Aptera Motors (SEV)
Market Price (7/30/2026): $1.67 | Market Cap: $53.7 MilSector: Consumer Discretionary | Industry: Automobile Manufacturers
Aptera Motors (SEV)
Market Price (7/30/2026): $1.67Market Cap: $53.7 MilSector: Consumer DiscretionaryIndustry: Automobile Manufacturers
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -29% Megatrend and thematic driversMegatrends include Electric Vehicles & Autonomous Driving, Renewable Energy Transition, and Advanced Materials. Themes include EV Manufacturing, Show more. | Weak multi-year price returns2Y Excs Rtn is -127%, 3Y Excs Rtn is -153% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -47 Mil Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -85% High stock price volatilityVol 12M is 138% Key risksSEV key risks include [1] its critical need for capital, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -29% |
| Megatrend and thematic driversMegatrends include Electric Vehicles & Autonomous Driving, Renewable Energy Transition, and Advanced Materials. Themes include EV Manufacturing, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -127%, 3Y Excs Rtn is -153% |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -47 Mil |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -85% |
| High stock price volatilityVol 12M is 138% |
| Key risksSEV key risks include [1] its critical need for capital, Show more. |
Qualitative Assessment
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Aptera Motors (SEV) stock has lost about 35% since 3/31/2026 because of the following key factors:
1. Significant Going Concern Uncertainty and High Capital Requirements.
Aptera Motors reported a GAAP net loss of $10.2 million for fiscal Q1 2026, which ended on March 31, 2026, with no revenue. The company disclosed that its cash and cash equivalents of $17.7 million at the end of fiscal Q1 2026 were insufficient to fund operations for the subsequent 12 months, triggering a "going concern" warning. Management estimated substantial additional capital needs, projecting $45–$50 million to achieve low-volume production and a further $140–$160 million for high-volume output.
2. Continuous Share Dilution through Warrant Exercises.
The company has frequently resorted to warrant exercises to raise capital. For instance, on July 10, 2026, Aptera announced the immediate exercise of previously issued March 2026 warrants, generating approximately $5.7 million in gross proceeds. In return, Aptera also issued 4,162,500 new, unregistered warrants with an exercise price of $2.25, leading to potential future share dilution. This specific transaction led to a 12.56% decline in SEV stock on the day it was announced.
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Aptera Motors (SEV) stock has lost about 35% since 3/31/2026 because of the following key factors:
1. Significant Going Concern Uncertainty and High Capital Requirements.
Aptera Motors reported a GAAP net loss of $10.2 million for fiscal Q1 2026, which ended on March 31, 2026, with no revenue. The company disclosed that its cash and cash equivalents of $17.7 million at the end of fiscal Q1 2026 were insufficient to fund operations for the subsequent 12 months, triggering a "going concern" warning. Management estimated substantial additional capital needs, projecting $45–$50 million to achieve low-volume production and a further $140–$160 million for high-volume output.
2. Continuous Share Dilution through Warrant Exercises.
The company has frequently resorted to warrant exercises to raise capital. For instance, on July 10, 2026, Aptera announced the immediate exercise of previously issued March 2026 warrants, generating approximately $5.7 million in gross proceeds. In return, Aptera also issued 4,162,500 new, unregistered warrants with an exercise price of $2.25, leading to potential future share dilution. This specific transaction led to a 12.56% decline in SEV stock on the day it was announced.
3. Production Delays and Revised Delivery Timelines.
Despite Aptera announcing the completion of five validation vehicles from its low-volume assembly line on May 12, 2026, the previously communicated target for initial customer deliveries in June 2026 was deemed unlikely by mid-June 2026. Analysts subsequently projected initial customer deliveries to shift to 2027, with full production anticipated in 2028, pushing out revenue generation expectations.
4. Challenging Broader Electric Vehicle Market Conditions.
The U.S. electric vehicle market faced significant macroeconomic headwinds during this period. Q2 2026 EV sales experienced a 20.5% year-over-year decline compared to Q2 2025, largely attributed to reduced policy support after federal EV tax credits ceased in late 2025. This softer market demand created a more difficult operating environment for emerging manufacturers like Aptera.
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Stock Movement Drivers
Fundamental Drivers
The -37.0% change in SEV stock from 3/31/2026 to 7/29/2026 was primarily driven by a -12.9% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 3312026 | 7292026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.65 | 1.67 | -37.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 28 | 32 | -12.9% |
| Cumulative Contribution | 0.0% |
Market Drivers
3/31/2026 to 7/29/2026| Return | Correlation | |
|---|---|---|
| SEV | -37.0% | |
| Market (SPY) | 12.2% | 23.2% |
| Sector (XLY) | 2.4% | 25.7% |
Fundamental Drivers
The -61.1% change in SEV stock from 12/31/2025 to 7/29/2026 was primarily driven by a -14.9% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 12312025 | 7292026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.29 | 1.67 | -61.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 0 | 0.0% |
| P/S Multiple | � | ∞ | 0.0% |
| Shares Outstanding (Mil) | 27 | 32 | -14.9% |
| Cumulative Contribution | 0.0% |
Market Drivers
12/31/2025 to 7/29/2026| Return | Correlation | |
|---|---|---|
| SEV | -61.1% | |
| Market (SPY) | 7.3% | 11.1% |
| Sector (XLY) | -6.3% | 6.5% |
Fundamental Drivers
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Market Drivers
6/30/2025 to 7/29/2026| Return | Correlation | |
|---|---|---|
| SEV | -92.4% | |
| Market (SPY) | 19.1% | 9.6% |
| Sector (XLY) | 3.3% | 8.1% |
Fundamental Drivers
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Market Drivers
6/30/2023 to 7/29/2026| Return | Correlation | |
|---|---|---|
| SEV | -92.4% | |
| Market (SPY) | 70.4% | 9.6% |
| Sector (XLY) | 34.4% | 8.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SEV Return | 0% | 0% | 0% | 0% | -80% | -62% | -92% |
| Peers Return | 111% | -76% | 30% | -3% | -2% | -24% | -53% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 98% |
Monthly Win Rates [3] | |||||||
| SEV Win Rate | 0% | 0% | 0% | 0% | 0% | 57% | |
| Peers Win Rate | 56% | 28% | 50% | 44% | 50% | 43% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| SEV Max Drawdown | 0% | 0% | 0% | 0% | -80% | -71% | |
| Peers Max Drawdown | -53% | -81% | -49% | -53% | -51% | -43% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: TSLA, RIVN, LCID.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/29/2026 (YTD)
How Low Can It Go
| Event | SEV | S&P 500 |
|---|---|---|
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -20.6% | -12.2% |
| % Gain to Breakeven | 26.0% | 13.9% |
| Time to Breakeven | 8 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -31.0% | -17.9% |
| % Gain to Breakeven | 44.9% | 21.8% |
| Time to Breakeven | 265 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -18.0% | -15.4% |
| % Gain to Breakeven | 21.9% | 18.2% |
| Time to Breakeven | 9 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -81.8% | -53.4% |
| % Gain to Breakeven | 449.0% | 114.4% |
| Time to Breakeven | 643 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -23.9% | -8.6% |
| % Gain to Breakeven | 31.4% | 9.5% |
| Time to Breakeven | 2359 days | 47 days |
In The Past
Aptera Motors's stock fell -4.7% during the 2016-2017 Trump Reflation Bond Selloff. Such a loss loss requires a 4.9% gain to breakeven.
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Asset Allocation
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| Event | SEV | S&P 500 |
|---|---|---|
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -20.6% | -12.2% |
| % Gain to Breakeven | 26.0% | 13.9% |
| Time to Breakeven | 8 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -31.0% | -17.9% |
| % Gain to Breakeven | 44.9% | 21.8% |
| Time to Breakeven | 265 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -81.8% | -53.4% |
| % Gain to Breakeven | 449.0% | 114.4% |
| Time to Breakeven | 643 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -23.9% | -8.6% |
| % Gain to Breakeven | 31.4% | 9.5% |
| Time to Breakeven | 2359 days | 47 days |
In The Past
Aptera Motors's stock fell -4.7% during the 2016-2017 Trump Reflation Bond Selloff. Such a loss loss requires a 4.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Aptera Motors (SEV)
Sevcon, Inc. is a company that designs and sells essential electronic components primarily focused on motor control and power management systems for a variety of industries. The company's core offerings are critical for the functionality of electrically powered vehicles and electronic equipment, positioning it as a key supplier in the electric power technology sector.
The company's operations are divided into three main segments. Its Electronic Controls segment produces microprocessor-based control systems vital for a broad spectrum of electric vehicles, including cars, trucks, buses, motorcycles, forklifts, and industrial machinery. The Capacitors segment manufactures specialized metalized film capacitors, which are used as components in power electronics, signaling, and audio equipment. Lastly, the Battery Chargers segment designs and sells chargers for electric vehicles, power management systems, and uninterrupted power source (UPS) applications.
Sevcon's primary customer base includes manufacturers of electric vehicles and electronic equipment across various sectors. Its products serve diverse markets such as automotive, industrial (e.g., forklifts, mining vehicles), medical, and telecommunications. With a global presence, Sevcon distributes its solutions to customers in the United States, the United Kingdom, France, South Korea, Japan, and China.
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- Microprocessor-based Control Systems: These systems are used in a wide range of on and off-road electric vehicles, including cars, trucks, buses, and industrial vehicles.
- Special Metalized Film Capacitors: These components are sold to electronic equipment manufacturers for use in power electronics, signaling, and audio equipment.
- Battery Chargers: The company designs and manufactures battery chargers for electric vehicles, power management systems, uninterrupted power sources, and electronic instrumentation for battery laboratories.
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Key Risks to Aptera Motors (SEV)
- Financial Viability and Scaling Manufacturing: Aptera Motors faces significant challenges related to its financial viability and ability to scale manufacturing. The company has a history of financial difficulties, including a prior bankruptcy in 2011 due to financing problems. As of September 30, 2025, Aptera's cash position raised substantial doubt about its capacity to continue as a going concern without additional financing. The company requires significant capital to transition from prototype development to mass production, with an estimated need of $60 million for low-volume production alone. Despite recent capital raises through public offerings and warrant exercises in early 2026, these funds are primarily intended for validation and manufacturing readiness, not full-scale production.
- Supply Chain Disruptions and Tariff Impacts: Aptera is vulnerable to supply chain delays and disruptions. The company's reliance on international suppliers for critical components, such as Italian-made composite bodies and chassis, and South Korean battery cells, exposes it to geopolitical and economic risks. New tariffs, such as those recently implemented in the U.S., could dramatically increase production costs for these essential components. These increased costs would likely be passed on to consumers, leading to higher vehicle prices and potentially slowing reservations and sales.
- Market Acceptance and Competition in the Three-Wheeled EV Niche: The market for three-wheeled electric vehicles has historically been challenging, with some industry observers expressing doubts about its broad market viability. Aptera, as a new entrant, faces stiff competition from established automakers that possess loyal customer bases and deep financial reserves, allowing them to better weather economic downturns. An uncertain economic climate or a potential global trade war could contract the overall automotive market, further hindering a startup like Aptera in gaining market share.
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Research & Analysis
Invest in Strategies
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 12.14 |
| Mkt Cap | 11.5 |
| Rev LTM | 3,465 |
| Op Inc LTM | -1,904 |
| FCF LTM | -1,530 |
| FCF 3Y Avg | -3,500 |
| CFO LTM | -657 |
| CFO 3Y Avg | -2,181 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.8% |
| Rev Chg 3Y Avg | 30.0% |
| Rev Chg Q | 20.2% |
| QoQ Delta Rev Chg LTM | 3.5% |
| Op Inc Chg LTM | -22.2% |
| Op Inc Chg 3Y Avg | -11.7% |
| Op Mgn LTM | -68.9% |
| Op Mgn 3Y Avg | -87.5% |
| QoQ Delta Op Mgn LTM | -2.4% |
| CFO/Rev LTM | -23.4% |
| CFO/Rev 3Y Avg | -42.9% |
| FCF/Rev LTM | -55.0% |
| FCF/Rev 3Y Avg | -68.3% |
Price Behavior
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.15 | 1.05 | 1.30 | 1.16 | 1.19 | 0.27 |
| Up Beta | 1.06 | 0.97 | 0.98 | 3.02 | 1.56 | 0.25 |
| Down Beta | 1.84 | 2.41 | 2.27 | 2.79 | 2.71 | 0.53 |
| Up Capture | 143% | 6% | 68% | -60% | -40% | -4% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 9 | 18 | 27 | 57 | 76 | 76 |
| Down Capture | 57% | 105% | 170% | 74% | 159% | 86% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 11 | 22 | 31 | 62 | 94 | 94 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SEV | |
|---|---|---|---|---|
| SEV | -79.3% | 139.4% | -0.80 | - |
| Sector ETF (XLY) | -0.7% | 19.3% | -0.16 | 8.1% |
| Equity (SPY) | 15.6% | 12.8% | 0.86 | 9.6% |
| Gold (GLD) | 21.6% | 28.1% | 0.68 | 6.8% |
| Commodities (DBC) | 31.5% | 19.7% | 1.27 | 13.0% |
| Real Estate (VNQ) | 15.9% | 14.0% | 0.82 | 7.3% |
| Bitcoin (BTCUSD) | -46.1% | 42.9% | -1.32 | 13.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SEV | |
|---|---|---|---|---|
| SEV | -26.9% | 139.4% | -0.80 | - |
| Sector ETF (XLY) | 5.1% | 24.0% | 0.18 | 8.1% |
| Equity (SPY) | 12.4% | 17.1% | 0.55 | 9.6% |
| Gold (GLD) | 17.1% | 18.4% | 0.75 | 6.8% |
| Commodities (DBC) | 9.3% | 19.5% | 0.36 | 13.0% |
| Real Estate (VNQ) | 2.9% | 18.9% | 0.05 | 7.3% |
| Bitcoin (BTCUSD) | 14.7% | 53.3% | 0.46 | 13.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SEV | |
|---|---|---|---|---|
| SEV | -11.5% | 107.9% | -0.14 | - |
| Sector ETF (XLY) | 11.8% | 22.1% | 0.49 | 8.9% |
| Equity (SPY) | 14.7% | 17.9% | 0.70 | 9.3% |
| Gold (GLD) | 11.3% | 16.1% | 0.57 | 5.6% |
| Commodities (DBC) | 7.1% | 18.0% | 0.32 | 11.1% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 7.7% |
| Bitcoin (BTCUSD) | 57.7% | 66.2% | 0.98 | 6.9% |
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Earnings Returns History
Updated 7/13/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/13/2026 | -0.4% | -6.9% | -13.1% |
| 11/17/2025 | -1.2% | -7.7% | -25.2% |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 2 | 2 | 2 |
| Median Positive | |||
| Median Negative | -0.8% | -7.3% | -19.1% |
| Max Positive | |||
| Max Negative | -1.2% | -7.7% | -25.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/13/2026 | -0.4% | -6.9% | -13.1% |
| 11/17/2025 | -1.2% | -7.7% | -25.2% |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 2 | 2 | 2 |
| Median Positive | |||
| Median Negative | -0.8% | -7.3% | -19.1% |
| Max Positive | |||
| Max Negative | -1.2% | -7.7% | -25.2% |
Insider Activity
Updated 5/21/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Johnson, Michael Edious | Michael Johnson Properties, Ltd. | Sell | 4212026 | 3.09 | 48,500 | 149,957 | 15,386,148 | Form | |
| 2 | Johnson, Michael Edious | Michael Johnson Properties, Ltd. | Sell | 1292026 | 1.41 | 38,000 | 53,519 | 7,076,895 | Form | |
| 3 | Johnson, Michael Edious | Michael Johnson Properties, Ltd. | Sell | 1072026 | 4.59 | 11,500 | 52,785 | 23,238,142 | Form | |
| 4 | Johnson, Michael Edious | Michael Johnson Properties, Ltd. | Sell | 1072026 | 4.60 | 10,500 | 48,342 | 23,361,967 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Johnson, Michael Edious | Michael Johnson Properties, Ltd. | Sell | 4212026 | 3.09 | 48,500 | 149,957 | 15,386,148 | Form | |
| 2 | Johnson, Michael Edious | Michael Johnson Properties, Ltd. | Sell | 1292026 | 1.41 | 38,000 | 53,519 | 7,076,895 | Form | |
| 3 | Johnson, Michael Edious | Michael Johnson Properties, Ltd. | Sell | 1072026 | 4.59 | 11,500 | 52,785 | 23,238,142 | Form | |
| 4 | Johnson, Michael Edious | Michael Johnson Properties, Ltd. | Sell | 1072026 | 4.60 | 10,500 | 48,342 | 23,361,967 | Form |
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Automobile Manufacturers Resources |
| MotorTrend |
| Car and Driver |
| The Drive |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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