Tesla’s order books might be full, but the same can’t be said for their corporate coffers. That’s the picture that emerges from the company’s 2014 Q4 and full year shareholder letter, which was released today. In the final quarter of last year, the EV manufacturer built 11,627 cars, meeting their production target of 35,000 for the year. And Tesla says it has more than 10,000 Model S and almost 20,000 Model X orders on its books.

Yet despite overflowing order books, the company still lost $108 million in Q4, bringing total 2014 losses to $294 million. In part, this was a consequence of international sales hampered by a strong dollar and delays to the AWD P85D. Cheap oil prices probably haven’t helped either; with gas cheaper than it has been in several years, Americans appear to be flooding back to SUVs and shunning hybrids and EVs.

Tesla is bullish for 2015, predicting it will deliver 55,000 vehicles, split between the Model S (sedan) and Model X (SUV), thanks to new production capacity in Lathrop, California (casting and machining) and Fremont (paint).