Summary
Tesla's Q2 2013 10-Q filing reveals significant financial activity, driven primarily by a successful public offering of common stock and convertible senior notes in May 2013. These offerings provided substantial capital, allowing Tesla to repay its entire outstanding Department of Energy (DOE) loan. The company reported a significant increase in total revenues to $405.1 million, up from $26.7 million in the prior year's quarter, largely due to the ramp-up in Model S deliveries which commenced in June 2012. Despite revenue growth, the company still reported a net loss of $30.5 million for the quarter, though this is a considerable improvement from the $105.6 million loss in Q2 2012. Key operational highlights include increased Model S production and delivery rates, with plans to expand into European markets in August 2013. The company also introduced a resale value guarantee program for Model S, which, while not impacting cash flow, will defer revenue recognition. Management remains optimistic about liquidity and future operations, anticipating further cost reductions and gross margin improvements.
Financial Highlights
46 data points| Revenue | $405.14M |
| Cost of Revenue | $304.66M |
| Gross Profit | $100.48M |
| R&D Expenses | $52.31M |
| SG&A Expenses | $59.96M |
| Operating Expenses | $112.28M |
| Operating Income | -$11.79M |
| Interest Expense | $20.12M |
| Net Income | -$30.50M |
| EPS (Basic) | $-0.02 |
Key Highlights
- 1Total revenues increased significantly to $405.1 million in Q2 2013 from $26.7 million in Q2 2012, driven by Model S sales.
- 2Tesla successfully raised substantial capital through a public offering of common stock and convertible senior notes in May 2013.
- 3The company repaid its entire outstanding Department of Energy (DOE) loan facility of approximately $451.8 million in May 2013.
- 4Despite revenue growth, Tesla reported a net loss of $30.5 million for Q2 2013, a substantial improvement from a $105.6 million net loss in Q2 2012.
- 5Model S production and deliveries are increasing, with plans to begin European deliveries in August 2013.
- 6Gross margin improved to 24.8% in Q2 2013 from 17.1% in Q1 2013, reflecting cost improvements and manufacturing efficiencies.
- 7Cash and cash equivalents significantly increased to $746.1 million at the end of Q2 2013.