Another profitable quarter in the books.
Tesla just released its Q1 2021 earnings report and the numbers are impressive. Tesla again turned a profit, which makes that seven quarters in a row in which Tesla has reported a profit.
The main financial details from the Q1 2021 report are as follows:
- $ 10.389 billion in revenue
- $ 0.93 profit per share (Non-GAAP)
And here’s what Tesla was expected to report, according to analysts.
- Profit per share: ~ $0.75 to $0.85 per share
- Revenue: ~ $10.4 to $10.7 billion
Additionally, Tesla reports an operating cash flow of $294 billion in Q1.
Tesl states:
Total revenue grew 74% YoY in Q1. This was primarily achieved through substantial growth in vehicle deliveries, as well as growth in other parts of the business. At the same time, vehicle ASP declined by 13% YoY as Model S and Model X deliveries reduced in Q1 due to the product updates and as lower ASP China-made vehicles became a larger percentage of our mix.
Our operating income improved in Q1 compared to the same period last year to $594M, resulting in a 5.7% operating margin. This profit level was reached while incurring SBC expense attributable to the 2018 CEO award of $299M in Q1, driven by an increase in market capitalization and a new operational milestone becoming probable.
Tesla previously released its Q1 2021 delivery and production numbers. For Q1 2021, Tesla listed Model 3/Y deliveries at 182,780. Meanwhile, the combined Model S and Model X deliveries hit just 2,020.
Tesla previously stated:
In the first quarter, we produced just over 180,000 vehicles and delivered nearly 185,000 vehicles. We are encouraged by the strong reception of the Model Y in China and are quickly progressing to full production capacity. The new Model S and Model X have also been exceptionally well received, with the new equipment installed and tested in Q1 and we are in the early stages of ramping production.
Here’s some of the additional info from Tesla:
You’ll find Tesla’s release in its entirety linked below.
Tesla Q1 2021 Earnings Report
More information to follow from details released on the conference call later today.
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