Nine month (9M) 2025 net income of €6.6 million primarily driven by fair value adjustments; revenue begins to reflect initial commercialization; continued progress on OEM collaborationsMUNICH, Nov. 20, 2025 (GLOBE NEWSWIRE) -- Sono Group N.V. (Nasdaq: SSM) (hereafter referred to as “Sono” or the “Company”, parent company to Sono Motors GmbH, hereafter referred to as “Sono Solar” or “Subsidiary”), the solar technology company, today announced its financial results for the third quarter ended September 30, 20 ...

Company Overview - Aptera Motors is preparing to launch a solar-powered electric vehicle but is currently not generating any revenue [1]. Financial Performance - The third quarter results for Aptera Motors were released on Monday morning before the market opened [1].

Financial Results - Aptera Motors Corp. reported financial results for the fiscal quarter ended September 30, 2025, with a focus on operational metrics and business outlook[7]. - A press release detailing the financial information was issued on November 17, 2025, and is attached as Exhibit 99.1[10]. Company Classification - The company is classified as an emerging growth company under the Securities Act of 1933[6].

Core Viewpoint - Aptera Motors Corp. reported its third-quarter financial results for 2025, highlighting a focus on disciplined execution and preparation for its transition to a public company, with significant developments in funding and operational capacity [2][3]. Financial Performance - The company reported a GAAP net loss of $5.5 million for Q3 2025, an improvement from a loss of $8.2 million in Q3 2024 [3][7]. - The adjusted net loss (Non-GAAP) for Q3 2025 was $2.9 million, compared to $5.8 million in Q3 2024 [3][7]. - Operating expenses for Q3 2025 were $7.9 million, slightly down from $8.3 million in Q3 2024 [3]. - The company recognized $2.5 million in other income for Q3 2025, primarily from a grant from the California Energy Commission [3][7]. - As of September 30, 2025, cash and cash equivalents stood at $12.0 million, down from $18.2 million a year earlier [3][5]. Business Update and Strategy - Aptera is focused on building out its validation vehicle assembly line and assembling its validation fleet using production-intent parts [4]. - The company has secured a $75 million equity line of credit to support its capital needs for the validation program and low-volume production [2][6]. - Following the quarter-end, Aptera's Class B Common Stock began trading on the Nasdaq Capital Market, marking a significant milestone in its public transition [6]. Operational Challenges - The company is addressing previously disclosed material weaknesses in internal control over financial reporting as part of its remediation plan [7]. - The liquidity position raises concerns about the company's ability to continue as a going concern without additional financing [5].

Financial Performance - For the three months ended September 30, 2025, the company's net loss was $5.5 million, a decrease from $8.2 million in the same period of the prior year [148]. - General, selling, and administrative expenses for the nine months ended September 30, 2025, increased by 25% to $19.2 million compared to $15.4 million in 2024, primarily due to higher stock-based compensation and legal costs [149]. - Research and development expenses for the three months ended September 30, 2025, decreased by 10% to $4.7 million from $5.3 million in 2024, mainly due to reduced outside services and prototype tooling costs [144]. - The company experienced a 50% increase in share-based compensation expenses for the nine months ended September 30, 2025, totaling $12.4 million compared to $8.3 million in 2024 [149]. - Research and Development expenses increased by 18% to $13.8 million for the nine months ended September 30, 2025, compared to $11.7 million in the same period of 2024, primarily due to higher stock-based compensation [153][154]. - Other income for the three months ended September 30, 2025, was $2.5 million, significantly up from $0.1 million in the same period of 2024, primarily due to matching grant funds from the California Energy Commission [147]. - Other income rose significantly to $4.6 million in the nine months ended September 30, 2025, from $1.1 million in the same period of 2024, largely due to $3.9 million in matching grant funds from the California Energy Commission [157]. Capital Requirements - The estimated capital required for the initial low-volume production phase is approximately $65 million, with an additional $140-$160 million needed to ramp up to a high-volume production rate of 20,000 vehicles per year [130]. - The company requires approximately $60-70 million in additional funding to advance through critical pre-production phases, including vehicle validation and low-volume manufacturing [162]. - The company secured a $75 million committed equity line of credit (ELOC) to support its capital needs, contingent upon certain conditions [125]. - The company has secured a committed equity line of credit (ELOC) of up to $75.0 million, which is subject to various conditions, to address liquidity needs [161]. Assets and Liabilities - As of September 30, 2025, the company had total assets of $34.9 million, including $12.0 million in cash and cash equivalents, with a monthly cash burn rate of approximately $1.5 to $2.0 million [158]. - Total liabilities as of September 30, 2025, were $7.7 million, including $1.2 million in accrued liabilities and $4.1 million in unearned reservation fees [168]. - During the nine months ended September 30, 2025, the company issued 278,417 shares of Class B Common Stock for total cash proceeds of $11.2 million at a weighted-average price of $40.12 per share [169]. Legal and Regulatory Issues - The company is currently involved in litigation with Zaptera, which asserts claims for design patent infringement and misappropriation of trade secrets [174][175]. - The company is cooperating with an ongoing SEC investigation related to its securities offerings and vehicle production, with no assurance on the outcome [176][177]. Production and Reservations - As of September 30, 2025, Aptera Motors had approximately 49,000 reservation holders but had not delivered any products or recognized any revenue from vehicle sales [126]. - The company is facing challenges in securing sufficient capital, which is critical for commencing production and achieving its business objectives [133]. - The company anticipates receiving approximately $3.5 million in grant disbursements from the California Energy Commission in 2025, contingent upon meeting specific project milestones [164].

Core Points - Aptera Motors Corp. has announced that its registration statement on Form S-1 related to its Equity Line of Credit (ELOC) has become effective, marking a significant milestone for the company [1][3] - The ELOC allows Aptera to sell up to $75 million of its Class B common stock to New Circle Principal Investments LLC, providing flexible access to capital to support operational and strategic goals [2][3] Company Overview - Aptera Motors Corp. is a solar mobility company focused on developing highly efficient vehicles, particularly a solar electric vehicle that utilizes advancements in aerodynamics, material science, and solar technology [6] - The company aims to create a sustainable business that positively impacts stakeholders and the environment, and is headquartered in Carlsbad, California [6] Financial Strategy - The proceeds from the ELOC are expected to support validation and production readiness, including tooling and other necessary activities to bring Aptera's Launch Edition vehicles to market [3] - The ELOC is designed to align funding with development and production timelines, allowing the company to access capital incrementally [3]

Core Insights - Aptera Motors Corp. has initiated the construction of its validation vehicle assembly line, marking a significant step towards low-volume production at its Southern California facility [1][2][6] - The new assembly line transitions from prototype builds to a structured assembly process, enhancing the company's manufacturing capabilities [2][3] - The validation assembly process aims to optimize vehicle assembly stages in preparation for customer-ready production, with an estimated funding requirement of $65 million to advance to low-volume production [8] Company Developments - The assembly line will utilize a large-scale precision assembly fixture to ensure dimensional accuracy and consistency in the production of Aptera's Body in Carbon (BinC) [3][5] - Aptera is expanding its operations team and hiring engineers and assembly line technicians to support the buildout of the assembly line [5] - The company is focused on creating a sustainable business model that positively impacts stakeholders and the environment through its solar electric vehicle technology [9]

Core Insights - Aptter Motors has received approximately 50,000 pre-orders for its launch edition model, translating to around $2 billion in potential revenue [1] - The company positions itself as the only solar electric vehicle manufacturer in the market, differentiating from competitors who offer traditional electric or gasoline-powered vehicles [8][9] Product Features - The vehicle can achieve speeds over 100 miles per hour and is suitable for freeway driving [3] - It offers up to 40 miles of solar-powered driving and a total range of 400 miles on a full charge [4] - The vehicle charges quickly, providing over 150 miles of range overnight from a standard home socket [6] Target Market - The customer base includes environmentally conscious individuals, technology enthusiasts, and those seeking unique vehicles [2] - The pricing for the vehicle is set around $40,000, with potential savings on gasoline estimated at $5,000 annually for users transitioning from gasoline cars [13][14] Market Performance - The company's stock has seen a 22% increase, indicating strong investor interest in the disruptive technology [15]

Core Insights - Aptera Motors Corp. has transitioned to a Public Benefit Corporation (PBC) under Delaware law, emphasizing its commitment to solar mobility and sustainability [1][2] - The company aims to balance financial performance with social and environmental responsibilities, legally considering the interests of all stakeholders [2][3] - Aptera's performance will now be evaluated based on its effectiveness in promoting solar mobility and reducing energy dependence [3] Corporate Governance - The transition to a PBC aligns Aptera's governance with its mission of energy freedom and community well-being [4] - Two new independent directors, Tony Kirton and Todd Butz, have been appointed to the Board, bringing extensive experience in automotive operations and financial management [4][5][6] Leadership Appointments - Tony Kirton has over 40 years of experience in international automotive leadership, expected to provide strategic insights for Aptera's growth [5][7] - Todd Butz, a veteran financial executive, will contribute expertise in manufacturing scale and corporate governance, crucial for navigating financial complexities [6][7] Mission and Vision - Aptera's evolution into a PBC formalizes its long-standing mission to innovate for the benefit of people and the planet [8] - The company is focused on creating a sustainable business model that positively impacts stakeholders and the environment through its solar electric vehicle technology [9]

Core Points - Aptera Motors Corp. will present at the LD Micro Main Event XIX on October 21st at 3:30 PM PT, showcasing its leadership in the solar electric vehicle industry [2][4] - The LD Micro Main Event XIX will take place from October 19th to 21st, featuring around 120 companies and providing opportunities for investor meetings [5][6] Company Overview - Aptera Motors Corp. is a solar mobility company focused on advancing efficient transportation through its innovative solar electric vehicle, which utilizes advancements in aerodynamics, material science, and solar technology [7] - The company operates as a public benefit corporation, emphasizing its commitment to sustainability and positive environmental impact [7] Event Details - The event will include registration, keynote speakers, and company presentations, culminating in a closing reception [5] - Chris Anthony, Co-CEO of Aptera, will lead the presentation, highlighting the company's mission and strategy [2][4]