Tesla has reported its fourth quarter 2013 financial performance, with the results being more or less favorable for the electric car maker.
On a non-GAAP basis, revenue was $761 million and earnings per share were $0.33 on 6,900 vehicle deliveries — a figure Tesla pre-announced back in January. The $761 million in revenue represents a 26 percent growth from the preceding (sequential) quarter (Q3 2013).
In GAAP terms, Tesla’s revenues were $615 million, and net income was -$16 million, resulting in a $0.13 per share loss. The automaker ended the quarter with cash and cash equivalents of $846 million.
Analyst expectations for the results seemed to range far and wide over the last few weeks, with a report in November expecting as little as $560 million in revenue for the quarter. By releasing the cars-delivered number early, however, Tesla seems to have aligned estimates with reality. In aggregate, the street expected Tesla to earn $0.21 (non-GAAP) on revenue of $677 million (GAAP).
Reacting to the results, investors don’t seem to be all too concerned about the firm’s non-GAAP/GAAP revenue split. Conversely, it’s possible that they’re simply more excited about the impressive growth the automaker has delivered, as well as a steady reduction of losses and the promise of further growth going forward.
Speaking of the future, Tesla expects to deliver 35,000 of the Model S in 2014, up 55 percent from 2013. By the end of 2014, the automaker expects to have a production capacity of roughly 1,000 cars per week.
The Q4 2013 performance puts Tesla’s calendar year 2013 revenue at roughly $2 billion, representing a 5x growth from 2012.