Aptera Motors — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported a GAAP net loss of $14.0 million for the three months ended September 30, 2026, compared to a loss of $5.5 million in the prior-year quarter.
• Reported a GAAP net loss of $35.0 million for the nine months ended September 30, 2026, compared to a loss of $28.4 million in the prior-year period.
• Reported an Adjusted Net Loss (Non-GAAP) of $10.2 million for the quarter and $23.5 million for the nine months, compared to $3.0 million and $10.2 million respectively in the prior-year periods.
• GAAP net loss per share was $0.35 for the quarter and $0.96 for the nine months, compared to $0.23 and $1.21 respectively in the prior-year periods.
• Adjusted net loss per share was $0.25 for the quarter and $0.65 for the nine months, compared to $0.13 and $0.43 respectively in the prior-year periods.
• Operating expenses were $13.7 million for the quarter, up from $7.9 million in the prior-year quarter, and $35.1 million for the nine months, up from $33.0 million in the prior-year period.
• Other income (expense), net, was $(0.3) million for the quarter compared to $2.5 million in the prior-year quarter, and $0.1 million for the nine months compared to $4.6 million in the prior-year period.
• Stock-based compensation totaled $3.8 million for the quarter ($1.9 million in G&A and $1.9 million in R&D) and $10.9 million for the nine months ($5.5 million in G&A and $5.3 million in R&D).
• A $0.6 million litigation settlement charge related to Zaptera USA, Inc. was included in the nine-month GAAP results but excluded from Adjusted Net Loss.

Guidance and Future Outlook:

• Management estimates a need for approximately $25 million to reach the start of series production, including tooling and equipment.
• Management estimates a total need of approximately $65 million to reach a production rate of 500 vehicles per month.
• The Company intends to use net proceeds from the November 2026 registered direct offering to fund these capital requirements.
• Production vehicle delivery is planned to begin as soon as practicable, subject to timely financing, regulatory approvals, and supplier performance.
• The Company states that existing cash is not sufficient to fund operations for the next twelve months and that substantial doubt about its ability to continue as a going concern has not been alleviated.

Business Segments and Product Lines:

• Initiated the process of procuring parts for the first production vehicles during the third quarter.
• Entered into a Strategic Partnership Agreement with Shanghai Launch Automotive Technology Co., Ltd. ("Launch") to serve as a manufacturing and contract-engineering partner for tooling, testing, and related work.
• The Launch agreement covers up to RMB 300 million in services, with two-thirds payable in cash and one-third through warrants to purchase Class B Common Stock.
• Announced a partnership with RepairPal to provide certified service for customers nationwide.
• TÜV Rheinland independently measured more than 4 kilowatt-hours of usable solar energy delivered to the vehicle's battery on each of three test days.
• As of September 30, 2026, the Company held more than 49,000 vehicle reservations.

Market and Competitive Landscape:

• The Company operates as a solar mobility company advancing ultra-efficient transportation with a flagship solar electric vehicle.
• The strategic partnership with Launch, located in the People's Republic of China, introduces cross-border, regulatory, and currency risks.

Risks and Challenges:

• Substantial doubt exists regarding the Company's ability to continue as a going concern absent additional financing.
• Risks include supply chain delays, changes in trade policies, the ability to hire key personnel, and the possibility that reservations may be cancelled.
• Risks include the feasibility and timing of scaling manufacturing processes, availability of required capital, and regulatory approvals including Federal Motor Vehicle Safety Standards compliance.
• Risks include reliance on Launch for manufacturing, dilution from warrant issuance and exercise, and dependence on successful validation builds.
• The Company disclosed material weaknesses in internal control over financial reporting and an ongoing SEC investigation.

Management Commentary and Tone:

• Co-CEO Chris Anthony stated that R&D spending more than doubled from the prior-year quarter as resources were directed toward vehicle validation and production readiness.
• Management believes the strategic partnership with Launch has helped lower estimated capital needs to reach start of production and the capital required to reach a self-funding production rate.
• The tone reflects a focus on transitioning from validation to production while acknowledging significant liquidity constraints.

Other Key Points:

• Ended the quarter with $9.2 million in cash and cash equivalents, including $4.1 million of refundable reservation fees.
• Raised approximately $23.1 million in gross proceeds during the first nine months of 2026 through a public offering and warrant inducements/exercises, plus $2.3 million in net proceeds under the equity line of credit.
• Since quarter end, the Company raised approximately $6.0 million in gross proceeds through a registered direct offering and concurrent private placement, and $0.6 million in net proceeds under its equity line of credit and at-the-market facility.
• The Zaptera USA, Inc. litigation was settled and dismissed with prejudice in April 2026.