Tesla's quarterly financial report shows increasing production and delivery numbers over 7 quarters from Q4 2013 to Q2 2015, with deliveries reaching over 11,500 vehicles in Q2 2015. However, the company continued to lose money, with operating losses ranging from $13 million to $171 million per quarter. Despite growth, assets per vehicle produced each quarter has declined from over $350,000 to around $560,000, with inventory and property/equipment comprising a growing portion of total assets.

1. Tesla quartely numbers date of analysis: 2015-08-07
Delivered vehicles 6.892 6.457 7.579 7.785 9.834 10.045 11.532
Produced vehicles n.a. 7.535 8.763 n.a. 11.627 11.160 12.807
P&L Q4-2013 Q1-2014 Q2-2014 Q3-2014 Q4-2014 Q1-2015 Q2-2015
Sales 615 621 769 852 957 940 955
Cost of revenues 459 465 556 600 695 680 742
Gross profit 156 156 213 252 262 260 213
R&D 68 82 108 136 140 167 182
SG&A 101 118 134 155 197 195 202
Operating result -13 -44 -29 -39 -75 -102 -171
Balance Sheet
Cash & restricted 855 2.590 2.694 2.397 1.934 1.544 1.191
Accounts receivable 49 72 97 157 227 200 139
Inventory 340 451 597 753 954 1.055 1.212
Prepaid expenses 28 49 62 65 95 136 106
Operating lease vehicles (OLV) 382 452 531 618 767 912 1.120
Property & Equipment 738 849 1.036 1.404 1.829 2.224 2.646
Other 24 36 38 43 43 49 54
Total 2.416 4.499 5.055 5.437 5.849 6.120 6.468
Accounts payable 412 504 605 844 1.047 1.086 1.185
Deferred revenue (DR) 273 324 374 416 484 539 623
Customer deposits 163 198 228 227 258 249 273
Lease obligations 21 21 24 22 22 21 17
Debt 586 2.110 2.361 2.384 2.408 2.509 2.620
Resale value guarantee (RVG) 236 291 345 398 488 606 793
Other long-term liabilities 58 71 99 126 173 228 191
"Equity" 667 982 1.018 1.020 970 880 766
Total 2.416 4.501 5.054 5.437 5.850 6.118 6.468
source: quarterly shareholder letters
Sales / vehicle 89.234 96.175 101.465 109.441 97.315 93.579 82.813
Op. loss / vehicle -1.886 -6.814 -3.826 -5.010 -7.627 -10.154 -14.828
Assets / vehicle x quarter 350.551 696.763 666.975 698.394 594.773 609.258 560.874
thereof: Inventory 49.333 69.847 78.770 96.724 97.010 105.027 105.099
P&E 107.081 131.485 136.693 180.347 185.987 221.404 229.448