The company has recorded zero revenue over the last five quarters, while operating losses reached a peak of $15.1 million in 2025Q4, highlighting a lack of commercial traction.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - |
| Cost of Goods Sold | 322K | 566K | 0 | 449K | 252K | 14.59K | 1.84K |
| COGS % of Revenue | - | - | - | - | - | - | - |
| Gross Profit | -322K | -566K | 0 | -449K | -252K | -14.59K | -1.84K |
| Gross Margin % | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | 100% | -78.17% | -1627.57% | -692.77% | - |
| Operating Expenses | 46.36M | 47.54M | 6.44B | 60.7M | 61.22M | 18.87M | 4.19M |
| OpEx % of Revenue | - | - | - | - | - | - | - |
| Selling, General & Admin | 22.46M | 5.95B | 5.33B | 37.32M | 20.59M | 7.39M | 858.61K |
| SG&A % of Revenue | - | - | - | - | - | - | - |
| Research & Development | 23.8M | 1.82B | 1.12B | 23.37M | 40.63M | 11.47M | 3.33M |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | 89K | -7.72B | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -46.68M | -48.11M | -398M | -61.14M | -61.48M | -18.88M | -4.19M |
| Operating Margin % | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 87.91% | -550.92% | 0.54% | -225.61% | -350.71% | - |
| EBITDA | -46.06M | -47.54M | -398M | -60.7M | -61.22M | -18.87M | -4.19M |
| EBITDA Margin % | - | - | - | - | - | - | - |
| EBITDA Growth % | - | 88.05% | -555.74% | 0.86% | -224.53% | -350.56% | - |
| D&A (Non-Cash Add-back) | 618K | 566K | 0 | 449K | 252K | 14.59K | 1.84K |
| EBIT | -46.68M | -48.11M | 65.03B | -59.06M | -81.73M | -96.52M | -4.19M |
| Net Interest Income | 0 | 600K | 0 | 1.2M | 0 | 16.23K | 0 |
| Interest Income | 0 | 600K | 0 | 1.2M | 0 | 16.23K | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 3.44M | 4.2M | 65.42B | 2.09M | -20.25M | -77.64M | 0 |
| Pretax Income | -43.23M | -43.91M | 65.03B | -59.06M | -81.73M | -96.52M | -4.19M |
| Pretax Margin % | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -43.23M | -43.91M | 65.03B | -59.29M | -82.28M | -96.52M | -4.19M |
| Net Margin % | - | - | - | - | - | - | - |
| Net Income Growth % | - | -100.07% | 109770.78% | 27.94% | 14.76% | -2204.23% | - |
| Net Income (Continuing) | -43.23M | -43.91M | 65.03B | -59.06M | -81.73M | -96.52M | -4.19M |
| Discontinued Operations | 0 | 0 | 0 | -235K | -548K | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.34 | -1.79 | 3.77 | -2.17 | -3.01 | -3.53 | -0.15 |
| EPS Growth % | - | -147.48% | 273.73% | 27.91% | 14.73% | -2253.33% | - |
| EPS (Basic) | - | -1.79 | 44.86 | -2.17 | -3.01 | -3.53 | -0.15 |
| Diluted Shares Outstanding | 32.15M | 8.03M | 17.25M | 27.37M | 27.37M | 27.37M | 27.37M |
| Basic Shares Outstanding | 32.15M | 1.46M | 1.45M | 27.37M | 27.37M | 27.37M | 27.37M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Pre-production execution failure
As indicated by the provided financial data, the company has recorded zero revenue over the last five quarters, confirming that the business remains in a pre-revenue developmental phase with no current commercial traction or evidence of unit sales to date.
The absence of top-line growth highlights the significant gap between the company's stated reservation interest and actual market delivery. Investors should monitor whether the lack of revenue reflects prolonged engineering delays or a fundamental inability to transition from prototype to mass-market production.
Based on the reported income statement figures, the company consistently incurs significant R&D and SG&A expenses, with quarterly operating losses reaching as high as $15.1 million in 2025Q4, reflecting a high-burn cost structure typical of early-stage hardware manufacturing ventures.
The persistent reliance on R&D spending suggests that the company is still heavily engaged in iterative design rather than scaling production. This cost structure warrants further investigation into whether these expenditures are successfully driving the company toward a viable production-intent vehicle or merely sustaining overhead.
According to the financial statements, the company's net income remains deeply negative, with quarterly losses ranging from $5.5 million to $15.5 million, further complicated by inconsistent stock-based compensation charges that reached $6.1 million in 2025Q4, potentially diluting the value for existing shareholders.
The presence of significant stock-based compensation during a period of zero revenue suggests that management is utilizing equity to preserve cash, which may mask the true cost of operations. Analysts should scrutinize these non-cash items to determine the actual cash burn rate versus the reported net loss.
As reported in recent filings, the company's consistent quarterly operating losses suggest a rapid depletion of liquidity, which may necessitate further dilutive capital raises before the company can achieve the scale required for sustainable, positive gross margins in its niche three-wheeler segment.
The reliance on external funding to cover recurring operating losses creates a precarious position where any delay in production milestones could lead to a liquidity crisis. Investors should remain cautious, as the current burn rate appears unsustainable without a clear path to revenue generation in the near term.
Quick answers to the most common questions about buying SEV stock.
For fiscal year 2025, Aptera Motors Corp. (SEV) reported total revenue of $0.0M.
Aptera Motors Corp. (SEV) reported a net loss of $43.9M for the fiscal year ending 2025.