In a surprise to no one, Tesla’s fourth-quarter earnings were a mixed bag, depending upon what kind of “bag” you want to use: non-GAAP or GAAP.
The Palo Alto, Calif.-based EV maker reported net income of $46 million, or 33 cents per share, on a non-GAAP basis. Using GAAP reporting, which is typically the standard, the company lost $16 million, or 13 cents per share. The earnings include $15 million in regulatory credits, although no zero-emission vehicle credit sales, the company noted.
It also secured $13 million in revenue from powertrain programs is has with Toyota and Daimler. Tesla officials noted the reason for providing both GAAP and non-GAAP results is “due to lease accounting for our resale value guarantee (RVG) and employee stock based compensation as a result of the increase in our stock price last year.” (more…)