I bet you Musk does another stock offering by the end of the year. Its kind of a yearly-tradition at this point, with exception of 2014 when Musk decided to raise a few billion in bonds instead.
http://ir.tesla.com/static-files/7235e525-db16-470c-8dce-9ec...
Also, gross margin is literally margin after cost of goods. Doesn't include SG&A expense.
The statement given is ex ZEV and stock based comp, not ex ZEV/GHG and Services/Other. ZEV/GHG accounted for ~2% of margin in the first half of 2018 while Services/Other accounted for a little over 5%. Check the 10-Qs.
> Also, gross margin is literally margin after cost of goods. Doesn't include SG&A expense.
Most OEMs use the delta between the retail price and the bulk invoice including cost of stores to calculate their margin.
I have no idea what your last statement means. There is US Accounting definition of what gross margin is and it is Revenue - Cost of Goods. Other expenses such as compensation, stores, are part of operational expense and it included in net income.
The point is that if Tesla wants to remain solvent then it will be forced to offer an attractive chunk of equity as part of a raise, and that will be a blow to the share price. They're out of assets to put up as security and their unsecured debt is already yielding north of 8%. They'll have to offer equity.