Q2 2023 Update1Highlights 03Financial Summary04Operational Summary06Vehicle Capacity 07Core Technology08Other Highlights09Outlook10Photos & Charts 11Key Metrics17Financial Statements20Additional Information26S U M M A R YH I G H L I G H T S (1) Excludes SBC (stock-based compensation)(2) Free cash flow = operating cash flow less capex(3) Includes cash, cash equivalents and investments(4) RC builds = release candidate buildsProfitability9.6% operating margin$2.4B GAAP operating income$2.7B GAAP net income$3.1B non-GAAP net income1Q2-2023 was a record quarter on many levels with our best-ever production and deliveries and revenue approaching $25B in a single quarter. We are excited that we were able to achieve such results given the macroeconomic environment we are currently in. Our operating margin remained healthy at approximately 10%, even with price reductions in Q1 and early Q2. This reflects our ongoing cost reduction efforts, the continued production ramp success in Berlin and Texas and the strong performance of our Energy and Services & Other businesses.Our commitment to being at the forefront of AI development entered a new chapter with the start of production of Dojo training computers. We are hopeful that our immense neural net training needs will be satisfied using our in-house designed Dojo hardware. The better the neural net training capacity, the greater the opportunity for our Autopilot team to iterate on new solutions. In conclusion, we are focusing on cost reduction, new product development that will enable future growth, investments in R&D, better vehicle financing options, continuous product improvement and generation of free cash flow. The challenges of these uncertain times are not over, but we believe we have the right ingredients for the long-term success of the business through a variety of high potential projects. CashOperating cash flow of $3.1BFree cash flow2 of $1.0B$0.7B increase in our cash and investments3 QoQ to $23.1BOperationsCybertruck factory tooling on track; producing RC4 buildsModel Y became the best-selling vehicle globally in Q1F I N A N C I A LS U M M A R Y(Unaudited)($ in millions, except percentages and per share data)Q2-2022Q3-2022Q4-2022Q1-2023Q2-2023YoYTotal automotive revenues14,602 18,69221,307 19,96321,26846%Energy generation and storage revenue866 1,1171,310 1,5291,50974%Services and other revenue1,466 1,6451,701 1,8372,15047%Total revenues16,93421,45424,31823,32924,92747%Total gross profit4,2345,3825,7774,5114,5337%Total GAAP gross margin25.0%25.1%23.8%19.3%18.2%-682 bpOperating expenses1,770 1,694 1,876 1,8472,134 21%Income from operations2,464 3,688 3,901 2,6642,399 -3%Operating margin14.6%17.2%16.0%11.4%9.6%-493 bpAdjusted EBITDA3,791 4,968 5,404 4,267 4,653 23%Adjusted EBITDA margin22.4%23.2%22.2%18.3%18.7%-372 bpNet income attributable to common stockholders (GAAP)2,259 3,292 3,687 2,513 2,703 20%Net income attributable to common st...
