Summary
Tesla, Inc. (TSLA) filed its first 10-Q on August 12, 2010, covering the period ending June 30, 2010. This filing details the company's financial position and operational results shortly after its initial public offering (IPO) in July 2010. Tesla reported a net loss for the period and continued to operate at a deficit, consistent with its early stage of development. The company was focused on scaling production of the Tesla Roadster and advancing the development of the Model S. Significant cash burn was evident, driven by increased research and development and selling, general, and administrative expenses, largely related to preparing for future vehicle launches and expanding operations. The company's balance sheet reflected substantial convertible preferred stock, indicating its reliance on venture capital and private equity financing prior to its IPO. Financially, Tesla was in a pre-revenue growth phase with significant investments in future product development. The company highlighted its efforts to secure funding, including a substantial loan facility from the Department of Energy (DOE), which was crucial for developing the Model S and powertrain capabilities. The IPO and a concurrent private placement with Toyota Motor Corporation provided significant capital infusions. Despite the ongoing losses, the strategic investments in technology, manufacturing, and market expansion signaled the company's ambitious long-term vision in the nascent electric vehicle market.
Financial Highlights
24 data points| Revenue | $28.41M |
| Cost of Revenue | $22.14M |
| Gross Profit | $6.26M |
| R&D Expenses | $15.42M |
| SG&A Expenses | $22.21M |
| Operating Expenses | $37.62M |
| Operating Income | -$31.36M |
| Interest Expense | $464K |
| Net Income | -$38.52M |
Key Highlights
- 1Tesla reported a net loss of $38.5 million for the three months ended June 30, 2010, and a total accumulated deficit of $328.7 million as of June 30, 2010.
- 2Total revenues for the three months ended June 30, 2010, were $28.4 million, a slight increase from $26.9 million in the same period of 2009, with automotive sales decreasing and development services revenue beginning to be recognized.
- 3The company successfully completed its Initial Public Offering (IPO) on July 2, 2010, raising $188.8 million in net proceeds.
- 4Concurrent with the IPO, Tesla received $50.0 million in proceeds from a private placement with Toyota Motor Corporation.
- 5Tesla secured a significant loan facility of up to $465.0 million from the U.S. Department of Energy (DOE) to support manufacturing expansion for the Model S and powertrain components.
- 6Operating expenses, particularly research and development ($15.4 million) and selling, general, and administrative ($22.2 million) for the three months ended June 30, 2010, increased significantly compared to the prior year, reflecting investments in future growth.
- 7Cash and cash equivalents stood at $47.3 million as of June 30, 2010, with the company anticipating that IPO proceeds and DOE loans would fund operations for the next 24 months.