Tesla (TSLA) will report first quarter results in a shareholder letter on its website after the bell and host a call at 17:30. 

  • Tesla preannounced Q1 deliveries up 69% to 25K on April 2. The EV mix was 13450 Model S and 11550 Model X. 
  • Tesla had guided for 47-50K Model S and X deliveries in the first half of the year, now implying 22-25K deliveries for Q2, which will be updated this afternoon. 
  • Investors were used to Tesla missing delivery targets because of production constraints, as they had four of the last five quarters, so the strong Q1 deliveries caused the stock to break out to fresh all-time highs. 
  • Tesla is expected to report Q1 non-GAAP EPS of ($0.78) vs. ($0.57) last year with revenue up 63% to $2.61 bln. 
  • Tesla will unveil the final version of the Model 3 in July. 
  • Tesla raised $1.2 bln in stock and convertible notes in March. That was the third capital raise for Tesla since August of 2015... and it probably won't be the last. Tesla is still far from generating cash or profits on its own, but investors are more focused on the big picture opportunity. 

We've been all over TSLA and I continue to remain bullish so (with house money) so long last this interesting trader (pictured below) does too. TSLA broke out of a 3 year range and our target remains very north of here; especially with the 26% short interest.

Tesla's market cap is ~$51 bln; 26% of the float is sold short.