> On a free cash flow basis, Tesla is profitable. Free cash flow is not profit though, nor should it be considered equivalent. > Removing non-recurring revenu

> On a free cash flow basis, Tesla is profitable. Free cash flow is not profit though, nor should it be considered equivalent. > Removing non-recurring revenue (aka regulatory credits) from their income statement is a useful exercise when trying to predict their future revenue. But if you do, you also should be removing non-recurring expenses too (mostly Musk's stock grant). Dilution still matters if you think about the value of the company. If you think the stock is going to go up, Musk's stock grant is going to be a part of that dilution.