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Quarterly Report — Q1 2025
Filed April 23, 2025
Q1 2025 revenue declined year-over-year, with automotive sales — still the dominant segment — losing ground while energy generation and storage continued to grow as a meaningful revenue contributor. The company maintained a strong cash position and kept debt levels relatively stable, but the core auto business showed clear pressure compared to Q1 2024. Digital assets (Bitcoin) remained on the balance sheet, adding a speculative wrinkle to an otherwise straightforward manufacturing story.
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)
AI Infrastructure Assets Reach $5.42 Billion
Tesla's AI infrastructure property, plant and equipment grew to $5.42 billion as of March 31, 2025, up from $5.15 billion at year-end 2024, reflecting continued investment in compute capacity for FSD and other AI workloads.
Automotive Regulatory Credits Backlog at $4.58 Billion
As of March 31, 2025, Tesla had $4.58 billion in unsatisfied or partially unsatisfied performance obligations for automotive regulatory credit contracts with original expected length of more than one year, with $1.46 billion expected in the next 12 months.
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.
Energy Generation and Storage Backlog Reaches $9.71B
As of September 30, 2025, Tesla's energy generation and storage segment had $9.71B in remaining performance obligations on contracts longer than one year, with $5.22B expected to be recognized in the next 12 months, signaling a massive and growing energy storage order pipeline.