A non-cash gain on Tesla's SpaceX stake accounted for nearly 69% of the EV maker's GAAP profit, overshadowing its operating earnings in Q2.
Tesla's Q2 net income of $1.114B drew 68.5% from a $1.005B unrealized gain on SpaceX valuation, despite no cash received. For leaders: minority-stake revaluations distort headline earnings—Tesla's core business was $398M profit, exposing the gap between GAAP reported and actual cash-generating performance.
Tesla Inc.
(NASDAQ:TSLA) reported stronger second-quarter earnings on Wednesday, but one of the biggest contributors to its profit wasn't higher vehicle sales, energy storage or services.
It was Space Exploration Technologies Corp.
(NASDAQ:SPCX).
Buried in Tesla's earnings report's cash flow statement is a $1.005 billion pretax unrealized gain on its SpaceX investment, equal to $763 million after tax.
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