Tesla’s Q3 2014 earnings report had a few pluses (record deliveries of the Model S, high demand for the D trim sedans) and minuses (the third delay of the Model X, removal of brown and green from the Model S palate). The biggest minus, however, was its bottom line: A net loss of $75 million in GAAP revenue.
AutoNews reports the loss in Generally Accepted Accounting Principles revenue is double what Tesla lost in Q3 2013. Cash on-hand also decreased in the quarter, falling $304 million to $2.4 billion. Non-GAAP net revenue was $3 million, or just 2 cents per share based upon 142.7 million diluted shares.
Overall revenue from the 7,785 units delivered this period came out to $932 million in non-GAAP revenue, $852 million once GAAP is applied. Regulatory credits totalled $93 million, with $76 million in ZEV credits, thanks to the closure of additional contracts with a number of OEMs.
R&D spending climbed 28 percent over the previous quarter, hitting $119 million non-GAAP, $136 million GAAP. The expenses came as a result of work on the oft-delayed X, the D’s dual-motor drivetrain, and the new Autopilot semi-autonomous driving system.
The post Tesla Loses $75M In Net GAAP Revenue In Q3 2015 appeared first on The Truth About Cars.
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