Tesla’s net income for Q1 was $16 million. Revenue came in at $5.99 billion—higher than the $5.8 billion and slight loss that had been expected.
Tesla’s earnings report paints a complex financial picture.
While it managed to eke out a GAAP profit, it also reported a negative free cash flow of $895 million in Q1. The company had previously targeted being free-cash-flow positive for 2020.
Tesla says it reached a new milestone as its Gigafactory New York exceeded 4 MW of Solar Roof production in a single week—enough for 1,000 homes.
On the storage front, Tesla deployed 260 MWh of storage capacity, up from 229 MWh in Q1 2019, but down from the quarterly record of 530 MWh set in October-December 2019.
|Q1 2020||Q1 2019||Q4 2019|
|Solar deployed (MW)||35||47||54|
|Storage deployed (MWh)||260||229||530|