Polestar has added eight new markets since the start of 2022: Polestar has 158 retail locations and 1,116 service points across its markets, up 55 and 305 respectively, since the end of 2021. Polestar's relatively positive results come after other EV startups like Lucid, Nikola and Rivian reported ongoing problems with supply chains and production. The unaudited financial and operational information published in this press release is preliminary and subject to potential adjustments. 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 cars are currently manufactured in two facilities in China, with additional future manufacturing planned in the USA. Potential adjustments to operational and consolidated financial information may be identified from work performed during Polestars year-end audit. Shares of NASDAQ PSNY opened at $3.83 on Monday. Forward-looking statements generally relate to future events or the future financial or operating performance of Polestar. Unaudited Reconciliation of GAAP and Non-GAAP Results, Investing cash flows used for tangible assets, Investing cash flows used for intangible assets, Polestar releases fourth quarter and full year 2022 financial results, Stay up to date on the latest investor news, https://edge.media-server.com/mmc/p/gp4rk9mk, 51,491 cars delivered in 2022, compared to 28,677 in 2021, an increase of 80%, Selling, general and administrative expenses increased, Research and development expenses decreased. Swedish electric vehicle maker Polestar cut its annual losses in half last year, while revenue surged. Please disable your ad-blocker and refresh. Polestar Automotive Holding UK PLC (PSNY) Stock Price, News, Quote & History - Yahoo Finance U.S. markets open in 3 hours 51 minutes Polestar Automotive Holding UK PLC (PSNY) NasdaqGM -. 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. 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 automaker still expects to deliver 50,000 vehicles in 2022, a key milestone. Entering text into the input field will update the search result below, Polestar Automotive Holding UK PLC (PSNY). Nasdaq provides visual representation of analyst expected earnings growth. Polestar's proposed business combination with Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU), is expected to close in the first half of 2022. 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. Vehicle price increases and active cost management will help mitigate some of the impact on gross profit. 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. Find out with Premium for only $4.95 PSNY Polestar Automotive Holding UK PLC Earnings Date &. Polestarhasproducedtwo electric performance cars. On Invalid Date, . Polestar has 125 locations and 934 service points across its markets, up 22 and 123 respectively, since the end of 2021. 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. 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 press release ( NASDAQ: PSNY ): Q3 net income of $299.39M Revenue of $435.45M (+104.5% Y/Y). Polestar has produced two electric performance cars. (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.). The stock fell more than 5% Wednesday, closing at $5.05 a share. 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. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. The below table summarises key preliminary operational results as of and for the year ended December 31, 2022. When autocomplete results are available use up and down arrows to review and enter to select. 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 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. 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. Global Head of Communications & PR[emailprotected]. That's enough to fund the company through 2023, Malmqvist said. The upcoming GM earnings report should . This was corrected on 11/11/2022 at 8:13 AM. Thomas Ingenlath, Polestar CEO, comments: We made important progress in the first half of 2022 as we doubled revenues and volume, and successfully listed on the Nasdaq stock exchange in New York. Revenue: $435.4. Polestar expects to publish its Q3 2022 financial results on November 11, 2022. 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. That's nearly 100% growth compared to the first half of 2021,. 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.". Bojana Flint Following the completion of the call, a replay will be available shortly athttps://investors.polestar.com/. Free cash flow is calculated by subtracting cash flows used for tangible assets and intangible assets from cash used for operating activities. Earnings for Polestar (PSNY) Earnings in 2022 (TTM): -$0.46 B According to Polestar's latest financial reports the company's current earnings (TTM) are -$0.46 B.In 2021 the company made an earning of -$1.01 B a decrease over its 2020 earnings that were of -$0.48 B.The earnings displayed on this page is the company's Pretax Income. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. 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. 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. Published Thu, Apr 27 20238:45 AM EDT. Polestar 4 is positioned between Polestar 2 and Polestar 3 in terms of size and price. We have a well defined rapid growth strategy. See Appendix B for details and a reconciliation of adjusted metrics to the nearest GAAP measure. The firm's 50-day moving average is $4.08 and its 200-day . Polestar Automotive reports earnings on a quarterly basis. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. 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. The last reported earnings were for reported on March 2, 2023 for Q4. 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 began delivering Polestar 2 electric cars to Hertz in June 2022 as part of a purchase agreement for 65,000 cars, and Hertz has subsequently added the Polestar 1 electric performance hybrid to its Dream fleet as well. other contributed capital, Effect of foreign exchange rate changes on cash and Polestar Automotive (PSNY) is scheduled to report earnings on May 30, 2023. 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.". (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. 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. Polestar Automotive Holding UK PLC (PSNY) Earnings Report | Seeking Alpha Is PSNY a Buy? expense, Preliminary Unaudited Condensed Consolidated Statement of Financial Position, Trade receivables external and trade receivables and Free access to Real-time quotes, Financial news, Market data and investing analysis. (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. Browse earnings estimates, EPS, and revenue on all stocks. Investor Update, Managements Discussion and Analysis of Financial Conditions and Results of Operations and Unaudited Condensed Consolidated Financial Statements are available on the Polestar investor relations website and will be filed with the SEC. Got a confidential news tip? 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. 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. 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. Our digital first, direct to consumer approach favours strong customer relations. 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. All Rights Reserved. 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. Total Polestar Automotive Holding Uk earnings for the quarter were -$262.44 million.In the same quarter last year, Polestar Automotive Holding Uk's earnings per share (EPS) was $2.41. Polestar Automotive reports earnings on a quarterly basis. The company improved its cash position to $973.9 million to end last year, up about 29% from a year earlier. Thursday morning, Polestar Automotive Holding UK. Furthermore, in late August 2022, Polestar entered into an additional credit facility with one of those banks for approximately USD 145 million. 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). Create your Watchlist to save your favorite quotes on Nasdaq.com. Fusion Mediawould like to remind you that the data contained in this website is not necessarily real-time nor accurate. Non-GAAP financial measures include adjusted operating loss, adjusted EBITDA, adjusted net loss, and free cash flow. The Polestar 2 electric performance fastback is the companys first fully electric, high volume car. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website. 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. PSNY Stock Soars After Polestar Reports Q3 Earnings . Polestar Automotive Holding UK PLC's market cap currently stands at around $7.47 billion. 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. 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. A Division of NBCUniversal. We plan to launch three new models, one per year to 2024. 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. But the company warned that higher costs and supply-chain issues will continue to squeeze its margins into 2023. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. 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. Revenue increased USD 506.5 million, or 95%, mainly driven by an increase in Polestar 2 vehicle sales with continued commercial expansion across markets. 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. 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 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 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 expects the effects from product and market mix to continue alongside foreign exchange and input cost inflation. Polestar expects to post its financial and operational results for the third quarter of 2022 on Friday, November 11, 2022, before market opening in the USA. 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. We plan to capture a rapidly expanding market with our unique business model. 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. Zacks earnings numbers are reported on a BNRI (Before Non Recurring Items) basis and include stock option expenses where possible. In some cases, you can identify forward-looking statements by terminology such as may, should, expect, intend, will, estimate, anticipate, believe, predict, potential, forecast, "outlook," "guidance", plan, seek, future, propose or continue, or the negatives of these terms or variations of them or similar terminology. Polestar's third-quarter operating loss was significantly narrower than a year ago, and its revenue more than doubled. Gross profit increased USD 118.5 million, as. And in a surprise for a pure-play EV-maker, the company. The revised post corrects the revenue figures from thousand to millions. 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. Polestar will release Q123 financial results on May 11, 2023. With several ground-breaking cars to come, Polestar is poised for a period of rapid growth.. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Polestar Automotive Holding Uk Plc A (PSNY). Polestar 4 transforms the aerodynamics of a coup and the space of an SUV into a new breed of SUV coup. Polestar releases fourth quarter and full year 2022 financial results Total revenue of USD 2.5 billionin 2022, an increase of 84% year on year 51,491 cars delivered in 2022, compared to 28,677 in 2021, an increase of 80% Cash and cash equivalents of USD 974 millionas of December 31, 2022 GOTHENBURG, SWEDEN - 2 March 2023. GOTHENBURG, SWEDEN NOVEMBER 11, 2022. repurchase obligations. PolestarAutomotive Holding UK PLC (Nasdaq: PSNY) (Polestar) isa Swedish premium electric vehicle manufacturer. All 500 build slots of Polestar 6 LA Concept edition were reserved online within a week of the production announcement. The upcoming earnings date is derived from an algorithm based on a company's historical reporting. 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. Polestar is headquartered in Gothenburg, Sweden, and its vehicles arecurrentlyavailable and on the road in markets across Europe, North America,Chinaand Asia Pacific. Hertz initially offered Tesla and Polestar EVs, ordering 100,000 units from Tesla at the end of 2021 and 65,000 from Polestar.
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