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. 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. 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. Polestar uses both generally accepted accounting principles ("GAAP," i.e., IFRS) and non-GAAP (i.e., non-IFRS) financial measures to evaluate operating performance, for internal comparisons to historical performance, and for financial decision-making purposes. These non-GAAP measures are presented for supplemental information purposes only and should not be considered a substitute for financial information presented in accordance with GAAP. A Division of NBCUniversal. Those numbers imply deliveries of about 19,600 vehicles in the fourth quarter, producing about $924 million in revenue and those vehicles are already built and in transit to customers now, he said. 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. Sign up for free newsletters and get more CNBC delivered to your inbox. All Rights Reserved. The below table summarises key preliminary operational results as of and for the year ended December 31, 2022. 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. Polestar (Nasdaq: PSNY) introduces Polestar 4, an electric performance SUV coup and the second SUV in the brands line-up. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Certain statements in this press release (Press Release) may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The automaker still expects to deliver 50,000 vehicles in 2022, a key milestone. We have a well defined rapid growth strategy. This could result in differences from the unaudited operational and financial information published herein. Vehicle price increases and active cost management will help mitigate some of the impact on gross profit. Polestar management will hold a live audio webcast today, November 11, 2022 at 08:00 EDT (14:00 CET) to discuss the Companys results and outlook. Type a symbol or company name. This increase is primarily due to rapid commercial expansion, with Polestar increasing its global presence significantly during the period. Polestar (NASDAQ:PSNY) is a Swedish EV maker, as well as a subsidiary of the Chinese automotive group Geely. Volvo Cars today reports a 7 per cent increase in operating profits, excluding joint ventures and associates, to SEK 6.3 bn and an EBIT margin of 6.6 per cent for the first quarter of 2023. The company specializes in luxury vehicles. 2023.04.18 Polestar 4 is a new breed of SUV coup Polestar (Nasdaq: PSNY) introduces Polestar 4, an electric performance SUV coup and the second SUV in the brand's line-up. 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. 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. *The upcoming earnings date is derived from an algorithm based on a company's historical reporting dates. Get this delivered to your inbox, and more info about our products and services. Following the completion of the call, a replay will be available shortly at https://investors.polestar.com/. Revenue increased USD 506.5 million, or 95%, mainly driven by an increase in Polestar 2 vehicle sales with continued commercial expansion across markets. The 2024 model year will feature a new high-tech front end that reflects the design language premiered by Polestar 3, substantial performance increases with all-new electric motors, even more powerful batteries, longer range, sustainability improvements and, for the first time in a Polestar, rear-wheel drive. Polestar Automotive Holding press release ( NASDAQ: PSNY ): Q3 net income of $299.39M Revenue of $435.45M (+104.5% Y/Y). Is this happening to you frequently? 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. This measure is reviewed by management and provides a relevant measure for understanding the ongoing operating performance of the business prior to the impact of the non-recurring adjusting item. In 2023, Polestar anticipates global volumes to increase by nearly 60% to approximately 80,000 cars, led by strong Polestar 2 sales, and later in the year the first deliveries of Polestar 3.. cash equivalents, Net increase in cash and cash equivalents, Cash and cash equivalents at beginning of Polestar's relatively positive results come after other EV startups like Lucid, Nikola and Rivian reported ongoing problems with supply chains and production. A Division of NBCUniversal. The Polestar 1was built between 2019 and 2021 asa 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. Polestar management will hold a live audio webcast today, March 2, 2023 at 08:00 ET (14:00 CET) to discuss the Companys results and outlook. GOTHENBURG, SWEDEN NOVEMBER 11, 2022. This measure is reviewed by management and is a relevant measure for understanding the underlying performance of Polestar's recurring core business operations. The Polestar 2 electric performance fastback is the companys first fully electric, high volume car. Got a confidential news tip? Non-GAAP measure. Revenue: $435.4. Read our earnings report guide before you consider the forecast information when making investment decisions. Polestar Automotive reports earnings on a quarterly basis. As the company seeks to reduce its climate impact with everynewmodel, Polestar aims to produce a truly climate-neutral car by 2030. 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. 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. Please disable your ad-blocker and refresh. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. "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. Find out with Premium for only $4.95 PSNY Polestar Automotive Holding UK PLC Earnings Date &. For the year as a whole, the Company expects gross margin to be broadly in line with 2022, with volume and product mix supporting margin progression later in the year. reserve, Other non-current provisions and liabilities, Other non-current interest-bearing liabilities, Trade payables external and trade payables and Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. - including external vehicles with 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. We collaborate with kindred spirits on cool projects. 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. Unaudited Condensed Consolidated Statement of Loss and Comprehensive Loss, (in thousands of U.S. dollars except per share data and unless otherwise stated), Consolidated Statement of Comprehensive Loss, Unaudited Condensed Consolidated Statement of Financial Position, (in thousands of U.S. dollars unless otherwise stated), Unaudited Condensed Consolidated Statement of Cash Flows, Polestar reports revenue of USD 1.0 billion, up 95%, for first half of 2022, Stay up to date on the latest investor news, Selling, general and administrative expenses, - including external vehicles with repurchase obligations. As previously announced, Polestar anticipates global volumes to increase by nearly 60% to approximately 80,000 cars, predominantly driven by Polestar 2 sales. Polestar went public via a merger with a special purpose acquisition company in June. Bojana Flint Polestar cars are currently manufactured in two facilities in China, with additional future manufacturing planned in the USA. Polestar 2021 Trends Our pillars Living our brand Growth strategy Download our Sustainability Report 2021 Annual Review 2021 Polestar Accelerating the shift to sustainable mobility 01 Polestar 2021 02 Trends 03 Our pillars 04 Living our brand 05 Growth strategy CEO Comment In some cases, you can identify forward-looking statements by terminology such as may, should, expect, intend, will, estimate, anticipate, believe, predict, potential, forecast, plan, seek, future, propose or continue, or the negatives of these terms or variations of them or similar terminology. 2023, Nasdaq, Inc. All Rights Reserved. Polestar Automotive Stock (NASDAQ:PSNY), Earnings Estimates, EPS, and Revenue Polestar Automotive reports earnings on a quarterly basis. 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. Polestar Automotive Holding A 3.40 -0.10 -2.86% General Chart News & Analysis Financials Technical Forum Financial Summary Income Statement Balance Sheet Cash Flow Ratios Dividends Earnings. CFO Johan Malmqvist said the company continues to explore potential equity or debt offerings to raise additional capital to fund operations and business growth. Our pure, minimalist design guides everything we do. 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. The upcoming earnings date is derived from an algorithm based on a company's historical reporting. Nothing in this Press Release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. . The Actual Revenue was $435.4M, which beat the estimate of $0K. They issued an "equal weight" rating and a $7.00 target price on the stock. While liquidity has strengthened, including a cash balance of approximately, In early January, Polestar announced that its vehicles will benefit from the latest enhancements and developments by. Polestar Automotive Holding Uk Plc A (PSNY). Data is a real-time snapshot *Data is delayed at least 15 minutes. The upcoming GM earnings report should . 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. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Polestar and its management, as the case may be, are inherently uncertain. 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. Foundedby Volvo Car AB (publ.) 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 4, a smaller electric performance SUV coupe,is expected to follow in 2023. In August 2022, Polestar confirmed plans to put its electric roadster concept into production as Polestar 6, expected to launch in 2026. This measure is reviewed by management and is relevant measure for understanding the underlying operating results and trends of the business prior to the impact of any adjusting items. Our digital first, direct to consumer approach favours strong customer relations. Polestarhasproducedtwo electric performance cars. This was corrected on 11/11/2022 at 8:13 AM. New to earnings? Our cars have been widely recognised for outstanding design and performance. Here's a quick guide forhow to read an earnings report. Transformative ambition, including a climate neutral car by 2030. "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. 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. 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. Furthermore, in late August 2022, Polestar entered into an additional credit facility with one of those banks for approximately USD 145 million. Analyze the earnings history of Polestar Automotive using advanced sorting and filters. Create your Watchlist to save your favorite quotes on Nasdaq.com. We want to hear from you. The company delivered on its global sales target of 29,000 vehicles in 2021, representing year-on-year growth exceeding 185%. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. accrued income related parties, Accumulated deficit & Foreign currency translation Trading on margin increases the financial risks. We plan to capture a rapidly expanding market with our unique business model. Our radical approach to transparency is crucial to accelerate the shift to sustainable mobility. on June 23, 2022. Forward-looking statements generally relate to future events or the future financial or operating performance of Polestar. 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. On Invalid Date, . 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. As of April 24, 2023, the average one-year price target for Polestar Automotive Holding UK PLC - ADR is 6.46. Polestar Automotive Holding UK PLC (NASDAQ:PSNY - Get Rating) - Investment analysts at Cantor Fitzgerald issued their FY2023 earnings per share estimates for shares of Polestar Automotive Holding UK in a research note issued on Thursday, April 27th.Cantor Fitzgerald analyst A. Sheppard anticipates that the company will post earnings of ($0.53) per share for the year. It is possible that this date will be updated in the future, once the company announces the actual date. Polestar Automotive Holding UK Limited is estimated to report earnings on 02/24/2023. Malmqvist said that Polestar still expects to deliver 50,000 vehicles in 2022, generating about $2.4 billion in revenue for the full year, both in line with its prior guidance. Barclays started coverage on Polestar Automotive Holding UK in a research report on Tuesday, February 14th. 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. Gross profit increased USD 118.5 million, as. Polestar went public via a merger with a special purpose acquisition company in June. Thomas Ingenlath, Polestar CEO, comments: We left 2022 having exceeded our 50,000 delivery target, grown revenue over 80 percent and with strengthened liquidity. Polestar cars are currently manufactured in two facilities in China, with additional future manufacturing planned in the USA. We plan to launch three new models, one per year to 2024. 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). 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%. Polestar Automotive (PSNY) is scheduled to report earnings on May 30, 2023. Aiming to be operational in 30 markets by the end of 2023, from 19 at the end of 2021. The live webcast will be available at https://edge.media-server.com/mmc/p/gp4rk9mk. While delivering improved earnings for the quarter, despite raw material prices remaining at elevated levels and continued turbulence around the world, Volvo Cars' execution engine remains focused on its . Founded by Volvo Car AB (publ.) 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. 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. 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. In March 2022, Polestar revealed its second concept car, an electric performance roadster which builds on the design, technology and sustainability ambitions laid out by Precept and showcases the brands vision for future sports cars. Represents Volvo Cars service centres which provide customers access to service points worldwide in support of Polestars international expansion. Open this in the Investing.com app to get the full experience. For 2023, Polestar expects gross margin be "broadly in line" with the 4.9% it reported for 2022, "with volume and product mix supporting margin progression later in the year.". Financing cash inflow mainly comprised of equity proceeds of.