Tesla said in its third-quarter earnings release and on the call that revenue came in at $28.05 billion, non-GAAP EPS was $0.48, and free cash flow reached $1.53 billion. It also confirmed that Tesla and SpaceX are formally exploring a merger.
The company’s third-quarter materials showed automotive revenue down 3% from a year earlier. Sales slipped from $28.23 billion in the previous quarter, deliveries totaled 486,532, backlog rose to its highest level in four years, and Full Self-Driving (Supervised) attach on new North American vehicles climbed past 75%.
On the call, Tesla CEO Elon Musk said there was “a lot of merit” to a deal. He said Tesla and SpaceX each have independent special committees reviewing it, and added that his own conflicts limit what he can say, describing the topic as “tap dancing through a minefield.” If you follow Tesla, this one deserves attention. After a weak year, the stock got a bit of support.
Musk also connected the idea to overlap between the two companies in robotics, chip architecture, manufacturing, and energy infrastructure. He pointed in particular to the Terafab chip venture and possible links between SpaceX satellites and Tesla autonomy.
Tesla’s earnings materials also said that SpaceX posted its first quarterly profit, with $4.4 billion in net income on $14.6 billion in revenue, up 161%.
Musk said on the call that any deal would still need approval from 50% of all Tesla shareholders, and it would also have to get through national-security, China, data-localization, and governance hurdles. The full details are in Tesla’s earnings materials and on the call.
Author: Chema Carvajal Sarabia
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