Tesla Energy Generation And Storage Business: Q1 2021 Results
Tesla Energy sales up, but costs are higher than revenues.
Tesla Energy business is expanding on both fronts – energy storage and solar, but profitability is a different story.
In Q1, Tesla Energy revenues amounted to $494 million, while the cost of revenues stands at $595 million. In other words, just like in the previous quarter, Tesla Energy is in the red. The difference is negative $101 million and a gross margin of negative 20%.
Tesla Energy accounted for close to 4.8% of the total revenues in the quarter.
Tesla energy storage deployed – Q1 2021
Total battery energy storage (Powerwall, Powerpack and Megapacks) deliveries increased to:
- 445 MWh (up 71% year-over-year)
Tesla solar deployed – Q1 2021
Total solar installations (conventional panels and Solar Roof) deliveries are growing:
- 92 MW (up 163% year-over-year)
Tesla explains that the solar installations are growing and the Solar Roof specifically is expanding 9x year-over-year, however it’s a very challenging product.
“Solar deployments reached 92 MW in Q1 our strongest quarter in 2.5 years. Solar
Roof deployments grew 9x compared to the same period last year”
Solar Roof is produced at the Gigafactory 2 in New York.
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