NEW YORK (TheStreet) -- Tesla Motors (TSLA) is slated to report first quarter earnings Wednesday, with investors hoping momentum can continue.
In early April, Tesla said it had delivered 10,030 Model S vehicles in the three months through March. That was "a new company record for the most cars delivered in a quarter," Tesla said. It was also an increase of 55% year over year, as the Model S moves into its fourth year of production.
Those results were better than the company's own forecast in February when Tesla said it expected to produce 10,000 cars in the first quarter but deliver only 9,500 units because some cars would still be in transit to Europe and Asia.
"Total non-GAAP revenue was $1.10 billion for the quarter, up 55% from a year ago, while GAAP revenue was $940 million," CEO Elon Musk said in the letter to shareholders. "We achieved a Q1 total company gross margin of 28.2% on a non-GAAP basis and 27.7% on a GAAP basis." The company lost 36 cents a share in the quarter, materially better than forecast.
Analysts surveyed by Thomson Reuters expect the company on Wednesday to post a first-quarter loss of 50 cents a share on revenue of $1.04 billion.
The company also noted that it expects to start completing battery manufacturing, from cells to modules to battery packs next year.
Tesla said it would produce about 12,500 vehicles in the second quarter, representing a 12% sequential increase, as the company continues to work on improving production.
As it relates to Tesla Energy, Musk wrote Tesla is "now preparing our supply chain and production teams to start volume builds on these new products in Q3."