Tesla Inc (NASDAQ:TSLA) posted strong fourth-quarter results as the company’s loss was narrower than Wall Street expected.
The electric car maker said its quarterly loss came in at $675 million, or $4.01 per share, marking its largest quarterly loss ever. A year ago, the company posted a loss of $121 million, or 78 cents per share.
On an adjusted basis, Tesla lost $513 million, or $3.04 per share. Analysts polled by Thomson Reuters were calling for an average loss of $3.12 per share to close out fiscal 2017.
The company also announced negative free cash flow of $276.7 million and net revenue of $3.29 billion for the period. Analysts were calling for a consensus estimate of $3.28 billion, according to Thomson Reuters.
Tesla also restated its Model 3 production goals as the company believes its weekly production rates will be 2,500 by the end of its first quarter. By the end of its second quarter, the Model 3 production rate will be 5,000 a week.
The automotive company added that it delivered 1,550 of the mass-market cars during its fourth quarter, which is only slightly more than half of what analysts had projected. Tesla shut down rumors of an ongoing battery assembly issues that may delay production further.
The company may have to raise more capital in the near future–such a move wouldn’t be foreign to Tesla, which has gone to markets several times since its 2010 IPO.
TSLA stock gained 2.6% after the bell Wednesday.
