Electric vehicle giant Tesla Inc (NASDAQ:TSLA) reported third-quarter financial results Wednesday after market close.

Here are the key highlights.

Tesla Q3 Financials

Tesla reported third-quarter revenue of $28.05 billion, flat from the prior year’s third quarter. The revenue total beat a Street consensus estimate of $27.88 billion, according to data from Benzinga Pro.

The company said revenue fell because the energy business declined, average selling prices for vehicles fell, and deliveries were down year over year.

Automotive revenue was $20.56 billion in the quarter, down 3% year-over-year.

Tesla reported adjusted earnings of 48 cents per share, beating a Street consensus estimate of 43 cents per share.

The company said it saw strong momentum for several projects in the quarter, including Super Intelligence, robotics and renewable energy.

The quarter marked the second consecutive quarter with trailing twelve-month revenues of $100 billion or more.

Tesla had 1.74 million active FSD subscriptions, which include upfront purchases and monthly subscriptions, up 67% year-over-year.

The company previously reported third-quarter deliveries of 486,532, down 2% year-over-year. While deliveries fell in the quarter, Tesla hit record deliveries in several regions, including Canada, Australia, Japan and Taiwan.

"We ended the quarter with the largest backlog for our passenger vehicles in four years," the company said.

The company’s energy storage business also hit its highest-ever order rate and backlog in the quarter.

Tesla reported digital assets of $962 million, likely its Bitcoin (CRYPTO:BTC) holdings. This amount is up from $674 million reported in the second quarter, with the price of Bitcoin higher this quarter.

What’s Next for Tesla

The company said the Tesla Semi began volume production in the quarter.

Optimus production began on high-volume lines at the Fremont factory. The company said the Optimus bots coming off this line are the first production-quality bots manufactured.

"While we will continue to iterate on the hardware and manufacturing process, we have proven that the current manufacturing process for Optimus is suitable for a commercial product," the company said.

The company said demand and supply chain readiness will affect deliveries and deployments going forward.

Tesla Stock Price Action

Tesla stock is up 1.4% to $391.85 in after-hours trading Wednesday versus a 52-week trading range of $297.38 to $498.83.

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