Aptera Motors (SEV) investor relations material

Company overview and business model

• Development-stage Delaware public benefit corporation focused on solar electric vehicles; flagship Aptera is a three-wheeled, two-passenger vehicle designed for efficiency and sustainability.

• Revenue is intended to come primarily from vehicle sales; production and product revenue have not begun. Planned models may vary by features and price points, with charging infrastructure or related technologies as potential future revenue streams.

• Five validation vehicles came off the Carlsbad low-volume assembly line in May 2026; June 2026 testing recorded over 4 kWh of daily solar generation, and EPA certification followed on June 18, 2026.

• First 40 production vehicles are planned by end-2026, with customer deliveries targeted for early 2027, subject to timely financing; FMVSS compliance remains before deliveries.

Financial performance and metrics

• No product-sale revenue has been generated. June 30, 2026 net tangible book value was $24.4 million, or $0.65/share.

• Capital raised included ~$4.3 million through an equity line from mid-November 2025 to June 2026, ~$17.1 million gross in Q1 2026, and ~$6.0 million gross cash from a July 2026 warrant inducement.

• Revised capital estimates on October 1, 2026: ~$25 million to start production, down from $40–$45 million; ~$115 million through high-volume production, down from $180–$205 million.

• Recurring losses and additional funding needs raise substantial doubt about the ability to continue as a going concern; ATM proceeds alone will not fund production commencement.

Use of proceeds and capital allocation

• Up to $19 million gross from the ATM is intended for general corporate purposes, validation testing, manufacturing readiness, design-for-manufacturability, production planning, supplier engagement and long-lead tooling.

• Management has broad discretion over proceeds; no minimum sale is required, and actual proceeds and spending amounts and timing depend on sales and funding needs.

• Net proceeds from other shelf offerings are generally intended for working capital and general corporate purposes, unless an offering supplement specifies otherwise.