Aptera Motors Corp

Pre-production solar-EV developer with a going-concern opinion and roughly two quarters of cash despite recent raises.

Strengths

• 49,000+ reservations and asset-light assembly strategy with proprietary solar/aero IP
• Access to an ELOC and CEC grant commitments plus early-2026 capital raises

Risks

• Going-concern opinion, 2.3-quarter runway, current ratio 1.07; no revenue and production not yet started
• Deeply negative returns (ROE -215%, ROA -145%), single-model concentration, refundable reservations, dual-class control

Notable findings

• Going concernThese matters raise substantial doubt about the Company’s ability to continue as a going concern and our existing cash resources are not sufficient to meet our anticipated needs over the next 12 month
• Cash burnNegative free cash flow (-16.7M)