Tesla has officially announced their earnings for Q1 2016 and they don’t look pretty.

According to the official filing, Tesla lost a total of $282 million during the first three months of this year. During that same time, the company recorded revenue of $1.1 billion, which is an increase of 22% over the same period last year.

Tesla remains optimistic due in part to the more than 325,000 reservations it has received for the upcoming Model 3. Each reservation cost $1,000.

Tesla also revised its production schedule for the coming years. Previously, the company had planned on increasing production to 500,000 units per year by 2020. Now, however, they have moved that schedule forward two years to 2018.

This production change is due mostly to the strong demand for the Model 3.

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