While analysts were expecting a loss from Tesla’s bitcoin holdings, the car maker reported nearly a $1 billion gain from Bitcoin sales.
Tesla released its Q2 today. The company reported $936 million in proceeds from the sale of digital assets.
“Quarter-end cash, cash equivalents and short-term marketable securities increased sequentially by $902M to
$18.9B in Q2, driven mainly by free cash flow of $621M, partially offset by debt repayments of $402M. As of the
end of Q2, we have converted approximately 75% of our Bitcoin purchases into fiat currency. Conversions in Q2
added $936M of cash to our balance sheet,” wrote the company.
Some analysts were expecting an impairment from having to mark down the Bitcoin holdings.
Revenue dropped 13% to $13.6 billion. Vehicles deliveries were down compared to last quarter.
“In Q2, we achieved record production rates across the company. However, we saw a
continuation of manufacturing challenges related to shutdowns, global supply chain
disruptions, labor shortages and logistics and other complications, which limited our
ability to consistently run our factories at full capacity.”
Earnings per share were $2.27 versus $1.77 forecast.
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