Aptera Motors Corp. Class B (SEV) AI Stock Analysis

• Market Cap: $50.02M
• Dividend Yield: N/A
• Average Volume (3M): 154.52K
• Price to Earnings (P/E): ―
• Beta (1Y): 4.91
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 33
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Auto - Manufacturers
• EPS (TTM): N/A
• Shares Outstanding: 20,217,463
• 10 Day Avg. Volume: 197,506
• 30 Day Avg. Volume: 154,518
• PEG Ratio: >-0.01
• Price to Book (P/B): >-0.01
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -0.79
• Enterprise Value/Market Cap: 0.83
• Enterprise Value/Revenue: 414.33
• Enterprise Value/Gross Profit: 963.55
• Enterprise Value/Ebitda: -42.06
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 41 Neutral
• Price Target: $1.50 ▼(-73.02% Downside)

The score is weighed down primarily by very weak financial performance (pre-revenue profile, heavy losses/cash burn, and elevated leverage with negative equity) and poor technical momentum (well below key moving averages with bearish indicators). Corporate events provide some offset via improved capital access, but also highlight dilution/financing dependence and grant-related uncertainty; valuation offers little support due to negative earnings and no dividend.

Positive Factors

Differentiated Product Design

Aptera’s integrated solar-assisted, lightweight aerodynamic vehicle concept is a durable competitive edge. The technology can materially extend range and lower operating costs versus conventional EVs, supporting a niche premium on efficiency and relevance as efficiency gains remain valued.

Flexible Capital Access (Equity Line)

A $75M equity line provides ongoing, flexible access to capital, which materially reduces immediate refinancing pressure and supports multi-month production ramp planning. This structural funding option improves execution optionality versus one-off financings.

Funding Directed to Manufacturing Readiness

Using proceeds specifically for validation, design-for-manufacturability, supplier engagement and long-lead tooling materially de-risks early production. Concrete investment in manufacturing capability signals progress from prototype toward repeatable low-volume production, improving execution viability.

Negative Factors

No Meaningful Revenue / Ongoing Losses

The company’s lack of established revenue and persistent operating losses mean the business is not self-sustaining. Over the medium term this forces continued capital raises, complicates scaling, and makes long-term viability contingent on successful commercialization and sustained demand.

Balance Sheet Weakness

A sharply higher debt load and negative equity materially reduce financial flexibility and elevate refinancing and covenant risks. Structurally, negative equity limits options during stress and makes future financing more dilutive or costly, raising medium-term solvency concerns.

Uncertain Grant Reimbursements (CEC)

Revised CEC milestones make previously anticipated non-dilutive funding uncertain. Loss or delay of grant reimbursements materially increases reliance on equity or credit markets to fund manufacturing milestones, heightening dilution risk and possibly delaying production timelines.

Aptera Motors Corp. Class B Business Overview & Revenue Model

Company Description

A solar-mobility company developing highly efficient solar electric vehicles (sEVs). Its flagship vehicle is a two-passenger, three-wheeled model designed for extreme efficiency, combining solar panels, lightweight materials, and aerodynamics. The company has not yet commenced mass production or generated revenue.

How the Company Makes Money

Aptera Motors Corp. Class B Financial Statement Overview

Summary

Financials are very weak: essentially no revenue, deeply negative operating profitability, and persistent negative operating/free cash flow. The 2024 balance sheet deterioration (sharp debt increase and significantly negative equity) heightens liquidity/refinancing risk and reduces financial flexibility.

Income Statement

The income statement is very weak: the company reports essentially no revenue across the available annual periods, while operating losses remain large (EBIT/EBITDA deeply negative). Profitability is not established, and the 2024 net income figure is a major outlier versus prior years’ losses, which reduces confidence in earnings quality as a signal of operating performance.

Balance Sheet

The balance sheet shows elevated financial risk. Total debt jumps sharply in 2024 while equity turns significantly negative, indicating a highly leveraged capital structure and limited balance-sheet flexibility. Assets are modest relative to the debt load, and negative equity increases vulnerability to funding and refinancing pressure.

Cash Flow

Cash flow remains pressured with consistently negative operating cash flow and negative free cash flow across all years shown, indicating ongoing cash burn. While 2024 operating cash outflow is smaller than some prior years, the business is not yet self-funding and continues to rely on external capital to sustain operations.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	100.00K	0.00	0.00	0.00	0.00	0.00
Gross Profit	43.00K	0.00	-449.00K	-252.00K	-14.59K	-1.84K
EBITDA	-985.00K	-398.00M	-58.61M	-81.48M	-96.51M	-4.19M
Net Income	6.63M	65.03B	-59.29M	-82.28M	-96.52M	-4.19M
Balance Sheet
Total Assets	3.96M	3.05B	38.41M	39.92M	24.24M	1.20M
Cash, Cash Equivalents and Short-Term Investments	2.25M	1.35B	16.97M	10.78M	19.33M	653.77K
Total Debt	588.00K	24.66B	3.41M	14.35M	59.60K	0.00
Total Liabilities	1.45M	25.73B	12.91M	22.96M	84.77M	2.21M
Stockholders Equity	2.51M	-22.68B	25.50M	16.96M	-60.53M	-1.01M
Cash Flow
Free Cash Flow	868.00K	-14.70M	-25.11M	-47.16M	-14.33M	-3.01M
Operating Cash Flow	868.00K	-14.70M	-19.68M	-35.86M	-14.02M	-3.01M
Investing Cash Flow	-20.00K	1.20M	-5.43M	-11.30M	-306.88K	0.00
Financing Cash Flow	11.02M	7.00M	31.31M	38.60M	33.01M	3.47M

Aptera Motors Corp. Class B Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
SSM	48 Neutral	$10.51M	0.02	―	―	-100.00%	―
EVTV	47 Neutral	$10.62M	-0.19	-267.76%	―	113.69%	-84.50%
WKHS	42 Neutral	$9.98M	-0.02	-162.44%	―	16.74%	81.14%
SEV	41 Neutral	$50.02M	-1.21	―	―	―	―
CENN	40 Neutral	$12.22M	-0.12	-30.79%	―	-56.89%	12.17%

Aptera Motors Corp. Class B Corporate Events

Aptera Motors Corp. Class B Announces Equity Offering

On January 22, 2026, Aptera Motors Corp. agreed to sell 4.5 million shares of its Class B common stock together with 4.5 million five-year common stock warrants in a best-efforts registered public offering priced at $2.00 per share and accompanying warrant, for expected gross proceeds of $9 million and net proceeds of about $8.2 million, with the deal scheduled to close around January 26, 2026. The company plans to use the funds to support general corporate purposes and key steps toward manufacturing readiness for its solar electric vehicle—including vehicle validation testing, design-for-manufacturability, production planning, supplier engagements and long-lead tooling—while agreeing to post-closing restrictions on additional share issuance and variable-rate financings, arrangements that shape its near-term capital-raising flexibility and underscore its focus on advancing toward planned start-of-production.

The most recent analyst rating on (SEV) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Aptera Motors Corp. Class B stock, see the SEV Stock Forecast page.

Aptera Motors Updates Investor Presentation and Communications

Aptera Motors Corp. Class B disclosed that, starting on or after January 9, 2026, it may use a new investor presentation in meetings with investors, analysts and other stakeholders, and that the slides, in substantially the same form, will be made available on the company’s website. The materials were furnished to the U.S. Securities and Exchange Commission for informational purposes rather than filed as part of its formal reporting, signaling a move to enhance investor communications without altering the company’s existing regulatory disclosure framework.

The most recent analyst rating on (SEV) stock is a Hold with a $4.50 price target. To see the full list of analyst forecasts on Aptera Motors Corp. Class B stock, see the SEV Stock Forecast page.

Aptera Motors Faces Revised CEC Milestone Requirements

Aptera Motors Corp. has been in discussions with the California Energy Commission (CEC) regarding adjustments to its milestone schedule requirements. On November 18, 2025, the CEC revised these milestones, ensuring the grant agreement remains intact but altering the reimbursement process to be contingent on meeting the new milestones. Consequently, Aptera does not expect further reimbursements from the CEC in 2025, and there is uncertainty about meeting the milestones to secure the full grant disbursements.

Aptera Motors Lists on Nasdaq, Secures $75M Credit

Aptera Motors Corp. reported a GAAP net loss of $5.5 million for Q3 2025 and a nine-month net loss of $28.4 million. The company recognized $2.5 million in other income for the quarter, mainly from a California Energy Commission grant, and ended the quarter with $12 million in cash. Aptera has recently listed on Nasdaq and secured a $75 million equity line of credit to support its transition to low-volume production, although its cash position raises concerns about its ability to continue as a going concern.

Aptera Motors Secures $75M Equity Line Facility

On November 13, 2025, Aptera Motors Corp. announced the effectiveness of its S-1 Registration Statement for a $75 million equity line of credit facility with New Circle Principal Investments LLC. This facility allows Aptera to sell up to $75 million of its Class B common stock, providing flexible capital access to support its operational and strategic goals, including the production of its Launch Edition vehicles.