PALO ALTO, Calif., May 6 (UPI) -- The world's foremost electric car maker beat analysts' expectations again Wednesday by posting a loss of just $45 million in the first quarter of 2015 -- as Wall Street expected to see a loss of nearly $63 million.
The automaker's reported adjusted loss amounted to 36 cents per share. Wall Street expected Tesla's loss would be 50 cents per share. The company's unadjusted loss for Q1, which ended March 31, was $154 million. Tesla reported a surprise loss of 13 cents per share -- or $16 million -- for Q4, but beat analysts' production forecast.
For the entire 2014 fiscal year, Tesla reported a profit of 14 cents per share, or about $17 million, and predicted positive growth in 2015.
The automaker posted Q1 revenue at $1.1 billion, which also was higher than experts predicted.
"We were also able to accelerate year over-year revenue growth in Q1, while improving operational efficiency as reflected in lower than expected growth of operating expenses," the company said in an open letter to investors. "Overall, these achievements represent a strong start to a very big year at Tesla."
Tesla also noted in the letter that it is now focusing on two divisions -- manufacturing vehicles and its new energy department, which was launched last week with the introduction of its PowerWall and PowerPack solar storage batteries.
"Both our vehicle and Tesla Energy businesses will benefit from our Gigafactory project, which should start producing initial quantities of battery packs in 2016," Tesla said.
Tesla noted that about half of its Q1 loss was due to its foreign currency holdings, as a result of a stronger U.S. dollar.
The automaker lost 40 cents a share, or $50 million, during Q1 2014.
Tesla delivered more than 10,000 Model S units in Q1 and said it expects to produce more than 12,000 in Q2. CEO Elon Musk said he is "feeling food about things," as the company gears up to roll out its new Model X crossover in Q3.
"2015 is off to a strong start, and we are excited about the many opportunities ahead," Tesla said in its letter. "We expect to continue to develop many more innovative and exciting products in the coming years."