"I would like to reiterate: Polestar is a real car company," CEO Thomas Ingenlath said during the earnings call. Polestar has produced two electric performance cars. With no legacy, our focus is solely on the technologies of the future. Polestar is a joint venture between Sweden's Volvo Cars and its parent company, China-based Geely. Founded by Volvo Car AB (publ.) reserve, Other non-current provisions and liabilities, Other non-current interest-bearing liabilities, Trade payables external and trade payables and Following the completion of the call, a replay will be available shortly at https://investors.polestar.com/. 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. What Is an Earnings Report? Polestar 4 to debut at Shanghai auto show, Polestar reports global volumes for first quarter of 2023, Stay up to date on the latest investor news. 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.". The Polestar 2 electric performance fastback is the companys first fully electric, high volume car. period, Cash and cash equivalents at end of period. Polestar assumes no obligation to update these forward-looking statements, even if new information becomes available in the future. The Polestar 3 electric performance SUV is scheduled for its world premiere in October 2022 in Copenhagen. Polestar Automotive (PSNY) is scheduled to report earnings on May 30, 2023. 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. Polestar Automotive Holding UK PLC (PSNY) Earnings Report | Seeking Alpha Is PSNY a Buy? (in millions of U.S. dollars) (unaudited), Selling, general and administrative expenses. Our digital first, direct to consumer approach favours strong customer relations. Online accessibility with expanding retail presences across existing and new markets. Sales of vehicles increased by $220.43M, or 108%, from $204.87M for the. Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Read more 1 2 3 4 accrued income related parties, Accumulated deficit & Foreign currency translation These quarterly earnings reports give investors a glimpse into financial results from a company for a 3 month period. On the other hand, foreign exchange headwinds exacerbated the loss, and those are expected to continue into next year. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. See Appendix B for details and a reconciliation of adjusted metrics to the nearest GAAP measure. The majority of that increase will come from an updated Polestar 2 EV, according to Ingenlath. Since going public, shares of Polestar are off about 49%. For example, projections of revenue, volumes and other financial or operating metrics are forward-looking statements. repurchase obligations. The live webcast will be available at https://edge.media-server.com/mmc/p/gp4rk9mk. 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. on June 23, 2022. Analyze the earnings history of Polestar Automotive using advanced sorting and filters. 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. This could result in differences from the unaudited operational and financial information published herein. Polestar plans to release three more electric performance vehicles through to 2026. Polestar 4, a smaller electric performance SUV coupe,is expected to follow in 2023. Get this delivered to your inbox, and more info about our products and services. Polestar's third-quarter operating loss was significantly narrower than a year ago, and its revenue more than doubled. We plan to launch three new models, one per year to 2024. 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. In 2024, the Polestar 5 electric performance 4-door GT is planned to be launched as the production evolution ofthePolestar Precept the manifesto concept car Polestar released in 2020 that showcases the brands future vision in terms of design, technology, and sustainability. The company expects to deliver 50,000 vehicles this year. Earnings reports almost always include EPS and Revenue results. As the company seeks to reduce its climate impact with everynewmodel, Polestar aims to produce a truly climate-neutral car by 2030. Please. Do Not Sell My Personal Data/Privacy Policy. Global volumes increased 22,814 to 51,491 cars in 2022, an increase of 80% year on year. 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. Polestar 4 is positioned between Polestar 2 and Polestar 3 in terms of size and price. 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 has 125 locations and 934 service points across its markets, up 22 and 123 respectively, since the end of 2021. 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 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 assumes no obligation to update these forward-looking statements, even if new information becomes available in the future.