There are a lot of eyes on Tesla’s financial situation right now as the company insists it doesn’t plan to raise more money this year and instead, it plans to turn a profit.

Now the company extended its $1.1 billion warehouse loan agreement, which finances the company’s leasing program.

Tesla filed the update with the SEC yesterday.

The updated agreement will enable Tesla to have access to the $1.1 billion warehouse loan agreement for another year.

They wrote in the filing:

On August 16, 2018, certain subsidiaries of Tesla, Inc. (“Tesla”) that are respectively parties to (i) an Amended and Restated Loan and Security Agreement (the “A&R 2016 Warehouse Agreement”) and (ii) a Loan and Security Agreement (the “2017 Warehouse Agreement,” and together with the A&R 2016 Warehouse Agreement, the “Warehouse Agreements”), each dated August 17, 2017 with Deutsche Bank AG, New York Branch as administrative agent and the other parties named therein, entered into an amendment to each of the Warehouse Agreements (together, the “Amendments”). Among other changes, the Amendments extended the borrowing availability date under the Warehouse Agreements from August 17, 2018 to August 16, 2019 and extended the maturity date of the Warehouse Agreements from September 2019 to September 2020. The aggregate lender commitment, which is shared between the Warehouse Agreements, remains unchanged at $1.1 billion.

Last year, Tesla increased its borrowing capacity under the agreement by $500 million.

The agreement has been financing Tesla’s lease program, which has become increasingly important in recent years.

Model 3 is still not available under Tesla’s lease program since it would increase Tesla cash needs, which the company is trying to limit as it attempts to become profitable by the end of the year.

Back in June, Elon Musk said that Tesla will start offering Model 3 leases in ‘6 to 9 months’.

Tesla lost over $700 million last quarter. The automaker still had over $2.2 billion in cash and cash equivalent, but it also had about $10 billion in long-term debt.

Musk wants to turn things around during the second half of the year by turning a profit.

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