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• A highly efficient, solar-focused Tesla.
• The Toyota Prius of the future, but fully electric and solar-powered.
• The Dyson of electric vehicles, obsessively engineered for efficiency.

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• Aptera Solar Electric Vehicle: A three-wheeled, solar-powered electric vehicle designed for ultra-efficiency and long range with integrated solar charging capabilities.

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Aptera Motors (symbol: SEV) primarily sells to individual customers rather than other companies.

Based on its product offering and marketing, Aptera serves up to three main categories of customers:

• Early Adopters & Technology Enthusiasts: This category includes individuals who are keen on being among the first to own innovative and disruptive technology. They are drawn to Aptera's unique design, advanced aerodynamics, solar charging capabilities, and highly efficient electric powertrain, often viewing it as a statement of futuristic personal transport.
• Environmentally Conscious Consumers: These customers prioritize sustainability and a reduced carbon footprint. They are attracted to Aptera's extreme energy efficiency, solar integration for potential grid independence, and overall mission to offer a highly sustainable personal vehicle solution.
• Efficiency-Focused Commuters: This group comprises individuals seeking a highly economical and low-operating-cost vehicle for daily commuting and local travel. Aptera's promise of exceptional range per charge and the ability to regain significant miles through solar charging directly appeals to those looking to minimize energy costs and maximize efficiency in their personal transportation.

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• EVE Energy Co., Ltd. (Symbol: 300014)
• Maxeon Solar Technologies, Ltd. (Symbol: MAXN)
• Composite Technology Center GmbH

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Chris Anthony, Co-Chief Executive Officer

Chris Anthony has served as Co-Chief Executive Officer of Aptera Motors since March 2019, and is also a co-founder of the company. He previously held the role of Interim Chief Financial Officer for Aptera. Anthony founded and served as CEO of Flux Power, an advanced lithium battery company, from October 2009 to December 2019. He also founded and was CEO of Epic Boats, a technology leader in the pleasure boat market, from July 2002 to December 2018. He has successfully raised over $200 million in capital through private equity, direct public offerings, and grant funding for technology ventures.

Steve Fambro, Co-Chief Executive Officer

Steve Fambro has served as Co-Chief Executive Officer and Secretary of Aptera Motors since March 2019, and is also a co-founder of the company. He was a venture partner and Chief Operating Officer of Ocean Holding, an investment and development firm focused on advancing clean, renewable energy solutions, from July 2015 to August 2017. Before that, he founded Famgro, an indoor food production company that developed an efficient, pesticide- and herbicide-free cultivation system, leading it from January 2010 to March 2015.

Tom DaPolito, Interim Chief Financial Officer

Tom DaPolito was appointed Interim Chief Financial Officer of Aptera Motors, effective October 16, 2025. He has been advising the company as a part-time consultant since May 2023, providing executive-level financial advisory services in preparation for public listing. DaPolito possesses over 20 years of experience leading finance and operations for global public and private companies, including Take-Two Interactive Software Inc. and Monster Worldwide Inc. From December 2019 to May 2023, he served as EVP, Finance and Operations and Chief Financial Officer for Ricardo Automotive & Industrial, where he significantly improved its North American business's financial performance.

Nathan Armstrong, Chief Technology Officer

Nathan Armstrong serves as the Chief Technology Officer at Aptera Motors.

Pablo Ucar, Vice President of Manufacturing and Procurement

Pablo Ucar holds the position of Vice President of Manufacturing and Procurement at Aptera Motors.

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1. Ability to Raise Sufficient Capital and Maintain Going Concern
   Aptera Motors consistently highlights its need for substantial additional capital to fund operations, complete development, and achieve mass production. The company's financial statements explicitly state that existing cash resources are insufficient to meet anticipated needs over the next 12 months, leading its auditor to issue a "going concern" opinion. There is a significant risk that Aptera may not be able to raise subsequent financing rounds on acceptable terms, which could lead to substantial dilution for existing investors or even hinder its ability to continue operations.
2. Production Delays and Challenges in Scaling Manufacturing
   The company has experienced numerous and significant production delays, pushing back anticipated delivery timelines for its vehicles multiple times. Scaling from prototypes to efficient mass manufacturing presents considerable financial and operational hurdles. As of current reports, Aptera has yet to deliver production vehicles to customers, and there are ongoing refinements to vehicle design aimed at improving efficiency and cost-effectiveness for production.
3. Limited Operating History, Lack of Revenue, and Path to Profitability
   Aptera Motors has a limited operating history, has not generated any revenue, and continues to incur significant net losses. As an early-stage company in a capital-intensive industry, its prospects must be considered in light of the inherent risks faced by new ventures. The company's valuation currently signals rapid growth potential, but its fundamentals do not yet support such optimism, and sustained net losses could undermine investor confidence.

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Aptera Motors' main product is a solar-assisted, three-wheeled electric vehicle (autocycle). The addressable markets for this product can be identified within the broader categories of solar vehicles, light electric vehicles, and the overall electric vehicle market.

• Global Solar Vehicle Market: The global solar vehicle market size was estimated at approximately USD 479.01 million in 2024 and is projected to reach about USD 1,514.50 million by 2034, growing at a Compound Annual Growth Rate (CAGR) of 12.2% from 2024 to 2034.
• Global Light Electric Vehicle Market: The global light electric vehicles market size was calculated at approximately USD 97.82 billion in 2024 and is projected to exceed USD 247.80 billion by 2034, with a CAGR of 9.74% from 2024 to 2034.
• U.S. Electric Vehicle Market: The U.S. electric vehicle market size was estimated at approximately USD 131.3 billion in 2024. This market is expected to grow from USD 139.6 billion in 2025 to USD 439 billion in 2034, at a CAGR of 13.6%.

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1. Initial Vehicle Deliveries and Production Ramp-Up

   The most significant driver of future revenue for Aptera Motors is the commencement and scaling of its solar electric vehicle (sEV) production and subsequent customer deliveries. The company is actively establishing a validation vehicle assembly line to transition to a repeatable, low-volume manufacturing process. Aptera has nearly 50,000 pre-order reservations, representing a potential revenue of $1.7 billion if all vehicles are sold at an estimated $40,000 each. Initial vehicle sales are planned for 2026, with a production ramp-up targeted through 2026, contingent on securing approximately $65 million in funding for low-volume production. Specific production and sales milestones include manufacturing and selling 50 vehicles by February 2026 and 500 vehicles by October 2026.

2. Sale of Zero Emission Vehicle (ZEV) Credits

   Aptera expects to generate a significant new revenue stream from the sale of Zero Emission Vehicle (ZEV) credits, particularly in California. The company's sEV, classified as a three-wheeled motorcycle, is designed to align with California's proposed zero-emissions motorcycle credit trading system. This program could provide a profitable opportunity for Aptera, similar to the revenue model utilized by other electric vehicle manufacturers.

3. Licensing of Proprietary Solar Technology and Expansion into New Industries

   Aptera is strategically expanding into new mobility industries by licensing its innovative solar technology. This initiative aims to extend the company's impact across various markets and support the mass production of its core sEV. Current deployments of this technology include pilot programs for ground support equipment (GSE) in the airline industry and integration into recreational vehicle (RV) trailers. Aptera possesses a substantial patent portfolio, with over 34 patents in progress, providing a strong foundation for further licensing opportunities and planned expansion into aerospace, logistics, and marine sectors.

4. Expansion into Commercial/Fleet Applications

   Aptera plans to leverage its highly efficient vehicle platform for commercial applications. The company sees opportunities to adapt its vehicle design for uses such as package delivery, food delivery, security, and other utility services. The Aptera's inherent efficiency, leading to a lower total cost of ownership and cost per mile compared to traditional combustion or other electric vehicles, makes it an appealing solution for commercial fleets.

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Share Repurchases

• Aptera Motors repurchased 2,727 shares of Class A Common Stock for $29 thousand in 2023.

Share Issuance

• Aptera has primarily funded its operations through the issuance of common stock, including Regulation A+ crowdfunding and Regulation D offerings.
• In 2023, the company issued 3,230,147 shares of Class B common stock, generating $33.9 million in proceeds.
• In October 2025, Aptera Motors executed a $75 million equity line of credit facility with affiliates of New Circle Capital, allowing it the right to issue and sell Class B common stock.

Inbound Investments

• Aptera Motors has raised a total of $83.4 million over 11 funding rounds as of October 2025.
• The company secured $33 million through its community-led Accelerator Program in February 2024 to fund initial phases of production.
• Aptera has raised over $100 million through equity crowdfunding in the past two years (as of April 2025).

Outbound Investments

• Aptera Motors has acquired Andromeda.

Capital Expenditures

• Aptera Motors spent approximately $9 million on capital expenditures between 2023 and 2024.
• The company estimates it requires $65 million to advance through validation and initiate low-volume production.
• An additional $140-$160 million is estimated to be required for a second phase to ramp to high-volume production, targeting approximately 20,000 vehicles per year.