SEV · Aptera Motors Corp.

Aptera Motors Corp. reported significantly wider GAAP net losses for Q4 and full year 2025 compared to prior periods, primarily driven by elevated operating expenses of $15.1 million in Q4 (up from $10.0 million) and $48.1 million for the full year (up from $37.1 million). Non-GAAP adjusted net losses, which exclude stock-based compensation and public company transition costs, showed a narrower Q4 gap but still reflected ongoing investments. Key adjustments included $6.1 million in Q4 stock-based compensation across G&A and R&D, plus $0.7 million in transition costs, and $24.3 million plus $1.1 million for the full year. Other income of $4.2 million for 2025, mainly from a California Energy Commission grant, partially offset expenses. Cash position ended at $9.6 million, signaling liquidity pressure amid the transition to public markets and validation assembly line build-out. Co-CEO Chris Anthony highlighted focus on durability testing and securing long-lead components with $17.1 million raised in early 2026 ($9.0 million public offering, $8.1 million warrants), plus ELOC access. Facility enhancements like FTZ designation and lease extension to 2028 support manufacturing ramp. No specific guidance provided, but emphasis on phased low-volume production underscores capital needs and execution risks detailed in the 10-K.