Tesla Posts Wider Loss In Q1; Non-GAAP Revenue Up Over 45%

(RTTNews) - Tesla (TSLA) reported a first-quarter net loss of $282.27 million or $2.13 per share, compared to a loss of $154.18 million or $1.22 per share, prior year. Adjusted loss per share was $0.57, for the quarter. On average, 16 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.58 for the quarter. Analysts' estimates typically exclude special items.

Total revenues were $1.15 billion compared to $939.88 million, a year ago. Non-GAAP revenues were $1.60 billion compared to $1.10 billion. Analysts expected revenue of $1.60 billion for the quarter.

Automotive revenue was $1.48 billion on a non-GAAP basis, and comprises $1.03 billion of GAAP Automotive revenue plus $455 million of net increase in deferred revenue.

In first-quarter, the company reached a new quarterly production record of 15,510 vehicles. During the quarter, the company delivered 14,810 vehicles. Tesla reported that its first-quarter deliveries consisted of 12,420 Model S vehicles and 2,400 Model X vehicles. First-quarter deliveries were almost 50% more than last year. Tesla remains on track to deliver 80,000 to 90,000 new vehicles in 2016.

The company said its first-quarter delivery count was impacted by severe Model X supplier parts shortages in January and February that lasted much longer than initially expected.

In second-quarter, the company expects to produce about 20,000 vehicles, representing a sequential increase of nearly 30%.