Tesla expenses ahead with a file quarterly revenue of $1.6 billion – TechCrunch

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Tesla continued its profitability streak, reporting Wednesday internet revenue of $1.62 billion within the third quarter, a virtually fivefold enhance from the $331 million it earned in the identical interval final yr. The record-setting revenue got here because of file gross sales and regardless of a worldwide chip scarcity and provide chain constraints that has affected the business.

Notably, Tesla was in a position to earn that file internet revenue (on a GAAP foundation) even because the overwhelming majority of its gross sales got here from its cheaper Mannequin Y and Mannequin 3 electrical automobiles. Tesla did take a Bitcoin-related impairment of $51 million within the quarter, ended September 30. Shares fell lower than 1% in after market buying and selling to $859.80.

Tesla reported that working revenue was $2 billion, which elevated yr over yr from $809 million. Working revenue additionally grew 54% from the $1.3 billion reported within the second quarter. The corporate additionally generated $13.76 billion in income within the third quarter, a 56% enhance from the $8.77 billion it reported the identical interval final yr. Income was additionally 15% larger than $11.96 billion reported within the second quarter of 2021.

Whereas Tesla fancies itself an power, know-how and sustainability firm, the majority of its revenues nonetheless come from the sale of electrical automobiles. Tesla’s automotive income was $12 billion within the third quarter, up 50% from the identical interval final yr. About $279 million of that automotive income got here from the sale of regulatory credit, the bottom for the reason that fourth quarter in 2019. In the meantime, Tesla’s automotive gross margins on a GAAP foundation popped to 30.5%, a historic excessive for the metric.

The outcomes beat analysts expectations. Analysts surveyed by Yahoo Finance anticipated income of $13.62 billion. Analysts surveyed by Factset forecast income of $13.6 billion and a revenue of $1.3 billion.

For now, the success of the corporate hinges on its capacity to supply and promote EVs (versus photo voltaic and power storage, two different merchandise it manufactures and sells) in addition to its capacity to make its so-called FSD (Full Self-Driving) software program broadly out there to homeowners who’ve bought the product and are nonetheless awaiting a wider rollout. Tesla is dealing with growing regulatory scrutiny over its tactic of releasing beta software program to some homeowners.

The corporate famous in its third-quarter earnings report {that a} “number of challenges, together with semiconductor shortages, congestion at ports and rolling blackouts, have been impacting our capacity to maintain factories working at full velocity.” The feedback counsel that demand shouldn’t be an issue and that it’s restricted solely by provide chain and logistical constraints.

Vitality storage deployments on a megawatt-hour foundation noticed a 71% uptick year-over-year, a rise that Tesla mentioned was pushed by progress in its industrial Megapack product. That progress did sluggish between the second and third quarters displaying only a 1.6% enhance in deployed MWh.

The identical story performs out on the photo voltaic power stage. Tesla reported it put in 83 megawatts of photo voltaic within the third quarter, a 46% enhance year-over-year and a 2.35% drop from the second quarter. The photo voltaic put in within the third quarter is the bottom numbers reported in 2021.

The constructive outcomes comply with file deliveries of its Mannequin 3 and Mannequin Y automobiles within the third quarter. The automaker mentioned it delivered 241,391 electrical automobiles within the third quarter, blowing previous expectations as different U.S. automakers skilled a drop in gross sales as the results of a worldwide chip scarcity.

The overwhelming majority of Tesla deliveries (some 96%) have been its newer Mannequin 3 sedan and Mannequin Y crossover. Solely 9,275 of the automobiles it delivered have been Mannequin X and S. Deliveries grew 20% for the reason that second quarter and have been 73% larger than the identical interval final yr.

Manufacturing numbers additionally grew. Tesla produced 237,823 electrical automobiles within the third quarter, one other file for the corporate.

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