July 26 (Renewables Now) - Elon Musk’s Tesla Inc (NASDAQ:TSLA), which acquired solar installer SolarCity in late 2016, has deployed just 29 MW of photovoltaic (PV) systems in the second quarter of 2019, which is a new low for the company.
Solar retrofit deployments were down from 47 MW in the first quarter of the year and from 84 MW in April-June 2018. The company’s only comment in the update letter is that it is working to improve “many aspects of this business to increase deployments.”
Meanwhile, deployments of the Powerwall and Powerpack batteries surged by 81% quarter-on-quarter and 104% year-on-year to a record 415 MWh. The company noted that additional cell supply coupled with a new module line designed by Tesla Grohmann led to a step change in energy storage production.
When announcing its financial results for the first quarter of the year, Tesla said it expected to return to profitability in the third quarter and significantly cut its loss in April-June. The company indeed managed to reduce its deficit in the second quarter, but not as much as analysts projected.
The non-GAAP loss per diluted shares attributable to common stockholders amounted to USD 1.12 (EUR 1.00). It compares to losses of USD 2.90 apiece in the first quarter of 2019 and USD 3.06 apiece in the second quarter of 2018.
More details about Tesla’s financial performance in April-June 2019 are available in the table below.
|Figures in USD, unless otherwise noted||Q2 2019||Q1 2019||Q2 2018|
|-- Automotive revenues||5.38bn||3.72bn||3.36bn|
|-- Energy generation and storage revenues||368.2m||324.7m||374.4m|
|Loss from operations||(167.4m)||(521.8m)||(621.4m)|
|Net loss per share attributable to common stockholders, diluted - GAAP||(2.31)||(4.10)||(4.22)|
|Net loss per share attributable to common stockholders, diluted - non-GAAP||(1.12)||(2.90)||(3.06)|
During the three-month period, Tesla achieved records in both vehicle deliveries (95,356) and vehicle production (87,048). The previous records of around 91,000 deliveries and 86,600 produced units were achieved in the fourth quarter of 2018.
In the update letter, the company said it continues to aim for positive GAAP net profit in the third quarter and thereafter, but stressed it will focus on achieving continuous volume growth, capacity expansion and cash generation.
(USD 1.0 = EUR 0.897)