Tesla Energy business is on the rise thanks to record high deployment of energy storage products (as solar deliveries continue to decline) during the second quarter of 2019.
Revenues in Energy generation and storage category amounted to $368 million, which is however 2% less than the $374 million a year ago.
Compared to the $326 million costs of revenue, the difference is $42 million at 11% gross margin - much better than in Q1.
Currently, energy generation and storage stand for less than 6% of total Tesla revenues.
Let's see how the situation looks in details.
Tesla energy storage deployed – Q2'2019
Total battery energy storage (Powerwall and Powerpack) deliveries in Q2 2019 amounted to a record 415 MWh (up 104% year-over-year). YTD number is 644 MWh.
According to Tesla, the home Powerwall units are already installed at more than 50,000 sites (a single site can handle from one to multiple Powerwalls).