Tesla’s second quarter shareholder letter is out and beyond rejiggering it’s projected deliveries for the year from 55,000 to “between 50,000 and 55,000 Model S and Model X cars in 2015” – and sending it’s stock price down in the process – it’s finally promising Model X deliveries beginning next month.

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As pointed out in today’s Morning Shift, the real numbers to look at aren’t just earnings but total deliveries for the quarter compared to Q1 and the same period last year. With that metric, Tesla is beating it’s target of 12,500 vehicles by building 12,807 Model S sedans in Q2. That puts production 15 percent ahead of last quarter and 46 percent year-over-year.

Tesla is estimating those production numbers to drop next quarter to 12,000 because of a one-week shutdown, and “includes a small number of Model X deliveries.”

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Gross margins are down on both GAAP and non-GAAP basis, below the 25 percent threshold Tesla has previously cited as being its goal. That’s likely due to higher burn rates as it tools up for Model X production, Tesla Energy units, and the Gigafactory.

Oddly, there’s barely any mention of the Gigafactory in the letter and no substantive updates on the plant.

More to follow once Elon and Co. hop on the analyst call later. In the meantime, check out the Q2 shareholder letter here.