GOTHENBURG, SWEDEN NOVEMBER 11, 2022. Polestarhasproducedtwo electric performance cars. In addition, we maintained strong momentum in our global order take and expect to deliver 50,000 cars to our customers this year, meeting our 2022 sales guidance. Polestar (Nasdaq: PSNY) will reveal its next car, Polestar 4, at the Shanghai auto show on 18 April 2023. Polestar confirmed in August 2022 that a version of the concept will be produced as the Polestar 6 electric performance roadster, with launch expected in 2026. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Polestar's relatively positive results come after other EV startups like Lucid, Nikola and Rivian reported ongoing problems with supply chains and production, causing them to miss production or sales targets. Polestars Annual Report on Form 20-F is expected to be filed with the, Polestars 2022 Sustainability Report is expected to be published in, Polestar expects to post its unaudited financial results for the quarter ended. These quarterly earnings reports give. The company delivered on its global sales target of 29,000 vehicles in 2021, representing year-on-year growth exceeding 185%. Polestar Automotive Holding UK PLC (PSNY) Earnings Report | Seeking Alpha Is PSNY a Buy? Sales of vehicles increased by $220.43M, or 108%, from $204.87M for the three months ended September 30, 2021 to $425.3M for the three months ended September 30, 2022. Earnings reports . Polestar Automotive Holding UK PLC (Polestar or the Company, Nasdaq: PSNY), the Swedish electric performance car brand, reports its global volumes for the first quarter of 2023. Polestar plans to release three more electric performance vehicles through to 2026. Read more 1 2 3 4 Polestar Automotive Holding UK PLC (Polestar or the Company, Nasdaq: PSNY), the Swedish electric performance car brand, reports its financial results for the first six months of 2022. Founded by Volvo Car AB (publ.) Morgan Stanley upgrades GM, says stock is oversold, merger with a special-purpose acquisition company. Polestar confirmed in August 2022 that a version of the concept will be produced as the Polestar 6 electric performance roadster, with launch expected in 2026. On Invalid Date, . Polestar assumes no obligation to update these forward-looking statements, even if new information becomes available in the future. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. Represents Volvo Cars service centres which provide customers access to service points worldwide in support of Polestars international expansion. Following the completion of the call, a replay will be available shortly at https://investors.polestar.com/. Gross profit increased USD 118.5 million, as. For the avoidance of doubt, the preliminary unaudited operational and financial information published in this press release should not be considered a substitute for the financial information to be filed with the SEC in Polestars Annual Report on Form 20-F for the year ended December 31, 2022. - including external vehicles with The upcoming earnings date is derived from an algorithm based on a company's historical reporting. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Financing cash inflow mainly comprised of equity proceeds of. Foreign exchange effect on cash and cash equivalents. (Because Polestar's share price has fallen since it went public, it will have to pay out less than it had previously expected, hence the credit.). This could result in differences from the unaudited operational and financial information published herein. The last reported earnings were for reported on March 2, 2023 for Q4. Our cars have been widely recognised for outstanding design and performance. Data is a real-time snapshot *Data is delayed at least 15 minutes. There may be additional risks that Polestar presently does not know or that Polestar currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Represents total volumes of new vehicles delivered, including external sales with recognition of revenue at time of delivery, external sales with repurchase commitments and internal sales of vehicles transferred for demonstration and commercial purposes as well as vehicles transferred to Polestar employees at time of registration. They issued an "equal weight" rating and a $7.00 target price on the stock. Here are the key numbers from Polestar's third-quarter earnings report, its first as a public company following its merger with a special-purpose acquisition company in June. "I would like to reiterate: Polestar is a real car company," CEO Thomas Ingenlath said during the earnings call. Forward-looking statements generally relate to future events or the future financial or operating performance of Polestar. Preliminary Unaudited Condensed Consolidated Statement of Loss, (in thousands of U.S. dollars unless otherwise stated), Selling, general, and administrative In 2024, the Polestar 5 electric performance 4-door GT is planned to be launched as the production evolution of the Polestar Precept the manifesto concept car Polestar released in 2020 that showcases the brands future vision in terms of design, technology, and sustainability. period, Cash and cash equivalents at end of period. At the time of its public debut in late June, Polestar was already in production and had more than 55,000 of its vehicles on the road around the world. Sign up for free newsletters and get more CNBC delivered to your inbox. Polestar (Nasdaq: PSNY) introduces Polestar 4, an electric performance SUV coup and the second SUV in the brands line-up. Furthermore, in late August 2022, Polestar entered into an additional credit facility with one of those banks for approximately USD 145 million. This measure is reviewed by management and is a relevant measure for understanding cash sourced from operating activities that is available to repay debts, fund capital expenditures, and spend on other strategic initiatives. Global Head of Communications & PR[emailprotected]. Statement Regarding Preliminary Unaudited Financial and Operational Results. Its adjusted operating loss narrowed by 8% to $914 million, while its adjusted earnings before interest and taxes, depreciation and amortizationincreased 4.8% to $759 million. other contributed capital, Effect of foreign exchange rate changes on cash and Polestar Automotive Holding Uk Plc A (PSNY). Polestar Automotive Holding UK PLC ("Polestar" or the "Company," Nasdaq: PSNY), the Swedish electric performance car brand, today reports its results for the nine months ended September 30, 2022. GOTHENBURG, SWEDEN 2 March 2023. From 2022, Polestar plans to launch one new electric vehicle per year, starting with Polestar 3 the companys first electric performance SUVdebuted in October 2022. Polestar's relatively positive results come after other EV startups like Lucid, Nikola and Rivian reported ongoing problems with supply chains and production. Polestar (NASDAQ:PSNY) is a Swedish EV maker, as well as a subsidiary of the Chinese automotive group Geely. With several ground-breaking cars to come, Polestar is poised for a period of rapid growth.. Polestar Automotive Holding Uk Limited - Class A Ads Earnings Dates, Upcoming and Historical PSNY last earnings on March 02, 2023 before the market opened (BMO). Hertz made plans to buy 175,000 EVs from GM in September 2022. Our business will continue to gain momentum through the year as we start producing Polestar 3 - and with Polestar 4 in the starting blocks.. 2023 CNBC LLC. Polestar Automotive Holding UK PLC Stock Earnings Report Current P/E ratio: 3.13 | Price (Apr 26, 2023, EOD): $3.40 (Find current average P/E ratios for all sectors below ) PSNY Upcoming Earnings Currently no data available. Polestar cars are currently manufactured in two facilities in China, with additional future manufacturing planned in the USA. Polestar Automotive Stock (NASDAQ:PSNY), Earnings Estimates, EPS, and Revenue Polestar Automotive reports earnings on a quarterly basis. Polestar Automotive Holding Uk (NASDAQ: PSNY) reported Q4 2022 earnings per share (EPS) of -$0.01, up 100.41% year over year. Bojana Flint A Division of NBCUniversal. All Rights Reserved. Polestar will release Q123 financial results on May 11, 2023. Polestar is a joint venture between Sweden's Volvo Cars and its parent company, China-based Geely. Polestar went public via a merger with a special purpose acquisition company in June. Electric-vehicle start-up Polestar finished 2022 on a high note with substantially better results than its peers'. Polestar reports revenue of USD 1.0 billion, up 95%, for first half of 2022 Polestar Automotive Holding UK PLC ("Polestar" or the "Company," Nasdaq: PSNY), the Swedish electric performance car brand, reports its financial results for the first six months of 2022. Polestar's CEO and CFO will hold a. Swedish electric-vehicle maker Polestar said Friday that its third-quarter operating loss narrowed from a year ago as revenue more than doubled, and it confirmed that it still expects to deliver 50,000 vehicles in 2022. But Ingenlath. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) Polestars ability to maintain agreements or partnerships with its strategic partners, Volvo Cars and Geely, and to develop new agreements or partnerships; (2) Polestars ability to maintain relationships with its existing suppliers, and source new suppliers for its critical components, and to complete building out its supply chain, while effectively managing the risks due to such relationships; (3) Polestars reliance on its partnerships with vehicle charging networks to provide charging solutions for its vehicles and its reliance on strategic partners for servicing its vehicles and their integrated software; (4) Polestars reliance on its partners to manufacture vehicles at a high volume, some of which have limited experience in producing electric vehicles, and on the allocation of sufficient production capacity to Polestar by its partners in order for Polestar to be able to increase its vehicle production capacities; (5) competition, the ability of Polestar to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (6) Polestars estimates of expenses and profitability; (7) increases in costs, disruption of supply or shortage of materials, in particular for lithium-ion cells or semiconductors; (8) the possibility that Polestar may be adversely affected by other economic, business, and/or competitive factors; (9) the effects of competition and the high barriers to entry in the automotive industry, and the pace and depth of electric vehicle adoption generally on Polestars future business; (10) changes in regulatory requirements, governmental incentives and fuel and energy prices; (11) the outcome of any legal proceedings that may be instituted against Polestar or others; (12) the ability to meet stock exchange listing standards; (13) risks associated with changes in applicable laws or regulations and with Polestars international operations; (14) Polestars ability to establish its brand and capture additional market share, and the risks associated with negative press or reputational harm, including from lithium-ion battery cells catching fire or venting smoke; (15) delays in the design, manufacture, launch and financing of Polestars vehicles and Polestars reliance on a limited number of vehicle models to generate revenues; (16) Polestars ability to continuously and rapidly innovate, develop and market new products; (17) risks related to future market adoption of Polestars offerings; (18) risks related to Polestars distribution model; (19) the impact of the global COVID-19 pandemic, inflation, interest rate changes, the ongoing conflict between Ukraine and Russia, supply chain disruptions and logistical constraints on Polestar, Polestars projected results of operations, financial performance or other financial and operational metrics, or on any of the foregoing risks; and (20) other risks and uncertainties set forth in the sections entitled Risk Factors and Cautionary Note Regarding Forward-Looking Statements in Polestars Form 20-F, and other documents filed, or to be filed, with the SEC by Polestar. Items that may be subsequently reclassified to the Unaudited Condensed Consolidated Statement of Loss: Exchange rate differences from translation of foreign operations, Other non-current interest-bearing liabilities, Interest-bearing current liabilities - related parties, Adjustments to reconcile Net loss to net cash flows, Change in operating assets and liabilities, Trade receivables, prepaid expenses and other assets, Trade payables, accrued expenses and other liabilities, Additions to property, plant and equipment, Principal repayments of short-term borrowings, Principal repayments of lease liabilities, Proceeds from the issuance of share capital and other contributed capital, Effect of foreign exchange rate changes on cash and cash equivalents, Total revenue of USD 1,041.3 million in the first six months of 2022, up 95% year-over-year, 21,185 cars delivered in the first six months of 2022, compared to 9,510 for the same period in 2021, Cash and cash equivalents of USD 1,381.6 million as of June 30, 2022, up more than 80% since the end of 2021, following successful listing on Nasdaq stock exchange in New York. Revenue increased USD 506.5 million, or 95%, mainly driven by an increase in Polestar 2 vehicle sales with continued commercial expansion across markets. repurchase obligations. Our pure, minimalist design guides everything we do. In March 2022, Polestar revealed its second concept car, an electric performance roadster whichbuilds on the design, technology and sustainability ambitions laid out by Precept and showcases the brands vision for future sports cars. The measures are not presented under a comprehensive set of accounting rules and, therefore, should only be read in conjunction with financial information reported under GAAP when understanding Polestar's operating performance. Guidance on revenue, volumes, gross margin and other financial or operating metrics, such as the ones included in the 2023 outlook described in this press release, are forward-looking statements. Touch device users, explore by touch or with swipe gestures. We are focused on business execution and have had a busy start to this year with a major update to Polestar 2, excellent reception for Polestar 3, and welcomed additional sustainability partners for our ambitious Polestar 0 project. PolestarAutomotive Holding UK PLC (Nasdaq: PSNY) (Polestar) isa Swedish premium electric vehicle manufacturer. The below table summarises key financial results for the quarter ended December 31, 2022. Polestar believes non-GAAP financial measures are helpful to investors as they provide useful perspective on underlying business trends and assist in period on period comparisons. Global volumes increased to 21,185 cars in the first six months of 2022, more than doubling deliveries from 9,510 cars in the same period in 2021, an increase of 123%. Operating loss increased USD 520.5 million, or 143%, reflecting continued investment in the commercial expansion of the business and a one-time share-based listing charge of USD 372.3 million incurred upon the merger with Gores Guggenheim, Inc. Polestar expects to publish its Q3 2022 financial results on November 11, 2022. . Polestar reports results for the nine months ended September 30, 2022 GOTHENBURG, SWEDEN - NOVEMBER 11, 2022. Polestar's (NASDAQ: PSNY) position as one of two global, pure electric vehicle makers was solidified with a strong Q3 earnings report that featured skyrocketing revenue and gross profit figures . CFO Johan Malmqvist said that Polestar's lower operating loss was helped by its efforts to reduce costs, specifically short-term reductions in advertising and marketing spending. Find out with Premium for only $4.95 PSNY Polestar Automotive Holding UK PLC Earnings Date &. The data and prices on the website are notnecessarilyprovided by any market or exchange, but may be provided bymarket makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. "As our cars are produced in China, the majority of our costs are in renminbi, which has strengthened against European currencies, leading to a higher cost of sale," Malmqvist said during the earnings call. *The upcoming earnings date is derived from an algorithm based on a company's historical reporting dates. Polestar Automotive reports earnings on a quarterly basis. In August 2022, Polestar confirmed plans to put its electric roadster concept into production as Polestar 6, expected to launch in 2026. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. The hard-top convertible presents an evolution of the unique design language first shown by Precept and emphasises a dynamic driving experience. During the period, Polestar increased its global presence to 23 markets, up from 19 at the end of 2021, putting the company on track to meet its target of 30 markets in aggregate by the end of. Polestar Automotive Holding UK (PSNY) Earnings Date & Reports 523 Followers Earnings Data Report Date Nov 10, 2023 Not Confirmed Period Ending 2023 (Q3) Consensus EPS Forecast Last Year's EPS -$0.14 Same Quarter Last Year Analyst Consensus Hold Based on 2 Analysts Ratings Polestar Automotive Holding UK (PSNY) Earnings, Revenues Date & History According to a recent revenue report, EV automaker Polestar brought in over $1 billion in revenue in the first half of 2022. The company improved its cash position to $973.9 million to end last year, up about 29% from a year earlier. In late January, Polestar announced a major update to Polestar 2. Polestar's third-quarter operating loss was significantly narrower than a year ago, and its revenue more than doubled. Polestar 4, a smaller electric performance SUV coupe,is expected to follow in 2023. The Polestar 2 model range includes three variants with a combination of long- and standard range batteries as large as 78 kWh, and dual- and single-motor powertrains with as much as 350 kW / 476 hp and 680 Nm. Is this happening to you frequently? Variances for Q4 2022 versus Q4 2021 largely followed the trends outlined for 2022 versus 2021, with the following notable exceptions: The below table summarises cash flow for the year ended December 31, 2022. Polestar 3 launched in late 2022 as the SUV for the electric age a large high-performance SUV that delivers sports car dynamics with a low stance and spacious interior. The unaudited financial and operational information published in this press release is preliminary and subject to potential adjustments. Hertz initially offered Tesla and Polestar EVs, ordering 100,000 units from Tesla at the end of 2021 and 65,000 from Polestar. Fusion Mediawould like to remind you that the data contained in this website is not necessarily real-time nor accurate. Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers. Fusion Mediaandany provider of the data contained in this websitewill not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website. In February, Polestar signed up eight additional sustainability partners to the ambitious Polestar 0 project to create a truly climate-neutral car by 2030 bringing the total to 24, as well as initiated a collaboration with Rivian on the Pathway Report in response to the climate crisis. Nasdaq provides visual representation of analyst expected earnings growth. Got a confidential news tip? When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. In support of Polestars working capital needs, over the last three months, Polestar repaid two existing and entered into two new 12-month unsecured working capital loan agreements with two banks in China, totalling approximately USD 200 million. Selling, general and administrative expenses were kept flat due to active cost management. Get this delivered to your inbox, and more info about our products and services. Polestar increased its global presence from 10 to 19 markets in . Adjusted EBITDA is calculated as listing expense, fair value change of earn-out rights, fair value change of Class C Shares, interest income, interest expense, income tax expense, depreciation, and amortization, subtracted from net loss. Since. Morgan Stanley upgrades GM, says stock is oversold. Polestar Automotive Holding UK PLC Class A ADS, Do Not Sell My Personal Information (CA Residents Only). Gross profit increased USD 17.6 million, or 49%, as the result of higher sales of Polestar 2, partially offset by product and market mix. CFO Johan Malmqvist said the company continues to explore potential equity or debt offerings to raise additional capital to fund operations and business growth. Data is a real-time snapshot *Data is delayed at least 15 minutes. Swedish electric vehicle maker Polestar cut its annual losses in half last year, while revenue surged. Polestar meets global sales target of approximately 29,000 cars, Polestar dedicates team to Polestar 0 project, Polestar releases downloadable performance software upgrade for Polestar 2, Polestar calls for transparency and accelerating the shift to electric mobility at COP26, Polestar signs agreement to be publicly listed through combination with Gores Guggenheim, Polestar strengthens management team and expands engineering capabilities, Polestar receives prestigious design awards, Polestar raises USD 550 million from new investors, Polestar 2 wins Best of Best at 2021 Red Dot awards, Polestar reduced the greenhouse gas emissions per sold car by 6%. The listing expense represents a non-recurring, non-cash, share-based listing charge, incurred in connection with the business combination with Gores Guggenheim, Inc (GGI). These symbols will be available throughout the site during your session. Polestar has added six new markets since the start of 2022, including United Arab Emirates, Kuwait, Hong Kong, Ireland, Spain and Portugal. "It's an exciting year for us in terms of changing the company to not only having one product but three at the end of the time," Ingenlath told CNBC during a video interview. Polestar Automotive Holding UK PLC (Polestar or the Company, Nasdaq: PSNY), the Swedish electric performance car brand, reports its preliminary unaudited financial and operational results for the year ended December 31, 2022. As of September 30, 2022, Polestar had cash and cash equivalents of $988.26Mas compared to $756.68M as of December 31, 2021. Thomas Ingenlath, Polestar CEO, comments: We left 2022 having exceeded our 50,000 delivery target, grown revenue over 80 percent and with strengthened liquidity. (together with its subsidiaries, Volvo Cars) and Zhejiang Geely Holding Group Co., Ltd (Geely), in 2017, Polestar enjoys specific technological and engineering synergies with Volvo Cars and benefits from significant economies of scale as a result. Polestar Automotive Holding UK PLC (Polestar or the Company, Nasdaq: PSNY), the Swedish electric performance car brand, today reports its results for the nine months ended September 30, 2022. The Company also announced Polestar 3 with Luminar LiDAR is available to order, and an expanded partnership with Luminar to work on the integration of LiDAR in Polestar 5. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website. Despite the operating loss, Polestar was able to report a net profit of $299.4 million, or 14 cents per share, thanks to an accounting credit related to the revaluation of future share payouts. reserve, Other non-current provisions and liabilities, Other non-current interest-bearing liabilities, Trade payables external and trade payables and When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. A reconciliation between non-GAAP financial measures and the most comparable GAAP performance measures is provided below. New to earnings? PR & Communications, Global[emailprotected]. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Shares of NASDAQ PSNY opened at $3.83 on Monday. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Polestar is a joint venture between Sweden's Volvo Cars and its parent company, China-based Geely. The Polestar 1 was built between 2019 and 2021 as a low-volume electric performance hybrid GT with a carbon fibre body, 609 hp, 1,000 Nm and an electric-only range of 124 km (WLTP) the longest of any hybrid car in the world at the time. The hard-top convertible presents an evolution of the unique design language first shown by Precept and emphasises a dynamic driving experience. Polestar expects the effects from product and market mix to continue alongside foreign exchange and input cost inflation. Free cash flow is calculated by subtracting cash flows used for tangible assets and intangible assets from cash used for operating activities. Polestar ended the third quarter with about $988 million in cash, and it has since secured a $1.6 billion credit line from its two main owners, Volvo Cars and Chinese automaker Geely. Polestar (Nasdaq: PSNY) is the Swedish electric performance car brand determined to improve society by using design and technology to accelerate the shift to sustainable mobility. Please. Represents Polestar retail and handover locations, including Polestar Spaces, Polestar Destinations and Polestar Test Drive Centers. We have a well defined rapid growth strategy. Visit the Earnings Calendar to see dates for upcoming earnings announcements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) Polestars ability to maintain agreements or partnerships with its strategic partners, Volvo Cars and Geely, and to develop new agreements or partnerships; (2) Polestars ability to maintain relationships with its existing suppliers, and source new suppliers for its critical components, and to complete building out its supply chain, while effectively managing the risks due to such relationships; (3) Polestars reliance on its partnerships with vehicle charging networks to provide charging solutions for its vehicles and its reliance on strategic partners for servicing its vehicles and their integrated software; (4) Polestars reliance on its partners to manufacture vehicles at a high volume, some of which have limited experience in producing electric vehicles, and on the allocation of sufficient production capacity to Polestar by its partners in order for Polestar to be able to increase its vehicle production capacities; (5) competition, the ability of Polestar to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (6) Polestars estimates of expenses and profitability; (7) increases in costs, disruption of supply or shortage of materials, in particular for lithium-ion cells or semiconductors; (8) the possibility that Polestar may be adversely affected by other economic, business, and/or competitive factors; (9) the effects of competition and the high barriers to entry in the automotive industry, and the pace and depth of electric vehicle adoption generally on Polestars future business; (10) changes in regulatory requirements, governmental incentives and fuel and energy prices; (11) the outcome of any legal proceedings that may be instituted against Polestar or others; (12) the ability to meet stock exchange listing standards; (13) risks associated with changes in applicable laws or regulations and with Polestars international operations; (14) Polestars ability to establish its brand and capture additional market share, and the risks associated with negative press or reputational harm, including from lithium-ion battery cells catching fire or venting smoke; (15) delays in the design, manufacture, launch and financing of Polestars vehicles and Polestars reliance on a limited number of vehicle models to generate revenues; (16) Polestars ability to continuously and rapidly innovate, develop and market new products; (17) risks related to future market adoption of Polestars offerings; (18) risks related to Polestars distribution model; (19) the impact of the global COVID-19 pandemic, inflation, interest rate changes, the ongoing conflict between Ukraine and Russia, supply chain disruptions and logistical constraints on Polestar, Polestars projected results of operations, financial performance or other financial and operational metrics, or on any of the foregoing risks; and (20) other risks and uncertainties set forth in the sections entitled Risk Factors and Cautionary Note Regarding Forward-Looking Statements in Polestars Form 20-F, and other documents filed, or to be filed, with the SEC by Polestar. As the company seeks to reduce its climate impact with every new model, Polestar aims to produce a truly climate-neutral car by 2030.