Tesla’s latest earnings report showed that the firm conducted no digital asset purchases or sales in Q2, but reported an impairment loss of $23 million on its BTC holdings.

Electric vehicle and clean energy firm, Tesla, has reported $1.14 billion in net income for the second quarter.

The firm’s July 26 earnings report showed that total revenue grew by 98% year on year (YOY) for Q2, increasing from $6 billion in 2020 to $11.9 billion this year. Tesla attributed the bulk of its growth to a surge in demand for its electric vehicles, stating:

“In the second quarter of 2021, we broke new and notable records. We produced and delivered over 200,000 vehicles, achieved an operating margin of 11.0%, and exceeded $1B of GAAP net income for the first time in our history.”

The firm also generated quarterly profits of $1.02 per share.

The firm stated that total revenue was partially offset by growth in operating expenses and a Bitcoin-related impairment loss of $23 million.

As Tesla holds its Bitcoin as an “intangible asset,” accounting rules mandate that the firm must report an cryptoprimacy.com/news/pundits-say-bitcoin-s-brutal-quarter-could-see-tesla-report-up-to-a-100m-loss-for-q2″>impairment loss when the asset’s price drops below its cost basis. However, Tesla is not required to report pricappreciations in the underlying asset until the position is realized through a sale.

The report also shows that Tesla didn’t buy or sell any digital assets in Q2. As such, Tesla’s sole crypto purchase remains its cryptoprimacy.com/news/bitcoin-hits-43k-all-time-high-as-tesla-invests-1-5-billion-in-btc”>$1.5 billion BTC buy in Q1, with the firm having also cashing out cryptoprimacy.com/news/tesla-books-huge-profit-from-bitcoin-sale-in-q1″>$272 million during the same quarter.

Tesla’s $1.14 billion in net income was calculated using Generally Accepted Accounting Principles (GAAP) — a collection of commonly accepted accounting rules used for financial reporting such as expense matching and revenue recognition.

Non-GAAP figures, which exclude irregular or non-cash expenses such as depreciation, one-time balance sheet adjustments, and acquisitions, estimate the firm took in $1.6 billion with a profit of $1.45 per share.

Key Quarterly Metrics: Tesla

Related: cryptoprimacy.com/news/here-s-how-much-musk-and-saylor-s-tweets-influenced-crypto-prices-in-q2″>Here’s how much Musk and Saylor’s tweets influenced crypto prices in Q2

Speaking at the virtual conference “The ₿ Word” on July 22 Tesla’s CEO, Elon Musk quashed rumors that the firm may sell its holdings in the near future, also teasing that it may cryptoprimacy.com/news/elon-musk-says-bitcoin-may-have-already-hit-his-benchmark-on-renewable-energy”>resume accepting BTC payments for its electric vehicles.

Musk also revealed for the first time that his aerospace firm cryptoprimacy.com/news/spacex-owns-bitcoin-elon-musk-and-nic-carter-believe-btc-is-becoming-greener”>SpaceX holds BTC, emphasizing that Tesla and SpaceX have no plans to sell:

“We’re not selling any Bitcoin, nor am I selling anything personally or nor is SpaceX selling any Bitcoin.”