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Quarterly Report — Q1 2024
Filed April 24, 2024
Q1 2024 was a down quarter — automotive revenues dropped meaningfully year-over-year as Tesla leaned on price cuts amid softening demand, while the energy generation and storage segment provided a bright spot with continued growth. Net income fell sharply compared to Q1 2023, pressured by thinner margins across the core car business. The balance sheet remains solid with substantial cash reserves, but the profit trajectory is clearly decelerating, making the path forward hinge on whether upcoming models and the energy business can reignite growth.
What is Quarterly Report?
Filed after each of the first three fiscal quarters with unaudited financial statements, management discussion, and any material changes to risk factors or legal proceedings.
Quarterly financial update — tracks business trajectory between annual reports.
Extracted Milestones (4)
2018 CEO Performance Award Rescission Ordered by Delaware Court
On January 30, 2024, the Delaware Court of Chancery ordered rescission of Elon Musk's 2018 CEO compensation plan; Tesla filed a preliminary proxy statement on April 17, 2024 including a proposal to ratify the award.
View full milestone →AI Infrastructure Capital Expenditure Ramp to $2.26 Billion
Tesla's AI infrastructure assets on the balance sheet grew from $1.51 billion at year-end 2023 to $2.26 billion as of March 31, 2024, reflecting a significant acceleration in AI compute buildout.
Energy Generation and Storage Backlog Reaches $3.86 Billion
Tesla disclosed $3.86 billion in unsatisfied or partially unsatisfied performance obligations for energy generation and storage contracts with original expected length greater than one year as of March 31, 2024.
FSD Deferred Revenue Grows to $3.83B
Deferred revenue related to FSD (Supervised) features, internet connectivity, free Supercharging programs, and over-the-air software updates grew to $3.83B as of September 30, 2025, up from $3.60B at year-end 2024, indicating continued customer uptake of FSD.