Tesla bought Bitcoin for $1.5 billion in early 2021 and showed in its recently released fourth-quarter earnings report, although revenue and profits fell short of analysts expectations, but the company still retained Bitcoin in the fourth quarter of last year and did not conduct any buying or selling operations for the sixth consecutive quarter.
According to the latest balance sheet, Tesla still holds digital assets with a book value of $184 million, including 9,720 Bitcoins, which is worth approximately $435 million at current prices.
Note: Accounting rules do not allow recording unrealized gains on cryptocurrency, but if there are unrealized losses, Tesla will need to provide for asset impairment.
Tesla bought Bitcoin in early 2021 and sold 10% of its Bitcoin holdings in the first quarter of that year, making more than $100 million in profits. Subsequently, in the second quarter of 2022, Tesla sold its remaining 75% of Bitcoin, earning approximately US$936 million in revenue.
The financial report was lower than expected, and the stock price fell nearly 6% after the market.
However, what investors should be most concerned about is Tesla’s own operating conditions. According to the latest financial report, Tesla's automotive revenue growth rate dropped to 1% year-on-year, and total revenue increased only 3% year-on-year to US$25.16 billion, lower than the expected US$25.76 billion. In addition, gross profit margin dropped slightly to 17.6%, and operating profit margin was 8.2%, lower than 16% in the same period last year, but slightly higher than 7.6% in the previous quarter. Earnings per share (EPS) were $0.71, below the $0.74 expected by LSEG (formerly Refinitiv). These data show some shortcomings in Tesla's financial performance and may cause some concern to investors.
Tesla fell nearly 6% in after-hours trading and has fallen more than 16% year to date. However, revenue and profit fell short of analysts' expectations, with Tesla blaming two main factors. First, the average sales price of vehicles has dropped, which has posed certain challenges to the company's profitability. Second, operating expenses increased, driven in part by artificial intelligence and other research and development projects. These factors combined to impact Tesla's performance.
Tesla said in an investor presentation that auto sales growth this year "will likely be significantly lower" than last year's growth rate as the company works to bring the next generation of affordable vehicles to Texas. The company told investors it is "currently between two major growth waves."
Optimus robot will be shipped next year?
During the earnings call, when Musk was asked about the production schedule of his humanoid robot Optimus, he said that "it is very likely that a certain number of Optimus robots will be delivered next year." However, he also admits that his expectations for timetables are often too optimistic.
Musk strongly emphasized the potential of Optimus, believing that its value will far exceed all of Tesla’s current businesses. He explained that the technology developed by Tesla in the automotive unit can be well transferred to Optimus because the car is essentially a "four-wheeled robot."
Sales of 250,000 Cybertrucks per year?
Separately, Tesla has also begun selling the Cybertruck to customers. The company currently has the capacity to produce more than 125,000 vehicles in a year, but due to the complexity of its manufacturing, the company expects the Cybertruck to take longer than other models. time to increase production.
On the earnings call, Musk called Cybertruck "the best product ever and a compelling product," and he expressed optimism: "I think we will deliver about 25,000 units a year. Ten Thousand Cybertrucks".
Bitcoin market value overtakes Tesla again
It is worth mentioning that although the price of Bitcoin has been under pressure recently and continues to fluctuate around US$40,000, according to the latest data from 8marketcap, Bitcoin's market capitalization has now surpassed Tesla's, becoming the 11th largest global asset in terms of market capitalization.
Currently, the market value of Bitcoin is approximately US$784.5 billion, and the price has increased slightly by 0.67% in the past 24 hours; while Tesla’s market value is approximately US$660.6 billion, and its stock price fell 0.63% yesterday.
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