Tesla Q2 2024 vs Q2 2023 Key Metrics Comparison

Total Revenues

25.5B

2024

24.9B

2023

2.0%YoY Change

Total Gross Profit

4.6B

2024

4.5B

2023

1.0%YoY Change

Total GAAP Gross Margin

18.0%

2024

18.2%

2023

-0.2%YoY Change

Operating Expenses

3.0B

2024

2.1B

2023

39.0%YoY Change

Income from Operations

1.6B

2024

2.4B

2023

-33.0%YoY Change

Operating Margin

6.3%

2024

9.6%

2023

-34.4%YoY Change

Adjusted EBITDA

3.7B

2024

4.7B

2023

-21.0%YoY Change

Adjusted EBITDA Margin

14.4%

2024

18.7%

2023

-23.0%YoY Change

Net Income (GAAP)

1.5B

2024

2.7B

2023

-45.0%YoY Change

EPS (GAAP)

0.42

2024

0.78

2023

-46.0%YoY Change

Operating Cash Flow

3.6B

2024

3.1B

2023

18.0%YoY Change

Free Cash Flow

1.3B

2024

1.0B

2023

34.0%YoY Change

Earnings Call Highlights

In Q2, we achieved record quarterly revenues despite a difficult operating environment. The Energy Storage business continues to grow rapidly, setting a record in Q2 with 9.4 GWh of deployments, resulting in record revenues and gross profits for the overall segment.

- Elon Musk, CEO

We recognized record regulatory credit revenues in Q2 as other OEMs are still behind on meeting emissions requirements.

- Vaibhav Taneja, CFO

Auto margins declined from 18.9% to 18.5%, excluding the impact of Cybertruck. The impact of pricing actions was largely offset by reductions in per-unit costs and the recognition of revenue from Autopilot feature for certain vehicles in the U.S. that previously did not have that functionality.

- Vaibhav Taneja, CFO

We expect the inventory build to reverse in the second quarter and free cash flow to return to positive again.

- Vaibhav Taneja, CFO

Tesla Q2 2024 Report Summary

Tesla Q2 2024 Highlights

An overview of key positives and negatives from the quarterly report

Positive Highlights

Record quarterly revenues despite challenges

Energy storage business achieved record 9.4 GWh deployments

Energy business reached record revenues and gross profits

Record regulatory credit revenues

Gross margin improved to 18.0% from 17.4% in Q1

Cybertruck production more than tripled sequentially

Energy storage gross margin reached a record 24.6%

Cash and investments increased by $3.9B to $30.7B

Negative Highlights

Vehicle deliveries declined 5% YoY

Operating income decreased 33% YoY

Operating margin declined to 6.3% from 9.6% YoY

Net income attributable to shareholders decreased 45% YoY

EPS decreased 46% YoY

Restructuring charges of $0.6B impacted profitability

Negative free cash flow of $2.5B in Q1 due to inventory build-up

Revenue and Net Income

Q2 2023 - Q2 2024

Trending up by 19.7% this quarter

Showing quarterly revenue and net income for the last 5 quarters in millions USD

Gross and Operating Margins

Q2 2023 - Q2 2024

Trending up by 3.4% this quarter

Showing quarterly deliveries and free cash flow (in millions USD) for the last 5 quarters

Revenue Breakdown

Q2 2024

Automotive remains the dominant revenue source

Showing revenue breakdown for Q2 2024 in millions USD

Expense Breakdown

Q2 2024

Cost of Revenues is the largest expense category

Showing expense breakdown for Q2 2024 in millions USD

Vehicle Deliveries and Free Cash Flow

Q2 2023 - Q2 2024

Trending up by 14.8% this quarter

Showing quarterly deliveries and free cash flow for the last 5 quarters

Automotive Revenue

Quarterly automotive revenue (excluding Leasing & Credits) in $ billion

Source: Company filings • 24-July-2024

Credits Revenue

Quarterly Credits Revenue ($ million)

All-time high of $890 million in Q2 2024

101.4% increase quarter-on-quarter and 215.6% year-on-year

Service and Other Revenue

Quarterly Service and Other Revenue ($ billion)

New all-time high of $2.6 billion in Q2 2024

14% increase quarter-on-quarter and 21.3% year-on-year

Tesla's Total Gross Profit

Quarterly gross profit in $ billion, with year-on-year and quarter-on-quarter changes

Source: Company filings • 24-July-2024

Automotive Leasing Revenue

Quarterly Leasing Revenue ($ million)

Decreased to $458 million in Q2 2024

3.8% decrease quarter-on-quarter, marking an 11 quarter low

Energy Storage Deployment

Q2 2023 - Q2 2024

Trending up by 129.3% this quarter

Showing quarterly energy storage deployment for the last 5 quarters

Energy Business Revenue

Quarterly revenue (in millions USD)

Trending up by 84.3% this quarter

Revenue reached a record $3,014 million in Q2 2024

Energy Business Gross Margin

Quarterly gross margin (%)

Trending up by 17.1% this quarter

Gross margin reached a record 24.6% in Q2 2024

Energy Business Highlights

Record quarterly revenues in Q2 2024
Record energy storage deployment of 9.4 GWh in Q2 2024
Gross margin reached an all-time high of 24.6%
Megapack and Powerwall achieved record deployments
Energy storage deployments for 2024 expected to grow at least 75% higher from 2023
Lathrop Megafactory continues to ramp successfully
Shanghai Megafactory on track for start of production in Q1 2025

Business Units Performance

Automotive Segment Performance

Q2 2023 - Q2 2024 (in millions USD)

Trending up by 14.4% this quarter

Showing automotive segment performance for the last 5 quarters

Energy Generation and Storage Segment Performance

Q2 2023 - Q2 2024 (in millions USD)

Trending up by 84.3% this quarter

Showing energy segment performance for the last 5 quarters

Services and Other Segment Performance

Q2 2023 - Q2 2024 (in millions USD)

Trending up by 14% this quarter

Showing services segment performance for the last 5 quarters

Summary of Year-over-Year Analysis

Revenue Growth: Strong growth of 47.1% in total revenues, indicating significant expansion in the company' s sales.
Gross Profit: Modest increase of 6.9% in total gross profit, suggesting that while revenues grew significantly, costs also increased.
Gross Margin: Decreased by 6.8 percentage points, indicating that the cost of goods sold has increased relative to sales.
Operating Expenses: Increased by 19.2%, which is less than the revenue growth rate, indicating better control over operating expenses.
Income from Operations: Slight decline of 2.1%, showing that higher operating expenses impacted operational income despite higher revenues.
Operating Margin: Declined by 4.9 percentage points, showing reduced operational efficiency.
Adjusted EBITDA: Increased by 23.2%, reflecting better earnings before non-operational expenses.
Adjusted EBITDA Margin: Decreased by 3.6 percentage points, indicating reduced efficiency in converting revenue to EBITDA.
Net Income (GAAP): Essentially flat, indicating that the company' s net profit remained stable despite changes in revenue and costs.
EPS (GAAP): Slight increase of 1.5%, showing stable earnings per share for investors.
Cash Flow from Operations: Increased by 30.4%, indicating stronger cash generation from core business activities.
Free Cash Flow: Increased significantly by 61.8%, showing more cash available after capital expenditures, which is a positive indicator for financial health.

Tesla (TSLA) Q1 2024 Earnings Call Q&A

By Motley Fool Transcribing – Apr 23, 2024 at 9:30PM

Tesla Q2 2024 vs Q2 2023 Key Metrics Comparison

Total Revenues

Total Gross Profit

Total GAAP Gross Margin

Operating Expenses

Income from Operations

Operating Margin

Adjusted EBITDA

Adjusted EBITDA Margin

Net Income (GAAP)

EPS (GAAP)

Operating Cash Flow

Free Cash Flow

Earnings Call Highlights

Tesla Q2 2024 Report Summary

Tesla Q2 2024 Highlights

Positive Highlights

Negative Highlights

Revenue and Net Income

Gross and Operating Margins

Revenue Breakdown

Expense Breakdown

Vehicle Deliveries and Free Cash Flow

Automotive Revenue

Credits Revenue

Service and Other Revenue

Tesla's Total Gross Profit

Automotive Leasing Revenue

Energy Storage Deployment

Energy Business Revenue

Energy Business Gross Margin

Energy Business Highlights

Business Units Performance

Automotive Segment Performance

Energy Generation and Storage Segment Performance

Services and Other Segment Performance

Summary of Year-over-Year Analysis

Tesla (TSLA) Q1 2024 Earnings Call Q&A

Question 1: What is the status of 4680? What is the current output?

Question 2: What is the current status of Optimus? Are they currently performing any factory tasks? When do you expect to start mass production?

Question 3: What is the current assessment of the pathway toward regulatory approval for unsupervised FSD in the U.S.? And how should we think about the appropriate safety threshold compared to human drivers?

Question 4: Can we get an official announcement of the timeline for the $25,000 vehicle?

Question 5: What is the progress on the Cybertruck ramp?

Question 6: Have any of the legacy automakers contacted Tesla about possibly licensing FSD in the future?

Question 7: What is the timeline for scaling semi?

Question 8: Can we make FSD transfer permanent until FSD is fully delivered with Level 5 autonomy?

Question 9: What is the getting the production ramp at Lathrop, where do you see the Megapack run rate at the end of the year?

Question 10: I was just wondering if you can elaborate a little bit more on kind of the new vehicles that you talked about today. Are these like tweaks on existing models given that they're going to be running on the same lines? Or are these like new models?

Question 11: It's a more personal one for you, Elon, which is that you're leading many important companies right now. Maybe you can just talk about where your heart is at in terms of your interests. And do you expect to lessen your involvement with Tesla at any point over the next three years?

Question 12: So, you and your team on volume expect a 2024 growth rate, notably lower than that achieved in 2023. But what's your team's degree of confidence on growth above 0%? In other words, does that statement leave room for potentially lower sales year on year?

Question 8: Can we make FSD transfer permanent until FSD is fully delivered with Level 5 autonomy?

Question 9: What is the getting the production ramp at Lathrop, where do you see the Megapack run rate at the end of the year?

Question 10: I was just wondering if you can elaborate a little bit more on kind of the new vehicles that you talked about today. Are these like tweaks on existing models given that they're going to be running on the same lines? Or are these like new models?

Question 11: It's a more personal one for you, Elon, which is that you're leading many important companies right now. Maybe you can just talk about where your heart is at in terms of your interests. And do you expect to lessen your involvement with Tesla at any point over the next three years?

Question 12: So, you and your team on volume expect a 2024 growth rate, notably lower than that achieved in 2023. But what's your team's degree of confidence on growth above 0%? In other words, does that statement leave room for potentially lower sales year on year?

Question 17: Do you still see meaningful incremental price reductions as making sense from here for the existing products? And can the company meaningfully lower prices from here and also stay free cash flow positive on an annual basis with the current product set?

Question 18: First, could you please help us understand some of the timing of launching FSD in additional geographies, including maybe clarifying your recent comment about China?

Question 19: And FSD new markets?

Question 20: Do you feel that supply constraints that you mentioned throughout the release impacted the results, and maybe can you help us quantify that? And is that why you have some confidence in unit growth in 2024?

Question 21: Given the pursuit of Tesla really as a leader in AI for the physical world, in your comments around distributed inference, can you talk about what that approach is unlocking beyond what's happening in the vehicle right now?

Question 22: Looking at the 4680 ramp, can you talk about how close you were to target yields and when you might start to accelerate incremental capacity expansions on that technology?