If you get over the fact that electric car pioneer Tesla Motors (s TSLA) will lose money every quarter for almost another year, then you can relax and realize that Tesla actually had a pretty solid third quarter, which the company detailed in its earnings release on Wednesday. Tesla said its revenues were up and that it will ship its first Model S cars to customers “no later than July 2012.”
Tesla generated revenues of $57.67 million for the three months ended Sept 30, 2011, which was up from $31.24 million from the same quarter a year earlier. Tesla also raised its full year revenue guidance slightly to between $195 million and $200 million, up from its previous guidance of $180 million to $190 million. In after hour trading Tesla’s stock rose almost 5 percent to $30.10.
However, along with higher revenues, Tesla also naturally lost more money, as the company continued development of commercializing its Model S and Model X cars. Net loss for the quarter was $65.08 million, which was almost double its net loss for the same quarter a year earlier of $34.94 million. Tesla has been transparent about how it will need to spend this money to launch and start selling the Model S and Tesla said its capital expenditures for the year would be at the lower end of its guidance of between $220 million and $245 million.
Tesla also still has a decent amount of cash reserves on its balance sheet of $334 million and it still has $240 million left to draw down from its loan with the Department of Energy. Tesla has $574 million “in available capital resources.” It will need all of that to cover its costs as it moves into launching its second car Model S and third car Model X.
Tesla CEO Elon Musk says the Model S is essentially sold out for 2012, and Tesla eventually also intends to bring back the Roadster brand for a future car, likely built on the Model S platform. Watch our Model S Beta ride video (below), and check out the Model S Beta at our RoadMap event on November 10th in San Francisco.