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Tesla (TSLA) Q1 2021 earnings results: $10.39B in revenue, beats with $0.93 EPS

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Tesla’s (NASDAQ:TSLA) first-quarter for 2021 saw the electric car maker post $10.389 billion in revenue. The results, which were discussed in an Update Letter, were released after the closing bell on Monday, April 26, 2021.

Tesla’s first quarter was impressive, with the electric car maker producing a total of 180,338 vehicles, an astounding number considering that Q1 is typically a soft quarter for car sales. The company also delivered 184,800 vehicles comprised of 182,780 Model 3 and Model Y, as well as 2,020 Model S and Model X.

Credit: Tesla

Tesla’s strong Q1 results were due in part to the accelerating Model Y ramp in the United States and the production push for the Model 3 and Model Y in Gigafactory Shanghai. This allowed the company to achieve impressive figures despite the halt in the production of the refresh Model S and Model X.

The following are the key points in Tesla’s Q1 2021 Update Letter.

REVENUE

Tesla effectively beat expectations for revenue in the first quarter, reporting a revenue of $10.389 billion for the first quarter, representing year-over-year growth of 74%. In comparison, Wall Street expected Tesla’s Q1 2021 revenue to be at $10.29 billion

EARNINGS

Tesla also beat expectations for earnings, with the company posting non-GAAP earnings per share of $0.93 in the first quarter. Wall Street, on the other hand, expected Tesla to report a gain of $0.79 per share. This represented year-over-year growth of 304%. Tesla’s GAAP earnings per share stood at $0.39 per share in the first quarter, corresponding to YoY growth of 1850%.

PROFITABILITY

Tesla’s GAAP net income reached $438M, and our non-GAAP net income surpassed $1B for the first time in the company’s history.

CASH

Net cash outflow was listed at $1.2 billion thanks to the company’s Bitcoin acquisition, while debt and finance lease reduction stands at $1.2 billion. Overall, Tesla’s cash decreased $2.2 billion, resulting in the company having $17.1 billion in total in the first quarter.

TESLA ENERGY

Tesla Energy saw some momentum in the first quarter of 2021. Tesla Solar deployments were listed at 92 MW in Q1, which is notably higher than the company’s deployments in Q1 2020, which stood at 35 MW. Battery deployments also saw a notable rise YoY, with Q1 2021 having 445 MWh and Q1 2020 having 260 MWh. Solar Roof deployments grew 9x compared to the same period last year

Other Notable Highlights

  • Model 3 was the best-selling premium sedan in the world, electric or otherwise
  • Production ramp of Model Y in Shanghai progressing well
  • Record vehicle production and deliveries in Q1
  • Massive progress in Gigafactory Berlin and Giga Texas

Tesla’s Q1 2021 Update Letter could be accessed below.

TSLA-Q1-2021-Update by Simon Alvarez on Scribd

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Tesla (TSLA) Q1 2021 earnings results: $10.39B in revenue, beats with $0.93 EPS
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