Tesla TSLA is facing one of Wall Street’s most extreme bearish calls, with GLJ Research analyst Gordon Johnson reiterating a Sell rating and a $24.86 price target that implies roughly 92% downside. His thesis is straightforward: Tesla’s current valuation assumes enormous future value from Full Self-Driving, Robotaxi and Optimus, while the company’s core financial performance remains far less convincing.

The second quarter was ugly, Johnson said, pointing to Tesla’s 1.4% operating margin and negative $1.1 billion of free cash flow.

Tesla’s own second-quarter filing confirms the pressure. Revenue rose 26% year over year to $28.24 billion, but operating income fell 57% to $398 million. Capital expenditures surged 142% to $5.79 billion,…