"We expected the shareholder letter to be more about the future than about the quarter in the books that was plagued by a slow ramp of the M3. And in that we were right – the letter is replete with optimistic predictions of achieving positive profits in 2H, based on the assumption that it can get to a 5000/wk run rate (which we note is likely a steady 5k/week, not a burst rate). But at the same time, while still a large loss and cash burn, the quarter was less bad than we thought – with a modest amount of opex discipline, lower than expected capex (and a lower capex guide for the year) – which contributed to somewhat better cash burn (a mere $1.1bn instead of our more dire $1.9bn) and EPS."