Aptera Motors Corp. reported its fourth‑quarter and full‑year 2025 financial results, posting a GAAP net loss of $15.5 million and an adjusted net loss of $8.7 million for the quarter ended December 31, 2025. The full‑year GAAP loss was $43.9 million, with an adjusted loss of $18.5 million. Compared with the same periods in 2024, the company’s GAAP net loss increased from $8.88 million in Q4 2024 to $15.5 million in Q4 2025, and the full‑year GAAP loss rose from $34.9 million in 2024 to $43.9 million in 2025. Adjusted losses followed a similar trend, growing from $5.321 million in Q4 2024 to $8.7 million in Q4 2025 and from $20.141 million in 2024 to $18.5 million in 2025.
The losses reflect Aptera’s pre‑revenue, development‑stage status and its heavy investment in research, development, and manufacturing readiness. Operating expenses were $15.1 million in Q4 2025 and $48.1 million for the full year, underscoring the company’s focus on building the validation assembly line and preparing for low‑volume production. Cash and cash equivalents stood at $9.6 million at year‑end, a modest balance that the company has supplemented with new capital.
In early 2026, Aptera raised $17.1 million to strengthen its liquidity. The capital came from a $9 million public offering closed on January 26, 2026, and a $6.3 million warrant inducement transaction closed on March 12, 2026, with additional warrant exercises adding to the total. The infusion is intended to fund component procurement, durability testing, and the ramp‑up of the validation fleet.
The company also highlighted a key operational milestone: the completion of the first vehicle off its low‑volume validation assembly line on March 3, 2026. The vehicle will be used to conduct durability testing and optimization required before the company can sell its first vehicles to customers, marking a significant step toward production readiness.
Management emphasized the importance of the new capital and the validation progress. Chris Anthony, Co‑CEO, said, "Our fourth quarter capped a transformative year for Aptera as we transitioned to a publicly traded company and began standing up our validation assembly line. We are laser‑focused on completing our durability testing and leveraging the $17.1 million in new capital raised in early 2026 to lock in long‑lead components, as we work toward our target of getting Aptera on the road. Our goal remains simple: ensure we have the resources and manufacturing foundation to execute on our phased path to low‑volume production." Steve Fambro, Co‑CEO, added, "The completion of the first vehicle off our low‑volume assembly line is a significant achievement for the entire company. These first vehicles will be used to complete the key tests and optimization required to sell our first vehicles to customers."
The company has not provided new guidance for the upcoming periods. Investors are encouraged to review the full financial statements and accompanying notes for detailed information on Aptera’s results and outlook.
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