SEV · Aptera Motors Corp.

Aptera Motors Corp. reported a Q1 2026 GAAP net loss of $10.2 million, a slight improvement from $10.9 million in Q1 2025, primarily driven by operating expenses of $10.3 million versus $11.2 million prior year, offset by lower other income of $0.1 million compared to $0.3 million. The adjusted non-GAAP net loss widened to $6.2 million from $4.8 million, after excluding $3.4 million in stock-based compensation and a $0.6 million Zaptera litigation settlement charge recognized in the period but settled non-cash in April. Management highlighted disciplined execution, with capital deployed toward long-lead components, safety testing, and engineering for production readiness. Co-CEO Chris Anthony emphasized strengthening the balance sheet via $17.1 million raised from a follow-on public offering and warrant exercises, ending the quarter with $17.7 million in cash and equivalents, up from $10.7 million last year. Organizationally, active headcount expanded 54% year-over-year to 57 employees, with engineering roles tripling to support vehicle build and assembly. Post-quarter, the company achieved a milestone by driving the first five validation vehicles off its Carlsbad low-volume assembly line, advancing toward customer deliveries. Approximately 49,000 reservation holders underscore demand potential, while access to an equity line of credit provides additional liquidity options. The resolution of Zaptera litigation eliminates a legacy overhang. These developments signal operational progress amid ongoing funding needs, with forward-looking statements noting risks around supply chain, capital access, and production scaling.