Aptera Motors (SEV)
Market Price (5/25/2026): $2.485 | Market Cap: $79.9 MilSector: Consumer Discretionary | Industry: Automobile Manufacturers
Aptera Motors (SEV)
Market Price (5/25/2026): $2.485Market Cap: $79.9 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 -19% 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 -130%, 3Y Excs Rtn is -168% | 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 -58% High stock price volatilityVol 12M is 135% 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 -19% |
| 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 -130%, 3Y Excs Rtn is -168% |
| 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 -58% |
| High stock price volatilityVol 12M is 135% |
| Key risksSEV key risks include [1] its critical need for capital, Show more. |
Qualitative Assessment
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Aptera Motors (SEV) stock has gained about 65% since 1/31/2026 because of the following key factors:
1. Successful Capital Raises Bolstered Production Funding. Aptera Motors significantly strengthened its financial position through multiple capital raises. In January 2026, the company completed a public offering that brought in approximately $9 million, with proceeds earmarked for vehicle validation and manufacturing readiness. This was followed by an additional $17.1 million secured in gross proceeds during the first quarter of 2026 (ending March 31, 2026) from a follow-on public offering and warrant exercises, which contributed to increasing the company's cash and cash equivalents to $17.7 million by the end of the quarter. These funds were crucial for advancing its operational goals for 2026.
2. Achievement of Key Vehicle Validation and Production Milestones. The company demonstrated tangible progress toward commercial production. In March 2026, Aptera Motors rolled out its first vehicle from the validation assembly line. By May 2026, the company successfully completed the production of its first five validation vehicles at its low-volume validation assembly line in Carlsbad, marking a significant step towards vehicle certification and eventual customer deliveries.
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1. Successful Capital Raises Bolstered Production Funding. Aptera Motors significantly strengthened its financial position through multiple capital raises. In January 2026, the company completed a public offering that brought in approximately $9 million, with proceeds earmarked for vehicle validation and manufacturing readiness. This was followed by an additional $17.1 million secured in gross proceeds during the first quarter of 2026 (ending March 31, 2026) from a follow-on public offering and warrant exercises, which contributed to increasing the company's cash and cash equivalents to $17.7 million by the end of the quarter. These funds were crucial for advancing its operational goals for 2026.
2. Achievement of Key Vehicle Validation and Production Milestones. The company demonstrated tangible progress toward commercial production. In March 2026, Aptera Motors rolled out its first vehicle from the validation assembly line. By May 2026, the company successfully completed the production of its first five validation vehicles at its low-volume validation assembly line in Carlsbad, marking a significant step towards vehicle certification and eventual customer deliveries.
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Stock Movement Drivers
Fundamental Drivers
The 67.1% change in SEV stock from 1/31/2026 to 5/24/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312026 | 5242026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.49 | 2.49 | 67.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 0 | 0.0% |
| P/S Multiple | � | ∞ | 0.0% |
| Shares Outstanding (Mil) | 27 | 32 | -14.9% |
| Cumulative Contribution | 0.0% |
Market Drivers
1/31/2026 to 5/24/2026| Return | Correlation | |
|---|---|---|
| SEV | 67.1% | |
| Market (SPY) | 8.1% | 14.6% |
| Sector (XLY) | -1.4% | 9.2% |
Fundamental Drivers
The -67.0% change in SEV stock from 10/31/2025 to 5/24/2026 was primarily driven by a -14.9% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 10312025 | 5242026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.55 | 2.49 | -67.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 0 | 0.0% |
| P/S Multiple | � | ∞ | 0.0% |
| Shares Outstanding (Mil) | 27 | 32 | -14.9% |
| Cumulative Contribution | 0.0% |
Market Drivers
10/31/2025 to 5/24/2026| Return | Correlation | |
|---|---|---|
| SEV | -67.0% | |
| Market (SPY) | 9.9% | 15.4% |
| Sector (XLY) | -0.3% | 7.9% |
Fundamental Drivers
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Market Drivers
4/30/2025 to 5/24/2026| Return | Correlation | |
|---|---|---|
| SEV | -88.7% | |
| Market (SPY) | 36.0% | 9.4% |
| Sector (XLY) | 21.8% | 6.0% |
Fundamental Drivers
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Market Drivers
4/30/2023 to 5/24/2026| Return | Correlation | |
|---|---|---|
| SEV | -88.7% | |
| Market (SPY) | 86.3% | 9.4% |
| Sector (XLY) | 65.2% | 6.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SEV Return | 0% | 0% | 0% | 0% | -80% | -43% | -89% |
| Peers Return | 111% | -76% | 30% | -3% | -2% | -27% | -55% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 98% |
Monthly Win Rates [3] | |||||||
| SEV Win Rate | 0% | 0% | 0% | 0% | 0% | 60% | |
| Peers Win Rate | 56% | 28% | 50% | 44% | 50% | 33% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| SEV Max Drawdown | 0% | 0% | 0% | 0% | -80% | -71% | |
| Peers Max Drawdown | -53% | -81% | -49% | -53% | -51% | -37% | |
| 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 5/22/2026 (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., through its subsidiaries, designs and sells motor controllers under the Sevcon name in the United States, the United Kingdom, France, South Korea, Japan, and China. It operates in three segments: Electronic Controls, Capacitors, and Battery Chargers. The Electronic Controls segment produces and sells microprocessor based control systems for use in on and off-road vehicles, including cars, trucks, buses, motorcycles, fork lift trucks, aerial lifts, mining vehicles, airport tractors, sweepers, and other electrically powered vehicles. The Capacitor segment produces and sells special metalized film capacitors to electronic equipment manufacturers for use as components in the power electronics, signaling, and audio equipment markets. The Battery Chargers segment designs, manufactures, and sells battery chargers to electric vehicles, power management, and uninterrupted power source systems for industrial, medical, and telecom applications, as well as electronic instrumentation for battery laboratories. Sevcon, Inc. was founded in 1987 and is based in Southborough, Massachusetts.
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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
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 10.03 |
| Mkt Cap | 9.8 |
| 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 | 10.4% |
| Rev Chg 3Y Avg | 30.0% |
| Rev Chg Q | 15.8% |
| QoQ Delta Rev Chg LTM | 3.2% |
| Op Inc Chg LTM | -26.1% |
| 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% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 9.8 |
| P/S | 3.2 |
| P/Op Inc | -1.1 |
| P/EBIT | -1.1 |
| P/E | -1.2 |
| P/CFO | -2.3 |
| Total Yield | -36.9% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -27.2% |
| D/E | 0.2 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -10.2% |
| 3M Rtn | -1.7% |
| 6M Rtn | -28.4% |
| 12M Rtn | -43.1% |
| 3Y Rtn | -45.5% |
| 1M Excs Rtn | -16.6% |
| 3M Excs Rtn | -8.5% |
| 6M Excs Rtn | -40.8% |
| 12M Excs Rtn | -73.8% |
| 3Y Excs Rtn | -121.0% |
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/30/2026 | 4.3% | 9.4% | 11.0% |
| 11/17/2025 | -1.2% | -7.7% | -25.2% |
| SUMMARY STATS | |||
| # Positive | 1 | 1 | 1 |
| # Negative | 1 | 1 | 1 |
| Median Positive | 4.3% | 9.4% | 11.0% |
| Median Negative | -1.2% | -7.7% | -25.2% |
| Max Positive | 4.3% | 9.4% | 11.0% |
| Max Negative | -1.2% | -7.7% | -25.2% |
Insider Activity
Expand for More| # | 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 |
External Quote Links
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| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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