Tesla Income Up 47%, Gross Revenue Up 7% Yr Over Yr

Tesla continued to rake within the money within the second quarter of 2023, on the again of document world deliveries. The corporate introduced in practically $25 billion in income within the second quarter (Q2), which was 47% greater than in Q2 2022. However let’s look somewhat extra intently at these and different numbers.

Tesla Gross Revenue & Gross Margin

Whole gross revenue was a bit greater than $4.5, up 7% in comparison with Tesla’s gross revenue in Q2 2022.

A 3rd key overarching monetary determine is gross margin (utilizing GAAP accounting). Whereas Tesla was nonetheless at a really wholesome 18.2% on this metric, that was down significantly from the 22.4% of Q2 2022 — as you might have already found out when seeing revenues up 47% however gross earnings up solely 7%. (And in case you did the maths in your head, further credit score or bonus factors for you.)

Wanting by phase, Tesla’s automotive income was up 46% to $21.27 billion, its power era and storage income was up 74% to $1.51 billion, and its “companies and different” income was up 47% to $2.15 billion.

Tesla Money

Let’s simply take a look at straight money issues now.

“Web money supplied by working actions” was as much as $3.065 billion, 30% greater than the $2.351 billion of Q2 2022.

In the meantime, capital expenditures had been $2.060 billion, up 19% from the $1.730 billion of Q2 2022.

Free money circulate, thus, was $1.005 billion, 62% greater than the $621 million of Q2 2022.

Money, money equivalents, and investments had been a document $23.075 billion, 22% increased than a 12 months earlier than.

Should you like a desk stuffed with numbers, right here’s one other method to take a look at the figures above and extra from Tesla:

We’ve already coated Tesla automobile manufacturing and deliveries (aka gross sales) for Q2, however right here’s a desk exhibiting these in addition to photo voltaic, power storage, Tesla location, cellular service fleet, Supercharger station, and Supercharger connector development:

So, sure, automobile manufacturing jumped 86% and automobile deliveries jumped 83% in Q2 2023 in comparison with Q2 2022, and leasing jumped 137% however remains to be a really small portion of Tesla’s automobile enterprise.

Car stock (days of provide) is an attention-grabbing metric for plenty of causes. To start with, it was up 300% in Q2 2023. Stock being increased was one thing we highlighted earlier than the manufacturing and gross sales numbers got here out a pair weeks in the past — each order backlog and stock itself. Simply how that modified 12 months over 12 months (up 300%) might be a bit regarding — and possibly it stays a bit regarding for a few of you. Nevertheless, if you take a look at the variety of days of provide, these considerations can even dissolve rapidly. Final 12 months, Tesla had simply 4 days or provide (stock) on the finish of Q2. This 12 months, that had risen to 16 days of provide, however 16 days of provide remains to be higher than the trade common and fairly small. Some have stated that this improve in stock is essentially because of Tesla “unwinding the wave” of its traditionally difficult globally supply course of.

The variety of Tesla places (gross sales, service, supply, and physique store places) had risen 29% from 831 in Q2 2022 to 1,068 in Q2 2023. In the meantime, its cellular service fleet rose 22% from 1,453 automobiles to 1,769 automobiles.

On the charging entrance, Supercharger stations grew 33% from 3,971 to five,265, and particular person Superchargers connectors grew 33% from 36,165 to 48,082. That’s astounding charging infrastructure development, and it’s one thing we’ll in all probability come again to in one other article.

The automobile enterprise is actually the majority of Tesla’s enterprise, however let’s additionally take a look at these different attention-grabbing power trade metrics. Deployed Tesla solar energy declined 12 months over 12 months, from 106 MW to 66 MW. That’s a bit shocking for the reason that Inflation Discount Act has inspired solar energy adoption. Then again, deployed power storage merchandise grew 222%, from 1,133 MWh to three,653 MWh.

We’ll come again to different highlights in future articles, however the quarterly Tesla convention name is now dwell, so I’m going to deal with listening to that.

All photos courtesy of Tesla.

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