4 500.7

AUTOMOTIVE DIVISION

Tesla has now reached a Model 3 production rate of 5,000 vehicles per week. In the third quarter, total production of that model is to reach 50,000 to 55,000 vehicles for a jump of between 75% and 92% over the second quarter. The company expects to reach production of 10,000 Model 3s per week sometime in 2019.

In the last week of June, Tesla produced about 7,000 Model 3, Model S and Model X vehicles. It said such a rate, translating into 350,000 per year should enable it to become sustainably profitable for the first time in its history.

The company produced 53,339 vehicles in the second quarter and delivered 22,319 Model S and X vehicles and 18,449 Model 3 vehicles.

Last month, the company announced plans for its first Gigafactory outside the US. The first cars from the Gigafactory 3 in Shanghai are expected in about three years. Its capacity will initially stand at some 250,000 vehicles and battery packs per year and then double to 500,000.

ENERGY AND STORAGE DIVISION

Second-quarter (Q2) energy storage deployments surged by 106% year-on-year to 203 MWh. H1 deployment were 450% higher than a year ago, supporting Tesla’s goal of tripling energy storage deployments in 2018.

Tesla said it has deployed 1 GWh of energy storage worldwide in less than five years, and now it aims to repeat that in nine to 12 months.

Solar system deployment improved by 11% from the first quarter, reaching 84 MW. Of that, cash and loan system sales accounted for 68%. Solar deployments are expected to remain stable in the second half of 2018 as Tesla decided to solely focus on its own retail channel.

The company said it is steadily ramping production in Buffalo of the Solar Roof product, and it is learning from its early factory production and field installations. “We plan to ramp production more toward the end of 2018 and are working hard to simplify the production and installation process before deploying significant capital into factory automation.”

Energy generation and storage revenues reached USD 374.4 million in the second quarter, up by 31% year-on-year thanks to increased deployments, but down by 9% quarter-on-quarter because of the recognition in the first quarter of the 129 MWh deployment in South Australia.

The gross margin of the energy business was 11.8% in the second quarter, up from 8.5% in the first, mainly as a result of a higher mix of more profitable solar deployments.

(USD 1 = EUR 0.86)


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