Tesla's net profit fell 43%, yet nearly 30% of its profit came from a single bitcoin:native that was never sold. Tesla @Tesla reported third-quarter revenue of $28.05 billion, roughly flat year-over-year. GAAP net income stood at $787 million, a 43% decline year-over-year; operating profit dropped 56% to $718 million, with the operating margin compressed from 5.8% to 2.6%. Vehicle deliveries totaled 486,532 units, down 2%. Adjusted EPS came in at $0.48, above market expectations, yet the stock closed down 3.08% at $374.58 on October 22. Profits were eroded by R&D spending. Operating expenses rose 39% year-over-year to $4.776 billion, with R&D surging 69% to $2.76 billion—funding internal projects dubbed "Super Intelligence," Optimus humanoid robots, and Cybercab. Capital expenditures doubled year-over-year to $3.73 billion, while the full-year capital expenditure guidance was lowered from over $25 billion to $2 billion. Of the $787 million in net income, a portion did not come from vehicle sales. This quarter, Tesla recorded an unrealized gain of $288 million on its Bitcoin holdings, or $224 million after tax—accounting for nearly 30% of quarterly net profit. Tesla did not buy or sell a single Bitcoin during the quarter; its holding of 11,509 bitcoin:native had a cost basis of $386 million and a fair value of $962 million at quarter-end. Following the accounting shift to fair value measurement, quarterly price fluctuations in Bitcoin are directly reflected in net income. In the same quarter, Tesla recorded a $142 million unrealized loss on its SpaceX equity stake—neither transaction involved any cash inflow or outflow.