Tesla’s production triumph comes with some fine print.

The electric car maker announced it produced 5,031 Model 3 sedans in the final week of the second quarter, hitting a closely watched milestone. The company shared photos of celebrating employees in its announcement filed with the Securities and Exchange Commission. Shares were up as much as 6% Monday but the euphoria quickly wore off and the stock was down about 2.1% at midday.

Tesla is clearly getting better at producing cars, but a look at the entire quarterly output should keep any celebration to a dull roar. Tesla produced about 28,500 Model 3s in the quarter, meaning nearly 18% were produced in the final frenzied week, only slightly lower than the last week of the previous two quarters.

The average for the quarter was about 2,200 cars per week. That means Tesla built on the gains made in the last week of the first quarter, when it produced 2,020 Model 3s. But the company said that nearly 40% of the total Model 3s produced in the most recent quarter have not yet been delivered to customers, a larger percentage than in previous quarters.

Tesla’s sustainable production rate isn’t the only topic investors ought to scrutinize. After all, the point of mass-producing Model 3s is to make a profit. Tesla added a new assembly line and worked around the clock to achieve its production goal, which can’t be good for profit margins. Investors won’t get a clear look at how the production scramble affected finances until Tesla reports financial results later this summer.