The EPS beat vs consensus is misleading given no revenue and a pre-revenue development stage. The validation vehicle milestone is a positive operational signal, but cash burn remains high relative to cash on hand. Monitor the next 10-Q for cash runway updates and any production timeline guidance.
Price Chart
Executive Summary
Aptera Motors reported Q1 2026 results with a GAAP net loss of $10.2M ($-0.32/share), slightly narrower than the $10.9M loss in Q1 2025, but the adjusted net loss (non-GAAP) widened to $6.2M from $4.8M. The company raised $17.1M in new capital, ended the quarter with $17.7M cash, and drove its first five validation vehicles off the assembly line post-quarter-end, but remains pre-revenue with no guidance and ongoing cash burn.
Key Financial Metrics
Key Facts
- Q1 2026 GAAP net loss of $10.2M vs $10.9M in Q1 2025
- Adjusted net loss (non-GAAP) of $6.2M vs $4.8M in Q1 2025
- GAAP EPS of $-0.32 vs consensus $-0.48 (beat by 33%)
- Cash and cash equivalents of $17.7M as of March 31, 2026
- Raised $17.1M in gross proceeds from follow-on offering and warrant exercises in Q1
- First five validation vehicles built post-quarter-end on low-volume assembly line
- Headcount grew 54% YoY to 57 employees
- Zaptera litigation resolved via non-cash settlement of ~$0.6M
- No revenue reported; pre-revenue development-stage company
- No guidance provided
Financial Impact
Pre-revenue company with $17.7M cash burn rate of ~$10M/quarter; $17.1M capital raise extends runway modestly
Risk Factors
- Cash burn rate of ~$10M/quarter implies ~1.7 quarters of runway without additional financing
- No revenue generation; dependent on future capital raises and production ramp
- Ongoing SEC investigation and material weaknesses in internal controls disclosed in risk factors
- Dilution risk from equity line of credit and potential future offerings
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-022729 |
| Exhibit: ex99-1.htm | 0001493152-26-022729 |
| Document: 0001493152-26-022729-index-headers.html | 0001493152-26-022729 |
| Document: 0001493152-26-022729-index.html | 0001493152-26-022729 |
| Document: 0001493152-26-022729.txt | 0001493152-26-022729 |
| 8-K Data (Synthetic) | 0001493152-26-022729 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | 8-K | $1.38 | awaiting T+60 | — | $1.54 (+11.59%) |
Oct 13, 2026 14d ago | EFFECT | $1.55 | awaiting T+60 | — | $1.54 (+0.32%) |
Oct 1, 2026 25d ago | 8-K | $1.70 | awaiting T+60 | — | $1.54 (−9.41%) |
Aug 31, 2026 8w ago | Press Release | $2.32 | awaiting T+60 | — | $1.54 (−33.62%) |
Aug 21, 2026 9w ago | EFFECT | $2.47 | awaiting T+60 | — | $1.54 (+37.65%) |
Aug 20, 2026 9w ago | 424B4 | $2.47 | awaiting T+60 | — | $1.54 (+37.65%) |
Aug 20, 2026 9w ago | 8-K | $2.34 | awaiting T+60 | — | $1.54 (−34.19%) |
Aug 14, 2026 10w ago | 8-K | $2.18 | awaiting T+60 | — | $1.54 (−29.36%) |
Aug 3, 2026 12w ago | 144 | $1.84 | awaiting T+60 | — | $1.54 (−16.30%) |
Jul 13, 2026 15w ago | 8-K | $1.84 $1.63 | ▲ +11.41% | ▲ +14.79% | $1.54 (+16.30%) |
US Market Status
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