Tesla filed paperwork with the SEC this afternoon for an initial public offering. No date was set, but according to the AP the documents indicate that the company is looking to raise around $100M.
The report also notes some interesting information about Tesla's finances. The paperwork indicates that Tesla has lost $236M since 2003. This is not particularly surprising since Tesla is a start up company in an industry with high costs of entry.
A more curious number comes later when the AP report notes that the company lost $31.5M during the first nine months of 2009.
That number is notable given that the company sent out a press release in August declaring that it had achieved profitability -- for the month of July. Strangely, that press release is no longer listed on Tesla's website. You can read it here if you're curious. If I was a potential investor, I would be.
estreka says:
03:32 AM, 01/30/10
Any takers on how fast that stock is gonna crash?
inlinesix says:
11:28 PM, 01/30/10
The Tesla form S-1 Registration Statement reports:
In the first nine months of 2009 Tesla made sales of ~$93 million minus cost of sales ($85 million) for a exact profit in that period of $7.7 million.
Loss from operations in the first nine months of 2009 was 40% less than the same period 2008.
Substantially all of the increase in automotive sales to $93.4 million for the nine months ended September 30, 2009 was due to sales of the Tesla Roadster.
In May 2009, Tesla entered into a development agreement with Daimler rsearch and development services for a battery pack and charger for Daimler’s Smart fortwo electric drive.
The company also just launched the Tesla in Europe.