PALO ALTO, Calif. (AP) The Latest on Tesla Inc.”s second-quarter results (all times local):
Tesla burned through $739.5 million in cash last quarter as it geared up a factory to crank out more electric cars, leading to a $717.5 million net loss.
The company says it lost $4.22 per share as revenue grew 43 percent to just over $4 billion from April through June.
Adjusted for stock-based compensation, the company lost $3.06 per share. That was worse than Wall Street estimates. Analysts polled by FactSet expected a $2.88 loss per share.
The net loss more than doubled from the same quarter a year ago.
Tesla spent millions as it reached a goal of producing 5,000 Model 3 sedans per week by the end of June. Cash from Model 3 sales is key to holding off more borrowing. CEO Elon Musk has promised a net profit in the third and fourth quarters.
Tesla”s second-quarter revenue should grow by more than $1 billion as it delivered more Model 3 electric cars. But analysts predict it won”t be enough to stop the company”s net loss from rising dramatically when the Palo Alto, California, company reports earnings after the bell Wednesday.
Analysts polled by FactSet expect a net loss of $629.9 million, 87 percent worse than the same quarter a year ago. Revenue should rise 43 percent to $3.99 billion.
Investors will be paying particular attention to how much cash the company burned up from April through June, with many questions about whether Tesla can generate enough money to pay debt, cover expenses and hold off returning to the capital markets for more cash.
Some analysts are predicting a widening loss.