
While SpaceX is burning through cash, disclosures to potential lenders showed the company had positive earnings before interest, taxes, depreciation and amortization of around $270 million for the twelve months through September, people with knowledge of the matter said. But that’s because it included amounts that customers had prepaid and because it excluded costs related to non-core research and development, the people said. Without those adjustments, earnings for the period were negative, they said.
https://www.bloomberg.com/news/articles/2018-11-08/musk-said-to-divide-wall-street-with-demands-for-new-spacex-loan