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. Preliminary Unaudited Condensed Consolidated Statement of Loss, (in thousands of U.S. dollars unless otherwise stated), Selling, general, and administrative 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. This increase is primarily due to rapid commercial expansion, with Polestar increasing its global presence significantly during the period. (in millions of U.S. dollars) (unaudited), Selling, general and administrative expenses. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. As of September 30, 2022, Polestar had cash and cash equivalents of $988.26Mas compared to $756.68M as of December 31, 2021. 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. Polestar is headquartered in Gothenburg, Sweden, and its vehicles arecurrentlyavailable and on the road in markets across Europe, North America,Chinaand Asia Pacific. Why Polestar Dropped Double Digits Today | The Motley Fool The Polestar 2 electric performance fastback is the companys first fully electric, high volume car. 2023, Nasdaq, Inc. All Rights Reserved. Polestar 4 transforms the aerodynamics of a coup and the space of an SUV into a new breed of SUV coup. 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. Fusion Mediawould like to remind you that the data contained in this website is not necessarily real-time nor accurate. Polestar CEO Thomas Ingenlath said the company will use the $890 million raised from the deal to fund its three-year plan to build new vehicles and eventually become profitable. Michael Bloom. cash equivalents, Net increase in cash and cash equivalents, Cash and cash equivalents at beginning of 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. 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. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. other contributed capital, Effect of foreign exchange rate changes on cash and Visit the Earnings Calendar to see dates for upcoming earnings announcements. Swedish electric vehicle maker Polestar cut its annual net losses in half last year, while revenue surged and it attempted to set itself apart from other EV startups. (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. Analysts project the company's earnings per share (EPS) to be -$0.13, which has seen fiscal year 2022 EPS growth forecast to increase to -$0.56 and about -$0.52 for fiscal year 2023. But Ingenlath. The measures may not be the same as similarly titled measures used by other companies due to possible differences in calculation methods and items or events being adjusted. Headquartered in Gothenburg, Sweden, its cars are available online in 27 markets globally across North America, Europe and Asia Pacific. 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.". 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 last reported earnings were for reported on March 2, 2023 for Q4. The concept further develops the focus on sustainability and technology, aiming towards greater circularity. We want to hear from you. Malmqvist declined to comment on when the company expects to breakeven or turn a profit, saying "We remain confident in the fundamentals of our business, so we have the levers and the building blocks to get to breakeven.". Touch device users, explore by touch or with swipe gestures. From 2022, Polestar plans to launch one new electric vehicle per year, starting with Polestar 3 the companys first electric performance SUV which is expected to debut in October 2022. Free cash flow is calculated by subtracting cash flows used for tangible assets and intangible assets from cash used for operating activities. 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 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 . 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. Our cars have been widely recognised for outstanding design and performance. GOTHENBURG, SWEDEN 2 March 2023. Since going public, shares of Polestar are off about 49%. "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. Polestar 2 launched in 2019 as the electric performance fastback with avant-garde Scandinavian design and up to 350 kW. 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. 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. Recent developments design, innovation, sustainability. Cantor Fitzgerald Initiates Coverage of Polestar Automotive Holding UK Find out with Premium for only $4.95 PSNY Polestar Automotive Holding UK PLC Earnings Date &. Polestar reports results for the nine months ended September 30, 2022, Stay up to date on the latest investor news, https://edge.media-server.com/mmc/p/dyei2864. New to earnings? Polestar (NASDAQ:PSNY) is a Swedish EV maker, as well as a subsidiary of the Chinese automotive group Geely. As the company seeks to reduce its climate impact with every new model, Polestar aims to produce a truly climate-neutral car by 2030. Polestar Automotive reported Q3 revenue of $435.4 million, up 104% year-over-year. Accelerating the shift to sustainable mobility, This is not the time for incremental change, but radical innovation and we are not afraid to set ambitious goals., Our model line up will address the fastest growing segments of the premium market. Polestar cars are currently manufactured in two facilities in China, with additional future manufacturing planned in the USA. The company exceeded a 50,000-vehicle delivery target and expects to increase deliveries by nearly 60% to approximately 80,000 cars in 2023. Polestar Automotive Holding reports Q3 results | Seeking Alpha 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. The company specializes in luxury vehicles. 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. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Polestarhasproducedtwo electric performance cars. Polestar Automotive Holding UK PLC's market cap currently stands at around $7.47 billion. 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. Polestar Automotive Stock (NASDAQ:PSNYW), Earnings Estimates - Benzinga Got a confidential news tip? 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. Type a symbol or company name. These symbols will be available throughout the site during your session. Thursday morning, Polestar Automotive Holding UK. 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. Polestar (PSNY) Stock Revs Up 20% After Doubling Revenue Got a confidential news tip? Polestar Automotive Holding UK (PSNY) Earnings Dates & Reports Polestar Automotive Holding UK PLC (PSNY) Earnings Report The stock fell more than 5% Wednesday, closing at $5.05 a share. Polestar increased its global presence from 10 to 19 markets in . Polestar reports global volumes for the third quarter of 2022 and 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. 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. Hertz made plans to buy 175,000 EVs from GM in September 2022. Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers. 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%. In August 2022, Polestar confirmed plans to put its electric roadster concept into production as Polestar 6, expected to launch in 2026. The below table summarises key financial results for the quarter ended December 31, 2022. Polestar's CEO and CFO will hold a. 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. Polestar (PSNY) stock debuts on Nasdaq after SPAC merger - CNBC 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's proposed business combination with Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU), is expected to close in the first half of 2022. 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 expects to deliver on its full-year target of 50,000 cars. The company held a conference call for investors at 8:00 AM eastern on the same day. It is possible that this date will be updated in the future, once the company announces the actual date. Polestar Releases Fourth Quarter and Full Year 2022 Financial Results CEO Thomas Ingenlath described the company's 2022 performance as the groundwork for a "different phase" in the automaker's growth as it aims to increase deliveries by nearly 60% to approximately 80,000 cars. 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. According to a recent revenue report, EV automaker Polestar brought in over $1 billion in revenue in the first half of 2022. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Please. Earnings 2021 : GGPI - Reddit Global Head of Communications & PR[emailprotected]. Non-GAAP financial measures include adjusted operating loss, adjusted EBITDA, adjusted net loss, and free cash flow. Polestar has produced two electric performance cars. The revised post corrects the revenue figures from thousand to millions. 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 business will continue to gain momentum through the year as we start producing Polestar 3 - and with Polestar 4 in the starting blocks.. period, Cash and cash equivalents at end of period. Polestar has 125 locations and 934 service points across its markets, up 22 and 123 respectively, since the end of 2021. Shares of NASDAQ PSNY opened at $3.83 on Monday. Polestar went public via a merger with a special purpose acquisition company in June. 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. Entering text into the input field will update the search result below, Polestar Automotive Holding UK PLC (PSNY). We want to hear from you. 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's Earnings Stand Out Versus EV Rivals Open this in the Investing.com app to get the full experience. All Rights Reserved. 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. Polestar Automotive Holding UK PLC (PSNY) - Yahoo Finance Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Polestar 4 is positioned between Polestar 2 and Polestar 3 in terms of size and price. Earnings reports . 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. As the company seeks to reduce its climate impact with everynewmodel, Polestar aims to produce a truly climate-neutral car by 2030. (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.). 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. PSNY Stock Soars After Polestar Reports Q3 Earnings . 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. Polestar cars are currently manufactured in two facilities in China, with additional future manufacturing planned in the USA. 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. They issued an "equal weight" rating and a $7.00 target price on the stock. Revenue: $435.4.

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