Tesla Motors, Inc. (NASDAQ: TSLA) has just reported its first earnings report since its IPO. It lost money as you might have expected. Revenues were up 36% year-over-year at $28.4 million. The report is going to be extremely difficult to use for a prediction because the quiet period is not past and none of the underwriters have official rankings on the U.S.-based electric car maker.
The quarterly net loss came to $38.5 million versus a loss of $29.5 million in the prior quarter. On a non-GAAP basis, that net loss was $26.1 million versus $23.8 million in the prior quarter. Nonetheless, the company is showing that gross margins are up to 22% versus 19% a quarter before and versus 8% a year ago.
The company did say that this was the best quarter for new Roadster orders since the third quarter of 2008. That should be expected. Over 1,200 Roadsters are now driving in 28 countries, and it noted that sales in Canada, Japan and Hong Kong started during the quarter. Tesla opened three new stores during the quarter in Copenhagen, Zurich and Newport Beach; and leases for new stores have been signed in Tokyo, Paris and Milan. The launch of the Model S in 2012 “remains on track” per the press release.
You’ll be seeing more on this one in our feature tomorrow for 2010’s Best IPOs.
Shares closed at $21.17 after a 3.5% drop and the stock is indicated around $21.10 in the after-hours reports. Again, no official estimates really exist as the underwriters are still in the quiet period.
JON C. OGG
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