In which quarter did Tesla report its first quarterly profit?

Tesla reported its first quarterly profit in the first quarter of 2013.

The result marked a turning point for the company, which had spent years developing the Roadster and preparing the Model S for larger-scale production. Tesla’s shareholder letter for the quarter described the result as its first profit in the company’s history. Revenue reached about $562 million, supported by Model S deliveries and regulatory-credit sales.

Tesla recognized 4,900 vehicles as revenue during the quarter, although the number of cars physically delivered was higher under its accounting rules. The company also reported a non-GAAP profit of roughly $15 million after excluding certain non-cash warrant and stock-option items. Regulatory credits helped the quarter’s finances, but the milestone still represented Tesla’s first profitable quarter on its reported results.

Readers sometimes confuse this event with Tesla’s later run of sustained profitability. The company did not become consistently profitable in 2013; it returned to losses in subsequent periods. Its first four consecutive profitable quarters arrived much later, from the third quarter of 2019 through the second quarter of 2020, helping it qualify for inclusion in the S&P 500.