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): $1.67
Market Cap: $53.7 Mil
Sector: Consumer Discretionary
Industry: Automobile Manufacturers

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -29%

Megatrend and thematic drivers
Megatrends include Electric Vehicles & Autonomous Driving, Renewable Energy Transition, and Advanced Materials. Themes include EV Manufacturing, Show more.

Weak multi-year price returns
2Y Excs Rtn is -127%, 3Y Excs Rtn is -153%

Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -47 Mil

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -85%

High stock price volatility
Vol 12M is 138%

Key risks
SEV key risks include [1] its critical need for capital, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -29%
1 Megatrend and thematic drivers
Megatrends include Electric Vehicles & Autonomous Driving, Renewable Energy Transition, and Advanced Materials. Themes include EV Manufacturing, Show more.
2 Weak multi-year price returns
2Y Excs Rtn is -127%, 3Y Excs Rtn is -153%
3 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
4 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -47 Mil
5 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -85%
6 High stock price volatility
Vol 12M is 138%
7 Key risks
SEV key risks include [1] its critical need for capital, Show more.

SEV in ETFs

Weight = SEV's share of each fund

VTI0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Updated on 7/24/2026

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.

Show more
Updated on 7/24/2026

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)33120267292026Change
Stock Price ($)2.651.67-37.0%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple0.0%
Shares Outstanding (Mil)2832-12.9%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/29/2026
ReturnCorrelation
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)123120257292026Change
Stock Price ($)4.291.67-61.1%
Change Contribution By: 
Total Revenues ($ Mil)00.0%
P/S Multiple0.0%
Shares Outstanding (Mil)2732-14.9%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/29/2026
ReturnCorrelation
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
ReturnCorrelation
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
ReturnCorrelation
SEV-92.4% 
Market (SPY)70.4%9.6%
Sector (XLY)34.4%8.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
SEV Return0%0%0%0%-80%-62%-92%
Peers Return111%-76%30%-3%-2%-24%-53%
S&P 500 Return27%-19%24%23%16%9%98%

Monthly Win Rates [3]
SEV Win Rate0%0%0%0%0%57% 
Peers Win Rate56%28%50%44%50%43% 
S&P 500 Win Rate75%42%67%75%67%43% 

Max Drawdowns [4]
SEV Max Drawdown0%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

EventSEVS&P 500
2015-2016 China Devaluation / Global Growth Scare
  % Loss-20.6%-12.2%
  % Gain to Breakeven26.0%13.9%
  Time to Breakeven8 days62 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-31.0%-17.9%
  % Gain to Breakeven44.9%21.8%
  Time to Breakeven265 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-18.0%-15.4%
  % Gain to Breakeven21.9%18.2%
  Time to Breakeven9 days125 days
2008-2009 Global Financial Crisis
  % Loss-81.8%-53.4%
  % Gain to Breakeven449.0%114.4%
  Time to Breakeven643 days1085 days
Summer 2007 Credit Crunch
  % Loss-23.9%-8.6%
  % Gain to Breakeven31.4%9.5%
  Time to Breakeven2359 days47 days

Compare to TSLA, RIVN, LCID

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

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EventSEVS&P 500
2015-2016 China Devaluation / Global Growth Scare
  % Loss-20.6%-12.2%
  % Gain to Breakeven26.0%13.9%
  Time to Breakeven8 days62 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-31.0%-17.9%
  % Gain to Breakeven44.9%21.8%
  Time to Breakeven265 days123 days
2008-2009 Global Financial Crisis
  % Loss-81.8%-53.4%
  % Gain to Breakeven449.0%114.4%
  Time to Breakeven643 days1085 days
Summer 2007 Credit Crunch
  % Loss-23.9%-8.6%
  % Gain to Breakeven31.4%9.5%
  Time to Breakeven2359 days47 days

Compare to TSLA, RIVN, LCID

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)

  1. 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.
  2. 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.
  3. 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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Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Aptera Motors Earnings Notes12/16/2025
Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

SEVTSLARIVNLCIDMedian
NameAptera M.Tesla Rivian A.Lucid  
Mkt Price1.67298.3216.337.9612.14
Mkt Cap0.1965.720.42.611.5
Rev LTM0103,6195,5281,4013,465
Op Inc LTM-474,772-3,811-3,761-1,904
FCF LTM-215,755-3,038-4,649-1,530
FCF 3Y Avg-4,353-3,503-3,500-3,500
CFO LTM-2018,685-1,294-3,689-657
CFO 3Y Avg-15,327-2,181-2,609-2,181

Growth & Margins

SEVTSLARIVNLCIDMedian
NameAptera M.Tesla Rivian A.Lucid  
Rev Chg LTM-11.8%10.4%61.0%11.8%
Rev Chg 3Y Avg-3.5%44.9%30.0%30.0%
Rev Chg Q-25.5%11.4%20.2%20.2%
QoQ Delta Rev Chg LTM-5.9%2.6%3.5%3.5%
Op Inc Chg LTM-32.6%-17.4%1.3%-27.0%-22.2%
Op Inc Chg 3Y Avg--26.8%16.1%-11.7%-11.7%
Op Mgn LTM-4.6%-68.9%-268.4%-68.9%
Op Mgn 3Y Avg-6.1%-87.5%-367.6%-87.5%
QoQ Delta Op Mgn LTM--0.8%-2.4%-9.8%-2.4%
CFO/Rev LTM-18.0%-23.4%-263.3%-23.4%
CFO/Rev 3Y Avg-15.7%-42.9%-280.6%-42.9%
FCF/Rev LTM-5.6%-55.0%-331.8%-55.0%
FCF/Rev 3Y Avg-4.5%-68.3%-382.6%-68.3%

Valuation

SEVTSLARIVNLCIDMedian
NameAptera M.Tesla Rivian A.Lucid  
Mkt Cap0.1965.720.42.611.5
P/S-9.33.71.93.7
P/Op Inc-1.1202.4-5.4-0.7-0.9
P/EBIT-1.1174.0-6.3-0.8-1.0
P/E-1.2253.9-5.8-0.8-1.0
P/CFO-2.751.7-15.8-0.7-1.7
Total Yield-80.5%0.4%-17.2%-128.6%-48.9%
Dividend Yield0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg-0.4%-22.9%-102.1%-22.9%
D/E0.00.00.31.20.2
Net D/E-0.3-0.00.10.90.0

Returns

SEVTSLARIVNLCIDMedian
NameAptera M.Tesla Rivian A.Lucid  
1M Rtn-26.4%-27.6%-2.9%22.3%-14.6%
3M Rtn-40.8%-20.0%1.7%38.2%-9.1%
6M Rtn18.4%-30.9%7.4%-27.0%-9.8%
12M Rtn-92.4%-7.1%25.0%-68.9%-38.0%
3Y Rtn-92.4%12.0%-39.4%-89.3%-64.4%
1M Excs Rtn-24.8%-25.9%-1.2%23.9%-13.0%
3M Excs Rtn-43.3%-23.1%-1.3%33.1%-12.2%
6M Excs Rtn10.7%-35.6%2.1%-32.5%-15.2%
12M Excs Rtn-106.9%-22.9%4.0%-86.0%-54.4%
3Y Excs Rtn-153.0%-49.8%-97.4%-149.5%-123.4%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil202520242023
Development of solar electric vehicles0  
Single segment 00
Total000


Assets by Segment
$ Mil202520242023
Development of solar electric vehicles3035 
Single segment  38
Total303538


Price Behavior

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SEV Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta1.151.051.301.161.190.27
Up Beta1.060.970.983.021.560.25
Down Beta1.842.412.272.792.710.53
Up Capture143%6%68%-60%-40%-4%
Bmk +ve Days11244067140429
Stock +ve Days91827577676
Down Capture57%105%170%74%159%86%
Bmk -ve Days10172358112321
Stock -ve Days112231629494

[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%-0.168.1%
Equity (SPY)15.6%12.8%0.869.6%
Gold (GLD)21.6%28.1%0.686.8%
Commodities (DBC)31.5%19.7%1.2713.0%
Real Estate (VNQ)15.9%14.0%0.827.3%
Bitcoin (BTCUSD)-46.1%42.9%-1.3213.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
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%0.188.1%
Equity (SPY)12.4%17.1%0.559.6%
Gold (GLD)17.1%18.4%0.756.8%
Commodities (DBC)9.3%19.5%0.3613.0%
Real Estate (VNQ)2.9%18.9%0.057.3%
Bitcoin (BTCUSD)14.7%53.3%0.4613.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
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%0.498.9%
Equity (SPY)14.7%17.9%0.709.3%
Gold (GLD)11.3%16.1%0.575.6%
Commodities (DBC)7.1%18.0%0.3211.1%
Real Estate (VNQ)5.1%20.7%0.217.7%
Bitcoin (BTCUSD)57.7%66.2%0.986.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date7152026
Short Interest: Shares Quantity1.3 Mil
Short Interest: % Change Since 6302026-32.9%
Average Daily Volume0.3 Mil
Days-to-Cover Short Interest3.9 days
Basic Shares Quantity32.1 Mil
Short % of Basic Shares4.0%

Earnings Returns History

Updated 7/13/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/13/2026-0.4%-6.9%-13.1%
11/17/2025-1.2%-7.7%-25.2%
SUMMARY STATS   
# Positive000
# Negative222
Median Positive   
Median Negative-0.8%-7.3%-19.1%
Max Positive   
Max Negative-1.2%-7.7%-25.2%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/13/2026-0.4%-6.9%-13.1%
11/17/2025-1.2%-7.7%-25.2%
SUMMARY STATS   
# Positive000
# Negative222
Median Positive   
Median Negative-0.8%-7.3%-19.1%
Max Positive   
Max Negative-1.2%-7.7%-25.2%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/13/202610-Q
12/31/202503/30/202610-K
09/30/202511/14/202510-Q
06/30/202510/14/2025424B4
03/31/202507/02/2025DRS/A
Collapse to Preview
Report DateFiling DateFiling
03/31/202605/13/202610-Q
12/31/202503/30/202610-K
09/30/202511/14/202510-Q
06/30/202510/14/2025424B4
03/31/202507/02/2025DRS/A

Insider Activity

Updated 5/21/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Johnson, Michael EdiousMichael Johnson Properties, Ltd.Sell42120263.0948,500149,95715,386,148Form
2Johnson, Michael EdiousMichael Johnson Properties, Ltd.Sell12920261.4138,00053,5197,076,895Form
3Johnson, Michael EdiousMichael Johnson Properties, Ltd.Sell10720264.5911,50052,78523,238,142Form
4Johnson, Michael EdiousMichael Johnson Properties, Ltd.Sell10720264.6010,50048,34223,361,967Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Johnson, Michael EdiousMichael Johnson Properties, Ltd.Sell42120263.0948,500149,95715,386,148Form
2Johnson, Michael EdiousMichael Johnson Properties, Ltd.Sell12920261.4138,00053,5197,076,895Form
3Johnson, Michael EdiousMichael Johnson Properties, Ltd.Sell10720264.5911,50052,78523,238,142Form
4Johnson, Michael EdiousMichael Johnson Properties, Ltd.Sell10720264.6010,50048,34223,361,967Form
Core Cache Last Updated: 7/29/2026