Tesla
TSLAQ2 2024(TSLA Q1 FY2024)Derived1.3% AI
AI Revenue %
1.3%
AI Fair Value
$12.4B
AI Revenue (Q)
$276.9M
Total Revenue (Q)
$21.3B
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
For Q1 FY2024 (3 months ended Mar 31, 2024), total revenue was $21,301M. This is the first quarter with explicit FSD deferred revenue disclosure: $3.50B as of Mar 31, 2024 vs $3.54B as of Dec 31, 2023. Revenue recognized from Dec 2023 deferred balance was $281M in the quarter — this is specifically the FSD + connectivity + OTA component. However, this $281M includes non-AI items (connectivity, Supercharging programs, OTA updates). Conservatively estimating that ~65-70% of this is FSD-specific (~$183-197M) plus new FSD subscription and purchase revenue recognized in period (~$80-100M). Total FSD AI revenue estimate: ~$275M. $275M / $21,301M = 1.29%, rounded to 1.3%. The elevated recognition vs prior years reflects the Q4 2023 FSD v12 release and growing subscription base.
Analyzed by claude-opus-4-6
Quoted Figures
Total revenues $21,301M for three months ended March 31, 2024
10-Q Consolidated Statements of Operations
Deferred revenue related to the access to our Full Self Driving (Supervised) (FSD) Capability features and their ongoing maintenance, internet connectivity, free Supercharging programs and over-the-air software updates primarily on automotive sales amounted to $3.50 billion and $3.54 billion as of March 31, 2024 and December 31, 2023, respectively
10-Q Note 1 Revenue Recognition
Revenue recognized from the deferred revenue balances as of December 31, 2023 and 2022 was $281 million and $134 million
10-Q Note 1 Revenue Recognition
AI Products Identified (Ring 1)
Full Self-Driving (FSD) SupervisedAutopilot
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
Dojo/Cortex AI training cluster (internal)Optimus robot (pre-revenue)Cybercab/Robotaxi (pre-revenue)
Confidence Tier
DerivedCalculated from reported segments primarily serving AI