Then, when they wanted to build the Model S, they wasted a lot of time on luxury features like having flush door handles. Their output was delayed, despite having numerous pre-orders waiting.

Again, with Model X, they faced substantial delays with the falcon wing doors and the single-pylon-seat in the 2nd row. They received a lot of flak for that, and got past it in time.

Now with Model 3, they've had problems mainly at the Gigafactory with battery-pack assembly, as well as with the costly up-front labor that goes into automation of assembly lines.

And yet, here they are. They have substantial debt yes, and their credit rating is B- which isn't great, but compared to other automakers their financials are somewhat middle of the road. Look at Ford, they have a massive debt problem, or look at Chevy's electrification program, which has faced much weaker demand than Tesla will ever face with its legions of fans.

If you ask me, the "fundamentals" have never been great, but the simple fact is Tesla has hundreds of thousands of die-hard fans who have put up their own money in pre-orders and equity to keep the company going. No other car brand has this amount of loyalty and fandom, and that "fundamental" has been enough to get Tesla where they are now.

Tough times? Yes. But hoards of Muskivites will throw in cash to ensure this ship keeps sailing.