6 ms·

Q2 - Tesla has announced they sold 75% of their Bitcoin

58 points by giacaglia 4y ago

chollida1 4y ago
Numbers: - Q2 EPS $2.27 vs EST of $1.83 - Q2 Rev $16.9B, EST $16.9B - Free Cash flow of $621M but remember, $936M came from their sale of BTC, so business was negative - Q2 auto gross margins was around 28%, which was right around the estimate, so people are accepting the increased prices - total gross margin was about 25% - car deliveries down but was expected, but manufacturing hit an all time high( DELIVERED ABOUT 255,00 VS 310,000 IN Q1) - annual growth was still 50% in vehicle deliveries, so probably not much to worry about - shares down 30ish% off their peak so they've fallen more than the market in general, but this is probably overlookable given the run they've had - converted 75% of BTC to cash - still have some btc impairment, remember you have to mark down btc on your balance sheet but you can't mark it up - 1,000 cars a week made in Berlin for atleast a couple of weeks - deployed 106MW of solar, very good, second in the US, i was wrong in this, this is a legit business Thoughts: - trade sanctions could delay further solar growth - new 4680 cells aren't ready so they are making due with their older 2170 cells in their cars due to Texas factory being behind - something to watch for is a succession plan as Elon is increasing seeming bored with Tesla - Company is warning that the Austin and Berlin factories will continue to be "gigantic money furnaces", Elon's words, not mine, though it is great to see they are diversified by region and country now - stock popped initially but is now mostly flat after hours, so institutional money didn't get surprised, we'll have to wait till tomorrow to see what retail things. - with almost no move on stock price looks like the options had it priced right by predicting an implied move of less than 4% - watch for them to announce they are partnering with someone to manufacture chips - listen for news on the vaporware Truck, probably waiting on Austin to get its act together wrt battery production first. - listen for talk of twitter, specifically if they talk about how many shares of Telsa Musk has locked up - listen for them talking about liability for self driving and ongoing lawsuits, note about that they recognize half the self driving revenue up front and defer the second half until they deliver on milestone - 2 numbers that impress me: Cash and cash $18.9B Customer deposits $1.1B
- deleted 4y ago
  [deleted]
rvz 4y ago
> As of the end of Q2, we have converted approximately 75% of our Bitcoin purchases into fiat currency. Conversions in Q2 added $936M of cash to our balance sheet. Like I said before, a year ago, they are not looking to HODL their bitcoin. They are here to make money out of the hype in the form of a pump and dump and psychological manipulation. Q2 suggests they sold at around $45K to $31K. [0] As predicted and expected, these Bitcoin maximalists and crypto bros got played like a piano. [0] https://news.ycombinator.com/item?id=27177780 https://news.ycombinator.com/item?id=27177780
- smoldesu 4y ago
  Yep. I don't even know who to feel bad for, either. People were (rightfully) calling this from Day-1, it's pretty amazing that people are oblivious enough to fall for it anyways.
  - toomuchtodo 4y ago
    It’s a net benefit that Tesla converts cryptohype into transportation electrification progress by way of magic tokens and fiat. Those Bitcoin gains might have paid for many a Suoercharger stall!
    - gmm1990 4y ago
      You could argue the increased hype they brought to bitcoin offset any carbon offset there cars have produced
      - toomuchtodo 4y ago
        Think in systems. Perhaps short term, but also manufacturing capacity and an expanding fast dc charging network builds the machine that builds the machine. https://cleantechnica.com/2022/07/15/tesla-cumulative-sales-hit-nearly-3-million/ https://cleantechnica.com/2022/07/15/tesla-cumulative-sales-...
        4y ago
Huhty 4y ago
So much for hodling.
- badinsie 4y ago
  i'm sure they will buy back in after the coming massive crash. buckle up!! hedge funds, too big to fail banks, major wall street firms etc. etc. are all going to zero. the Ponzi Scheme that is the US economy is coming to an end and Gamestop is the linch pin. thanks to illegal naked short selling there are BILLIONS of counterfeit GME shares sold short that MUST be purchased back. this will be the largest transfer of wealth in history.
  - shyn3 4y ago
    Why do you feel this way? Can you link any studies. I think you are right with GME/AMC/BB, there is something about the short float. The crypto part I am not too informed on.
    - badinsie 4y ago
      everyone short GME is long AMC. AMC is just another distraction. plenty of studies on gme.fyi or /r/superstonk
    - jondwillis 4y ago
      I read it as parody.
      - badinsie 4y ago
        nope sorry 100% serious

58 points by giacaglia 4y ago

Numbers: - Q2 EPS $2.27 vs EST of $1.83 - Q2 Rev $16.9B, EST $16.9B - Free Cash flow of $621M but remember, $936M came from their sale of BTC, so business was negative - Q2 auto gross margins was around 28%, which was right around the estimate, so people are accepting the increased prices - total gross margin was about 25% - car deliveries down but was expected, but manufacturing hit an all time high( DELIVERED ABOUT 255,00 VS 310,000 IN Q1) - annual growth was still 50% in vehicle deliveries, so probably not much to worry about - shares down 30ish% off their peak so they've fallen more than the market in general, but this is probably overlookable given the run they've had - converted 75% of BTC to cash - still have some btc impairment, remember you have to mark down btc on your balance sheet but you can't mark it up - 1,000 cars a week made in Berlin for atleast a couple of weeks - deployed 106MW of solar, very good, second in the US, i was wrong in this, this is a legit business Thoughts: - trade sanctions could delay further solar growth - new 4680 cells aren't ready so they are making due with their older 2170 cells in their cars due to Texas factory being behind - something to watch for is a succession plan as Elon is increasing seeming bored with Tesla - Company is warning that the Austin and Berlin factories will continue to be "gigantic money furnaces", Elon's words, not mine, though it is great to see they are diversified by region and country now - stock popped initially but is now mostly flat after hours, so institutional money didn't get surprised, we'll have to wait till tomorrow to see what retail things. - with almost no move on stock price looks like the options had it priced right by predicting an implied move of less than 4% - watch for them to announce they are partnering with someone to manufacture chips - listen for news on the vaporware Truck, probably waiting on Austin to get its act together wrt battery production first. - listen for talk of twitter, specifically if they talk about how many shares of Telsa Musk has locked up - listen for them talking about liability for self driving and ongoing lawsuits, note about that they recognize half the self driving revenue up front and defer the second half until they deliver on milestone - 2 numbers that impress me: Cash and cash $18.9B Customer deposits $1.1B

deleted 4y ago
[deleted]

rvz 4y ago

> As of the end of Q2, we have converted approximately 75% of our Bitcoin purchases into fiat currency. Conversions in Q2 added $936M of cash to our balance sheet. Like I said before, a year ago, they are not looking to HODL their bitcoin. They are here to make money out of the hype in the form of a pump and dump and psychological manipulation. Q2 suggests they sold at around $45K to $31K. [0] As predicted and expected, these Bitcoin maximalists and crypto bros got played like a piano. [0] https://news.ycombinator.com/item?id=27177780 https://news.ycombinator.com/item?id=27177780

smoldesu 4y ago
Yep. I don't even know who to feel bad for, either. People were (rightfully) calling this from Day-1, it's pretty amazing that people are oblivious enough to fall for it anyways.
- toomuchtodo 4y ago
  It’s a net benefit that Tesla converts cryptohype into transportation electrification progress by way of magic tokens and fiat. Those Bitcoin gains might have paid for many a Suoercharger stall!
  - gmm1990 4y ago
    You could argue the increased hype they brought to bitcoin offset any carbon offset there cars have produced
    - toomuchtodo 4y ago
      Think in systems. Perhaps short term, but also manufacturing capacity and an expanding fast dc charging network builds the machine that builds the machine. https://cleantechnica.com/2022/07/15/tesla-cumulative-sales-hit-nearly-3-million/ https://cleantechnica.com/2022/07/15/tesla-cumulative-sales-...
      - 4y ago

Huhty 4y ago

So much for hodling.

badinsie 4y ago
i'm sure they will buy back in after the coming massive crash. buckle up!! hedge funds, too big to fail banks, major wall street firms etc. etc. are all going to zero. the Ponzi Scheme that is the US economy is coming to an end and Gamestop is the linch pin. thanks to illegal naked short selling there are BILLIONS of counterfeit GME shares sold short that MUST be purchased back. this will be the largest transfer of wealth in history.
- shyn3 4y ago
  Why do you feel this way? Can you link any studies. I think you are right with GME/AMC/BB, there is something about the short float. The crypto part I am not too informed on.
  - badinsie 4y ago
    everyone short GME is long AMC. AMC is just another distraction. plenty of studies on gme.fyi or /r/superstonk
  - jondwillis 4y ago
    I read it as parody.
    - badinsie 4y ago
      nope sorry 100% serious