Electric vehicle and make clean energy firm Tesla has reported $ane.14 billion in cyberspace income for the second quarter.

The business firm's Monday earnings report showed that full acquirement grew by 98% year-on-year for Q2, increasing from $6 billion in 2022 to $11.9 billion this twelvemonth. Tesla attributed the majority of its growth to a surge in need for its electric vehicles, stating:

"In the 2d quarter of 2022, nosotros bankrupt new and notable records. We produced and delivered over 200,000 vehicles, achieved an operating margin of 11.0%, and exceeded $1B of GAAP net income for the starting time time in our history."

The business firm also generated quarterly profits of $1.02 per share.

The firm stated that total acquirement was partially starting time past growth in operating expenses and a Bitcoin-related impairment loss of $23 million.

As Tesla holds its Bitcoin (BTC) as an "intangible nugget," bookkeeping rules mandate that the house must report an damage loss when the asset's cost drops below its cost basis. Even so, Tesla is not required to report toll appreciations in the underlying asset until the position is realized through a sale.

The report also shows that Tesla didn't buy or sell any digital assets in Q2. Every bit such, Tesla's sole crypto purchase remains its $i.5-billion BTC buy in Q1, with the firm having also cashed out $272 million during the aforementioned quarter.

Tesla's $one.14 billion in net income was calculated using Generally Accepted Accounting Principles (GAAP) — a collection of unremarkably accepted accounting rules used for fiscal reporting, such every bit expense matching and revenue recognition.

Not-GAAP figures, which exclude irregular or non-greenbacks expenses, such every bit depreciation, one-time remainder sheet adjustments and acquisitions, approximate the firm took in $1.6 billion with a turn a profit of $1.45 per share.

Cardinal Quarterly Metrics: Tesla

Related: Here'due south how much Musk and Saylor's tweets influenced crypto prices in Q2

Speaking at the virtual briefing "The ₿ Word" on Thursday, Tesla CEO Elon Musk quashed rumors that the house may sell its holdings in the near futurity, as well teasing that it may resume accepting BTC payments for its electrical vehicles.

Musk also revealed for the first time that his aerospace firm, SpaceX, holds BTC, emphasizing that Tesla and SpaceX have no plans to sell:

"We're not selling any Bitcoin, nor am I selling annihilation personally or nor is SpaceX selling whatsoever Bitcoin."