Xpeng Q2 2024 reported net loss -54.12% YoY share price down >5%

$XPeng (XPEV.US)$ $Tesla (TSLA.US)$ $BYD COMPANY (01211.HK)$ $NIO Inc (NIO.US)$ Xpeng stock took a dive of more than 5% after the release of Q2 2024 earnings call.

Many people commented that despite the earnings "meet" expectations, the share price is not showing. I'll use the 2 articles to explain the earnings data is not as rosy as you think:

1) Revenue of RMB 8.11 billion ($1.12 billion) in Q2 2024 +60.2% YoY and +23.9% QoQ. The percentage growth looked impressive but is just a small player when compared with BYD and Tesla.

2) Gross margin was 14.0% in Q2 2024, compared to -3.9% in Q2 2023 and +12.9 in Q1 2024. This is still too low to cover operating expenses.

3) As a result, Xpeng reported a net loss of RMB 1.28 billion in Q2 2024 -54.12% YoY and -6.08% QoQ. Xpeng continues to make losses on an operating basis, which includes operating expenses like R&D and SG&A.

4) Xpeng's operating losses remain 'stuck' at the $180-$190 million mark.

5) Xpeng does not provide cash flow statements! This is a red flag. Without cash flow statement, we can't precisely calculate free cash flow. However, by looking at Xpeng's balance sheet (not shown) we can see that there was a significant cash burn. The reduction was not caused by a paydown of debt.