Telsa's revenue doubled in the first quarter of 2017, but net losses grew to $330m.
In their recent shareholder update for 2017, Tesla reported strong Q1 revenues of $2.7 billion dollars, more than doubling performance of the same quarter last year and an improvement of $411m over the final quarter of 2016. However, losses also grew from $282m last year to $330m in 2017, or a per-share loss of $2.04.
Tesla reports that most of the loss comes from capital expenditures for the Model-3 development, Gigafactory development, and acquisition related activity surrounding SolarCity.
Subtracting SolarCity revenues, Automotive related revenue is reported at $2.289 billion, up 123% year over year. Vehicle margins excluding ZEV credits are at 27.8%.
Energy generation revenue is up significantly over Q4 2016 to $214m.
Currently, Tesla is sticking with an outlook of 61% to 71% growth in annual vehicle deliveries, however Tesla indicated they will revise this guidance in Q3 after Model-3 production begins in July.
Photo courtesy of Tesla Motors
Tesla Q1 2017 Shareholder Update (*PDF Warning*)
Edited by Drew Dowdell
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