Tesla logs $38 million in net loss in third quarter of 2013

Article by Anita Panait, on November 6, 2013

Tesla Motors Inc. logged $38 million in net losses and $431 million in revenue in the third quarter of 2013. In the same period in 2012, when the carmaker was just commencing output of the Model S, it posted $111 million in losses and $50 million in revenue. Tesla posted $102 million in gross profit in the third quarter before r&d and sales, general and administrative expenses were counted in.

In terms of non-GAAP figures, Tesla said it logged $16 million in net income on $603 million in revenue for the third quarter, with non-GAAP gross margins pegged at 21 percent.  Tesla’s third-quarter net loss was equivalent to 32 cents a share, while the average estimate of Wall Street analysts was of 11 cents a share in profit on $553 million in sales before special items.

Tesla's non-GAAP accounting excludes non-cash items like: stock-based compensation; the change in fair value related to the company’s warranty liabilities; non-cash interest expense linked to the carmaker’s 1.5 percent convertible senior notes; and one-time expenses associated with the early repayment of Tesla’s Department of Energy loan.

Tesla also included deferred revenue like the full value of cars sold with a resale value guarantee. Through traditional accounting methods, automotive sales represented $325 million in expenses, $56 million in r&d expenses, and $77 million in selling and general administrative expenses, Tesla said.

The carmaker expects its r&d costs to surge 25 percent in the fourth quarter and the selling and administrative expenses to hike 20 percent. Tesla electric car maker generated $26 million of free cash flow in the third quarter, resulting to $796 million in cash on hand.

Topics: tesla, loss

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