Persistent negative free cash flow, ranging from $3.6 million to $7.9 million per quarter, indicates a structural inability to self-fund operations without external capital injections.
| Cash from Operations | -19.59M | -15.26M | -14.7M | -19.68M | -35.86M | -14.02M | -3.01M |
| Operating CF Margin % | - | - | - | - | - | - | - |
| Operating CF Growth % | -121.69% | -3.8% | 25.32% | 45.11% | -155.78% | -365.64% | - |
| Net Income | -43.23M | 0 | 65.03B | -59.06M | -81.73M | -96.52M | -4.19M |
| Depreciation & Amortization | 618K | 0 | 0 | 449K | 252K | 14.59K | 1.84K |
| Stock-Based Compensation | 8.53M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 13.07M | -19.03M | -65.04B | 39.08M | 38.99M | 82.9M | 1.13M |
| Working Capital Changes | 1.43M | 3.77M | 0 | -152K | 6.63M | -411.02K | 43.2K |
| Change in Receivables | 699K | 855K | 0 | -345K | -67K | 416.72K | -435.31K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 146K | 1.42M | 0 | 2.47M | 905K | 0 | 0 |
| Cash from Investing | -1.46M | -1.43M | 1.2M | -5.43M | -11.3M | -306.88K | 0 |
| Capital Expenditures | -1.46M | -1.43M | 0 | -5.43M | -11.3M | -306.88K | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 1.2M | 0 | 0 | 0 | 0 |
| Cash from Financing | 28.03M | 13.14M | 7M | 31.31M | 38.6M | 33.01M | 3.47M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | -60K | 0 | 0 |
| Equity Issued (Net) | 28.62M | 13.14M | 0 | 31.31M | 38.61M | 30.83M | 3.2M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -592K | 0 | 7M | 0 | 53K | 2.18M | 274.17K |
| Net Change in Cash | 6.97M | -3.55M | -6M | 6.19M | -8.56M | 18.68M | 463.39K |
| Free Cash Flow | -21.05M | -16.69M | -14.7M | -25.11M | -47.16M | -14.33M | -3.01M |
| FCF Margin % | - | - | - | - | - | - | - |
| FCF Growth % | - | -13.55% | 41.47% | 46.75% | -229.21% | -375.83% | - |
| FCF per Share | -0.65 | -2.08 | -0.85 | -0.92 | -1.72 | -0.52 | -0.11 |
| FCF Conversion (FCF/Net Income) | 0.49x | 0.35x | -0.00x | 0.33x | 0.44x | 0.15x | 0.72x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Pre-production execution failure
According to the provided financial data, the company exhibits a persistent disconnect between net income and operating cash flow, with the OCF/NI ratio fluctuating between 0.28 and 0.77, suggesting that non-cash items and working capital swings significantly distort the underlying cash burn profile of the business.
The wide variance in the OCF/NI ratio indicates that reported net losses are not a clean proxy for actual cash depletion. Investors should monitor these fluctuations closely, as they may imply that the company's cash position is highly sensitive to timing differences in payables and accruals rather than core operational efficiency.
As reported in recent financial statements, the company has consistently generated negative free cash flow across all five observed quarters, with quarterly outflows ranging from $3.6 million to $7.9 million, confirming a structural inability to self-fund operations in the absence of any meaningful revenue generation.
The lack of positive free cash flow is expected for a pre-revenue entity, yet the trend shows no signs of stabilization or improvement. This trajectory suggests that the company remains entirely dependent on external financing to sustain its current R&D and administrative overhead.
Based on the reported figures, capital expenditures remain remarkably low, peaking at only $740,000 in 2025Q3, which appears inconsistent with the massive infrastructure requirements typically associated with transitioning from prototype development to full-scale automotive manufacturing for a new vehicle platform.
The minimal capital outlay may indicate that the company has not yet committed to the heavy industrial tooling necessary for mass production. This warrants further investigation into whether the current cash reserves are being preserved for future capital intensity or if the production timeline is being delayed.
As indicated by the quarterly cash flow statements, working capital changes have been highly erratic, swinging from a $4.9 million inflow in 2025Q4 to a $1.3 million outflow in 2025Q2, reflecting the unstable nature of cash management in a pre-revenue, development-stage hardware environment.
These swings suggest that the company's cash position is heavily influenced by the timing of vendor payments and potentially the receipt of customer deposits. Investors should be cautious, as these working capital movements do not represent sustainable operational improvements but rather the inherent volatility of a startup's cash cycle.
Based on the provided data, stock-based compensation reached $6.1 million in 2025Q4, a significant non-cash expense that effectively masks the true economic cost of operations and complicates the assessment of the company's actual cash burn rate relative to its stated net losses.
The reliance on equity-based incentives may help preserve cash in the short term, but it introduces significant dilution risk for shareholders. Analysts should adjust the burn rate to account for these non-cash charges to better understand the true economic cost of the company's current development phase.
Quick answers to the most common questions about buying SEV stock.
Aptera Motors Corp. (SEV) generated $-15.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Aptera Motors Corp. (SEV) reported negative free cash flow of $16.7M in 2025, indicating capital requirements exceeded cash from operations.
Aptera Motors Corp. (SEV) spent $1.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.