The balance sheet exhibits extreme instability, with total assets fluctuating from $1.4 billion in 2025Q4 to $39.0 million in 2026Q1, while retained earnings have eroded to a $331.5 million deficit.
| Total Current Assets | 18.21M | 756M | 2.29B | 17.73M | 11.64M | 20.16M | 1.14M |
| Cash & Short-Term Investments | 17.72M | 206M | 1.35B | 16.97M | 10.78M | 19.33M | 653.77K |
| Cash Only | 17.72M | 206M | 1.35B | 16.97M | 10.78M | 19.33M | 653.77K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 345K | 86K | 18.6K | 435.31K |
| Days Sales Outstanding | - | - | - | - | - | - | - |
| Inventory | 0 | 329M | 304M | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 93.32K | 212.16K | - | - | - | - | - |
| Other Current Assets | 492K | 221M | 634M | 415K | 775K | 804.98K | 0 |
| Total Non-Current Assets | 20.77M | 668M | 759M | 20.68M | 28.28M | 4.09M | 64.51K |
| Property, Plant & Equipment | 19.72M | 668M | 759M | 17.57M | 23.18M | 358.4K | 6.51K |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 12K | 0 | 0 | 814K | 0 | 984.51K | 0 |
| Other Non-Current Assets | 1.05M | 0 | 0 | 2.29M | 5.11M | 2.74M | 58K |
| Total Assets | 38.98M | 1.42B | 3.05B | 38.41M | 39.92M | 24.24M | 1.2M |
| Asset Turnover | 0.00x | - | - | - | - | - | - |
| Asset Growth % | 23.71% | -53.33% | 7844.28% | -3.79% | 64.66% | 1918.53% | - |
| Total Current Liabilities | 8.11M | 1.03B | 25.16B | 10.39M | 10.24M | 3.26M | 583.99K |
| Accounts Payable | 620K | 0 | 0 | 4.78M | 2.31M | 0 | 0 |
| Days Payables Outstanding | 175.7 | - | - | 3.89K | 3.35K | - | - |
| Short-Term Debt | 1.1M | 70M | 24.09B | 915K | 1.64M | 59.6K | 0 |
| Deferred Revenue (Current) | 13.18M | 5M | 0 | 3.86M | 3.31M | 1.24M | 0 |
| Other Current Liabilities | 2.31M | 952M | 1.07B | 835K | 2.98M | 1.96M | 583.99K |
| Current Ratio | 2.25x | 0.74x | 0.09x | 1.71x | 1.14x | 6.19x | 1.95x |
| Quick Ratio | 2.25x | 0.42x | 0.08x | 1.71x | 1.14x | 6.19x | 1.95x |
| Cash Conversion Cycle | 93.15K | - | - | - | - | - | - |
| Total Non-Current Liabilities | 1.23M | 504M | 572M | 2.51M | 12.72M | 81.51M | 1.63M |
| Long-Term Debt | 0 | 504M | 572M | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 2.12M | 0 | 0 | 2.5M | 12.71M | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 15K | 0 | 0 | 15K | 15K | 81.51M | 1.63M |
| Total Liabilities | 9.34M | 1.53B | 25.73B | 12.91M | 22.96M | 84.77M | 2.21M |
| Total Debt | 2.31M | 574M | 24.66B | 3.41M | 14.35M | 59.6K | 0 |
| Net Debt | -15.41M | 368M | 23.31B | -13.55M | 3.57M | -19.27M | -653.77K |
| Debt / Equity | 0.08x | - | - | 0.13x | 0.85x | - | - |
| Debt / EBITDA | -0.05x | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.33x | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - |
| Total Equity | 29.64M | -107M | 0 | 25.5M | 16.96M | -60.53M | -1.01M |
| Equity Growth % | 26.98% | - | -100% | 50.37% | 128.02% | -5872.82% | - |
| Book Value per Share | 0.92 | -13.32 | -1314.47 | 0.93 | 0.62 | -2.21 | -0.04 |
| Total Shareholders' Equity | 29.64M | -107M | -22.68B | 25.5M | 16.96M | -60.53M | -1.01M |
| Common Stock | 4K | 14M | 28M | 7K | 7K | 5.96K | 5.12K |
| Retained Earnings | -331.51M | -317.41B | -321.43B | -242.5M | -183.21M | -100.94M | -4.41M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Pre-production capital exhaustion
As reported in financial statements, the company's total assets fluctuated wildly from $34.5 million in 2025Q2 to $1.4 billion in 2025Q4 before contracting to $39.0 million in 2026Q1, indicating a highly unstable capital structure that lacks the consistency required for long-term industrial planning.
The extreme variance in asset and liability levels suggests significant accounting adjustments or potential misclassifications rather than organic business growth. Investors should monitor whether these fluctuations represent genuine capital deployment or merely the impact of erratic financing activities that fail to support a stable path to production.
Based on the most recent 2026Q1 filings, the company holds $17.7 million in cash against a current ratio of 2.25, which appears insufficient given the historical quarterly burn rates observed in prior periods and the capital-intensive nature of automotive manufacturing.
While the current ratio suggests a temporary ability to cover short-term obligations, the absolute cash balance is likely inadequate to fund the transition to full-scale assembly. The reliance on external capital to maintain this liquidity buffer warrants extreme caution regarding potential future dilution.
According to the provided balance sheet data, net property, plant, and equipment (PPE) stood at $19.7 million in 2026Q1, a figure that appears disproportionately low for a company attempting to establish a proprietary manufacturing line for a new vehicle platform.
The minimal investment in tangible production assets suggests that the company has not yet achieved the industrial footprint necessary for commercial viability. This lack of meaningful PPE investment implies that the company remains in a research-heavy phase rather than a true manufacturing-ready state.
As indicated by the reported figures, the company's retained earnings have plummeted to a deficit of $331.5 million by 2026Q1, reflecting the cumulative impact of sustained operating losses that continue to erode the underlying shareholder equity base.
The consistent decline in retained earnings highlights the structural difficulty of funding R&D without a corresponding revenue stream. This trend suggests that the company is effectively consuming its equity to survive, which may limit future financing options if production milestones are not met.
Based on the 2025Q4 data, the sudden spike in total liabilities to $1.5 billion, which subsequently corrected in 2026Q1, suggests that the balance sheet is subject to significant distortions that may mask the true extent of the company's financial obligations.
The presence of such extreme, short-lived liability spikes warrants further investigation into whether these figures represent actual debt, contingent liabilities, or accounting artifacts. Investors should be wary of relying on headline equity figures when the underlying liability structure appears this volatile and opaque.
Quick answers to the most common questions about buying SEV stock.
As of 2025, Aptera Motors Corp. (SEV) had total assets of $1.42B including $756.0M in current assets.
Aptera Motors Corp. (SEV) carries total debt of $574.0M, offset by $206.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Aptera Motors Corp. (SEV) has total shareholders' equity (book value) of $-107.0M ($-13.32 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Aptera Motors Corp. (SEV) reported a current ratio of 0.74x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.