Tesla has posted Q2 2016 earnings and, while the word isn't resoundingly terrible, there's more bad news to be found than good. We'll start with the good, Tesla posting $1.56 billion in non-GAAP revenue for Q2. That's up from $1.2 billion in the same period last year.
Total vehicle deliveries of 14,402 (9,764 Model S, 4,638 Model X) is also a big bump from this period last year, when Tesla shipped 11,507 vehicles. Tesla also says that average price of the Model S is up three percent.
That's the good, here's the bad: Tesla posted a $150 million non-GAAP loss, which amounts to $1.06 per share. That's about double what analysts had figured. The company is also looking like it may come up short on its goal of delivering 80,000 cars this year, as it shipped 14,820 in Q1. So, we're still well-short of half.
However, Tesla indicated that "almost half" of its Q2 production occurred in the last four weeks of the quarter, meaning we're on a pretty serious ramp -- assuming that rate continues.
Despite all that, Tesla's stock price seems to be weathering the bad news, in after-hours trading up a few points from its $225.79 close. It's been on a strong rally over the past month since the initial announcement of a, a deal that was initially met with a fair bit of skepticism. The official opening of the last week is also surely helping to buoy investor spirits. Whether that will be enough to keep them motivated all the way through until Tesla turning profitable, however, remains to be seen.