polestar earnings report

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. If you have an ad-blocker enabled you may be blocked from proceeding. Polestar's third-quarter operating loss was significantly narrower than a year ago, and its revenue more than doubled. It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. Our pure, minimalist design guides everything we do. 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). 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. See Appendix B for details and a reconciliation of adjusted metrics to the nearest GAAP measure. 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 (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. 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. PolestarAutomotive Holding UK PLC (Nasdaq: PSNY) (Polestar) isa Swedish premium electric vehicle manufacturer. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. cash equivalents, Net increase in cash and cash equivalents, Cash and cash equivalents at beginning of Polestar assumes no obligation to update these forward-looking statements, even if new information becomes available in the future. Polestar Automotive Stock (NASDAQ:PSNY), Earnings Estimates, EPS, and Revenue Polestar Automotive reports earnings on a quarterly basis. Polestar increased its global presence from 10 to 19 markets in . Shares rose sharply after the report and ended Friday's session up over 20%. 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. Preliminary Unaudited Condensed Consolidated Statement of Loss, (in thousands of U.S. dollars unless otherwise stated), Selling, general, and administrative 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. It is possible that this date will be updated in the future, once the company announces the actual date. 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. Barclays started coverage on Polestar Automotive Holding UK in a research report on Tuesday, February 14th. Polestar assumes no obligation to update these forward-looking statements, even if new information becomes available in the future. 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.". 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. When autocomplete results are available use up and down arrows to review and enter to select. 2023 CNBC LLC. 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. Touch device users, explore by touch or with swipe gestures. These quarterly earnings reports give investors a glimpse into financial results from a company for a 3 month period. Free access to Real-time quotes, Financial news, Market data and investing analysis. 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. The concept further develops the focus on sustainability and technology, aiming towards greater circularity. Online accessibility with expanding retail presences across existing and new markets. Sign up for free newsletters and get more CNBC delivered to your inbox. Is this happening to you frequently? Polestar is a joint venture between Sweden's Volvo Cars and its parent company, China-based Geely. 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. Analyze the earnings history of Polestar Automotive using advanced sorting and filters. Our digital first, direct to consumer approach favours strong customer relations. 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. GOTHENBURG, SWEDEN 1 SEPTEMBER 2022. Polestar Automotive Holding UK PLC (Nasdaq: PSNY) (Polestar) is a Swedish premium electric vehicle manufacturer. The Actual Revenue was $435.4M, which beat the estimate of $0K. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website. The majority of that increase will come from an updated Polestar 2 EV, according to Ingenlath. For example, projections of revenue, volumes and other financial or operating metrics are forward-looking statements. The company issued strong fourth-quarter earnings, reporting a narrower loss than expected and revenue that jumped 84% from a year ago. 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. The company improved its cash position to $973.9 million to end last year, up about 29% from a year earlier. Sign up for free newsletters and get more CNBC delivered to your inbox. Revenue increased USD 1,124.7 million, or 84%, mainly driven by higher Polestar 2 vehicle sales with continued commercial expansion across markets. 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. PSNY Analysts Price Targets Currently no data available. But supply-chain disruptions are still an issue, and exchange-rate pressures will likely continue into 2023. 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. 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. 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. The Polestar 2 electric performance fastback is the companys first fully electric, high volume car. The company held a conference call for investors at 8:00 AM eastern on the same day. Type a symbol or company name. Please disable your ad-blocker and refresh. 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.. 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. Swedish electric vehicle maker Polestar cut its annual losses in half last year, while revenue surged. The upcoming GM earnings report should . Design cues first seen on Polestars concept cars are brought to production in the fastest Polestar production car to date. Sales of vehicles increased by $220.43M, or 108%, from $204.87M for the. The stock is taking off. The unaudited financial and operational information published in this press release is preliminary and subject to potential adjustments. We want to hear from you. New to earnings? Transferred vehicles for demonstration and commercial purposes are owned by Polestar and included in Inventory. 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. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Open this in the Investing.com app to get the full experience. Data is a real-time snapshot *Data is delayed at least 15 minutes. 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. We plan to capture a rapidly expanding market with our unique business model. 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 automaker still expects to deliver 50,000 vehicles in 2022, a key milestone. Foreign exchange effect on cash and cash equivalents. 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. 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. 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. Do Not Sell My Personal Data/Privacy Policy. Polestar's proposed business combination with Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU), is expected to close in the first half of 2022. As previously announced, Polestar anticipates global volumes to increase by nearly 60% to approximately 80,000 cars, predominantly driven by Polestar 2 sales. On the other hand, foreign exchange headwinds exacerbated the loss, and those are expected to continue into next year. Represents Polestar retail and handover locations, including Polestar Spaces, Polestar Destinations and Polestar Test Drive Centers. 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. Revenue: $435.4. Polestar went public via a merger with a special purpose acquisition company in June. Non-GAAP financial measures include adjusted operating loss, adjusted EBITDA, adjusted net loss, and free cash flow. All 500 build slots of Polestar 6 LA Concept edition were reserved online within a week of the production announcement. The revised post corrects the revenue figures from thousand to millions. A reconciliation between non-GAAP financial measures and the most comparable GAAP performance measures is provided below. 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. A Division of NBCUniversal. Earnings reports . 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 . 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. Following the completion of the call, a replay will be available shortly at https://investors.polestar.com/. This could result in differences from the unaudited operational and financial information published herein. Foundedby Volvo Car AB (publ.) Polestar expects to publish its Q3 2022 financial results on November 11, 2022. For example, projections of revenue, volumes and other financial or operating metrics are forward-looking statements. Selling, general and administrative expenses were kept flat due to active cost management. 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. 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. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Data is a real-time snapshot *Data is delayed at least 15 minutes. Got a confidential news tip? Investor Relations[emailprotected], Jonathan Goodman This measure is reviewed by management and is a relevant measure for understanding the underlying performance of Polestar's recurring core business operations. reserve, Other non-current provisions and liabilities, Other non-current interest-bearing liabilities, Trade payables external and trade payables and accrued income related parties, Accumulated deficit & Foreign currency translation The live webcast will be available athttps://edge.media-server.com/mmc/p/dyei2864. 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.

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