Executive Summary

Q3 2025 GAAP net loss narrowed to $5.49M (EPS -$0.23) on lower operating expenses and $2.45M in other income from the California Energy Commission grant; cash ended at $12.00M . Shares rose ~5.45% pre-market on the release, reflecting a narrower loss and capital access milestones .
No revenue yet (pre‑production), but the company initiated its validation vehicle assembly line (Nov 11) and gained incremental capital access via a $75M equity line of credit (ELOC) with S‑1 effective (Nov 13), improving funding flexibility ahead of low-volume production .
The 10‑Q indicated substantial doubt about going concern absent additional financing; the company is remediating two material weaknesses in internal control and provided updates on an SEC investigation and Zaptera litigation .
Guidance: No quantitative guidance was provided (revenue/margins/OpEx/tax). Near‑term stock catalysts include ELOC utilization, validation builds progress, and any production or regulatory milestones .

What Went Well and What Went Wrong

What Went Well

Initiated validation line and managed cash burn: “We’ve begun building out our validation line and managed our cash burn, supported by $2.5 million in grant funding from the California Energy Commission.” — Chris Anthony, Co‑CEO .
Capital access improved: “Having this S‑1 effective is a key milestone... providing us with a flexible and strategic tool to fund our operations.” — Chris Anthony (ELOC, up to $75M) .
Losses narrowed YoY as operating expenses declined: Q3 GAAP net loss improved vs Q3 2024 ($5.49M vs $8.21M); OpEx fell to $7.94M from $8.34M .

What Went Wrong

Going concern risk remains: The 10‑Q “raises substantial doubt” about the company’s ability to continue as a going concern absent additional financing .
Controls and legal overhang: Two material weaknesses in ICFR under remediation; ongoing SEC investigation and Zaptera litigation updates noted .
Pre‑revenue status and limited liquidity: Ended Q3 with $12.00M in cash; no revenue yet, increasing reliance on timely capital access (including ELOC) to reach validation and low‑volume production .

Financial Results

Quarterly Trend (Income Statement and EPS)

Metric	Q1 2025	Q2 2025	Q3 2025
Net Income ($USD Millions)	$-10.87*	$-12.07*	$-5.49*
Diluted EPS ($USD)	$-0.465*	$-0.516*	$-0.232*
EBIT ($USD Millions)	$-11.16*	$-13.90*	$-7.94*
EBITDA ($USD Millions)	$-11.03*	$-13.77*	$-7.81*

*Values retrieved from S&P Global.

Year-over-Year Comparison

Metric	Q3 2024	Q3 2025
Net Income ($USD Millions)	$-11.29*	$-5.49*
Diluted EPS ($USD)	$-0.485*	$-0.232*
EBIT ($USD Millions)	$-11.80*	$-7.94*
EBITDA ($USD Millions)	$-11.67*	$-7.81*
Total Operating Expenses ($USD Millions)	$8.34	$7.94

*Values retrieved from S&P Global.

Key Financial Data and Non-GAAP

Metric	Q3 2024	Q3 2025
GAAP Net Loss ($USD Millions)	$8.21	$5.49
Adjusted Net Loss (Non-GAAP) ($USD Millions)	$5.79	$2.91
GAAP Net Loss Per Share ($USD)	$-0.35	$-0.23
Adjusted Net Loss Per Share (Non-GAAP) ($USD)	$-0.25	$-0.12
Operating Expenses ($USD Millions)	$8.34	$7.94
Other Income ($USD Millions)	$0.13	$2.45
Cash and Cash Equivalents ($USD Millions, period end)	$18.24	$12.00
Weighted Avg Shares (Millions)	23.24	23.61

Non-GAAP definition: Adjusted Net Loss excludes non-cash stock-based compensation expense; see reconciliation in Exhibit 99.1 .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	Q4 2025 / FY 2025	Not provided	Not provided	Maintained (no guidance)
EBITDA / Margins	Q4 2025 / FY 2025	Not provided	Not provided	Maintained (no guidance)
Operating Expenses	Q4 2025	Not provided	Not provided	Maintained (no guidance)
Capital Access	Ongoing	N/A	ELOC up to $75M available; S‑1 effective Nov 13	Introduced (capital flexibility)
Production Milestones	Validation → Low‑volume	Directional only	Focus on validation builds using production‑intent parts; low-volume production targeted post‑validation	Directional only (no ranges)
Tax Rate	FY 2025	Not provided	Not provided	Maintained (no guidance)

Earnings Call Themes & Trends

Note: No Q3 2025 earnings call transcript found; the company’s updates were communicated via press releases and SEC filings .

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q3 2025)	Trend
Capital Access	Preparing for Nasdaq listing; online roadshow (Oct 14)	S‑1 effective for $75M ELOC; Nasdaq listing completed (Oct 16)	Improving access; potential dilution
Production Readiness	Pre‑production; emphasis on validation planning (company materials)	Initiated validation line; assembling validation fleet with production‑intent parts	Progressing toward validation
Liquidity & Going Concern	N/A (prior earnings documents not found)	$12.0M cash; going concern substantial doubt absent financing	Liquidity constrained; funding dependent
Controls & Regulatory	N/A	Remediation of 2 material weaknesses; SEC investigation and Zaptera litigation updates	Active remediation; legal overhang
Grants & Non-Op Income	N/A	$2.45M other income via CEC grant in Q3	Non‑operating support recurring YTD

Management Commentary

“Our third quarter was focused on disciplined execution as we prepared for our transition to a public company.” — Chris Anthony, Co‑CEO .
“We’ve begun building out our validation line and managed our cash burn, supported by $2.5 million in grant funding from the California Energy Commission.” — Chris Anthony, Co‑CEO .
“With our subsequent Nasdaq listing and the $75 million equity line of credit now in place, we are focused on the next critical phase: securing the incremental capital needed to fund our validation program and move toward low-volume production.” — Chris Anthony, Co‑CEO .
“Having this S-1 effective is a key milestone for Aptera, providing us with a flexible and strategic tool to fund our operations.” — Chris Anthony (ELOC press release) .

Q&A Highlights

No Q3 2025 earnings call transcript or Q&A was found in our document catalog or public sources; Aptera communicated via press releases and SEC 8‑K filings .

Estimates Context

S&P Global consensus for Q3 2025 EPS and revenue was unavailable; no estimate counts were returned (Revenue/EPS consensus unavailable). Values retrieved from S&P Global.

Metric	Q3 2025
Primary EPS Consensus Mean	N/A (unavailable via S&P Global)
Revenue Consensus Mean	N/A (unavailable via S&P Global)
Primary EPS – # of Estimates	N/A (unavailable via S&P Global)
Revenue – # of Estimates	N/A (unavailable via S&P Global)

With consensus unavailable, we anchor to company-reported actuals and S&P Global fundamentals. Any future estimate updates should reflect pre‑revenue status, validation timing, and funding utilization .

Key Takeaways for Investors

Pre‑revenue, validation‑stage EV company: narrower Q3 loss ($5.49M; EPS -$0.23) aided by lower OpEx ($7.94M) and $2.45M grant income; liquidity at $12.0M requires timely capital access .
Capital runway flexibility improved via $75M ELOC; watch for drawdowns, terms, and dilution as funding aligns with validation and production readiness milestones .
Going concern: the 10‑Q flagged substantial doubt absent financing—stock likely sensitive to capital raises, grant inflows, and strategic partnerships .
Execution milestones: validation line initiation (Nov 11) is a key de‑risking step; near‑term catalysts include component deliveries, validation fleet builds, and any regulatory approvals .
Controls/legal remediation: management is addressing two ICFR material weaknesses and noted SEC investigation/Zaptera litigation—resolution progress could reduce risk overhang .
Trading implications: shares reacted positively (+~5.45% pre‑market); expect headline‑driven volatility around funding events (ELOC usage), validation progress, and any production timelines .
Estimates framework: with no published EPS/revenue consensus, sell‑side updates (if initiated) will likely key off cash runway, ELOC utilization, validation execution, and timing to revenue onset; monitoring quarterly OpEx and grant/non‑op income will be critical .

Aptera Motors Corp (SEV)·Q3 2025 Earnings Summary