Aptera Motors Corp (NASDAQ: SEV) is a pre-revenue electric vehicle development company focused on producing a three-wheeled, solar-powered vehicle. The company has not commenced production or generated any revenue from product sales as of its 10-K filed March 30, 2026. Incorporated as a Delaware corporation on March 4, 2019, and converted to a Delaware public benefit corporation in October 2025, Aptera completed a direct listing on the Nasdaq Capital Market in October 2025. The company has raised over $147 million from more than 19,000 investors prior to its public listing, and raised approximately $17.1 million in gross proceeds during the first quarter of 2026. Capital is sourced through equity offerings and an equity line of credit (ELOC) with a capacity of up to $75 million. The company operates under a going concern qualification, dependent on obtaining additional financing. Co-CEOs Chris Anthony and Steve Fambro control all stockholder decisions through a dual-class capital structure. As of March 20, 2026, the company had 16,330 holders of record of its Class B common stock.

Revenue model

No revenue has been generated as of the filing date. The company is pre-production and funds operations through equity issuances, warrant exercises, and an equity line of credit. Grant funding commitments from the California Energy Commission have been secured, subject to milestone achievement.

Products and services

The company is developing the Launch Edition Aptera, a three-wheeled solar-powered electric vehicle with a targeted range of up to 400 miles on a single charge and onboard solar charging. The vehicle is classified as a three-wheeled motorcycle under NHTSA regulatory framework (49 CFR § 571.3). The company held over 49,000 vehicle reservations as of the filing. The intellectual property portfolio includes 5 granted U.S. utility patents (expected to expire 2042-2043), 58 granted design patents (8 U.S., 50 international), and 67 pending patent applications worldwide.

Customers and end markets

End market is individual consumer vehicle buyers. Over 49,000 vehicle reservations have been placed as of the filing. No paying customers or delivered vehicles as of March 30, 2026.

Value-chain role

Systems integrator and vehicle designer. The company sources major sub-assemblies, including the drivetrain and structural safety cell, from Tier 1 and Tier 2 automotive suppliers, avoiding capital-intensive fabrication. Internal focus is on proprietary architecture, integration, and intellectual property development. Assembly is designed to be asset-light.

Geographic exposure

Headquartered in the United States. Design patents held internationally including WIPO, Canada, Europe, Japan, and the United Kingdom. Supply chain is global.

Source: SEC 10-K, filed 2026-03-30

Industry: Motor Vehicles & Passenger Car Bodies