Tesla Results Presentation Deck

5 FINANCIAL SUMMARY Revenue Profitability Cash In Q1, we reached our highest ever revenue for a seasonally slower first quarter as our total revenue grew 32% YoY. Sequentially, our revenue was mainly impacted by lower deliveries, driven primarily by limitations on our ability to deliver vehicles towards the end of the quarter. As expected, our average selling price (ASP) declined further as our mix continues to shift from Model S and Model X to the more affordable Model 3 and Model Y. Our automotive gross margin of 25.5% as well as total gross margin of 20.6% both reached their highest levels in 18 months. Sequentially, GAAP gross margin was impacted by improved profitability of Gigafactory Shanghai, higher regulatory credit revenue, lower delivery volume, Model Y and Solar Roof ramp cost and lower volumes of solar and storage. Quarter-end cash and cash equivalents increased by $1.8B QoQ to $8.1B, driven mainly by our recent $2.3B capital raise and offset by negative quarterly free cash flow of $895M. Sequential inventory growth impacted our operating cash flow negatively by $981M, which was primarily attributed to the interruption of our operations at the end of the quarter. Capital expenditures increased sequentially mainly due to investments in Model Y preparations in Fremont and Gigafactory Shanghai. TESLA

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