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 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 $1.5 billion BTC buy in Q1, with the firm having also cashing out $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: 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 resume accepting BTC payments for its electric vehicles.

Musk also revealed for the first time that his aerospace firm 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.”