Tesla’s surprisingly weak electric-car deliveries in the first quarter took a heavy toll on its bottom line.

The company said on Wednesday that it lost $702 million in the first quarter, a sharp reversal from the profits it made in the second half of last year. The loss, equivalent to $4.10 per share, was far greater than the $1.81 per share that Wall Street analysts, surveyed by FactSet, had forecast. The quarter’s revenue of $4.54 billion fell well short of expectations.

Tesla had $2.2 billion of cash at the end of the first quarter, a 40 percent decline from the figure at the end of last year. The company spent $920 million paying off a bond in March. Tesla’s operations consumed $640 million of cash in the first quarter.

Investors had been bracing for the red ink after Tesla said it sold 31 percent fewer vehicles in the first quarter than in the fourth quarter of 2018. The company said logistical challenges had hindered deliveries of the Model 3 sedan to Europe and China. A reduction in a federal tax benefit for Tesla’s buyers may have weighed on Model 3 sales in the United States.