Electric vehicle maker Tesla is scheduled to release its fiscal first quarter results on Wednesday, May 6th after the markets close. The Palo Alto-based company has already revealed that it delivered 10,030 vehicles during the March quarter, up 55% from 6,457 vehicles in the corresponding quarter last year. But its revenues may not match the percentage growth in deliveries due to a strong dollar.

Tesla Motors Inc (TSLA) Q1 Earnings Preview

Currency headwinds may affect Tesla’s (TSLA) revenue growth

Currency headwinds will likely affect Tesla’s revenue growth a bit. Analysts polled by FactSet forecast $1.04 billion in Q1 revenue on a non-GAAP basis, a 45.80% growth from a year ago quarter. Wall Street expects Tesla to report a loss of 50 cents a share, compared to a profit of 12 cents per share in Q1, 2014. A strengthening U.S. dollar is also expected to eat into the company’s gross margins.

For the current quarter, analysts expect revenue of $1.28 billion with 3 cents a share in losses. Tesla is expected to deliver 12,000 units in June quarter. The company’s revenue and sales are expected to increase significantly in the second half of the year with the launch of much-awaited Model X. Though Tesla stock has rallied more than 20% in the last 30 days, its increased spending has analysts worried.

Analysts trim their 2015 EPS estimate for Tesla (TSLA)

Analysts have reduced their 2015 EPS forecasts for Tesla over the past few months. In July 2014, analysts were expecting the EV maker’s FY2015 earnings to come in at $3.83 per share, which has now fallen to just 50 cents a share. Last week, Tesla unveiled its plans to expand its business to energy storage. The company has launched a new battery that costs $3,500.

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Tesla’s new battery allows homes and businesses to storage energy either from solar panels or the grid, and then use it when it is cheaper or plentiful. According to consultancy firm Navigant, the worldwide large-scale energy storage business will be worth $70 billion by 2025. Tesla’s battery business will take some time before it starts producing returns. The $5 billion Gigafactory is unlikely to start production before 2017.

Tesla (TSLA) shares jumped 1.80% to $230.07 at 1:07 PM ET on Monday.