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 upcoming earnings date is derived from an algorithm based on a company's historical reporting. That's enough to fund the company through 2023, Malmqvist said. Represents the markets in which Polestar operates. Data Provider:Zacks Investment Research. We collaborate with kindred spirits on cool projects. The company held a conference call for investors at 8:00 AM eastern on the same day. Following the completion of the call, a replay will be available shortly athttps://investors.polestar.com/. 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. Forward-looking statements generally relate to future events or the future financial or operating performance of Polestar. Design cues first seen on Polestars concept cars are brought to production in the fastest Polestar production car to date. Represents Polestar retail and handover locations, including Polestar Spaces, Polestar Destinations and Polestar Test Drive Centers. 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 4, a smaller electric performance SUV coupe,is expected to follow in 2023. 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 (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. 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. Polestar Automotive reports earnings on a quarterly basis. All Rights Reserved. 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. But the company warned that higher costs and supply-chain issues will continue to squeeze its margins into 2023. . GOTHENBURG, SWEDEN 2 March 2023. Transferred vehicles for demonstration and commercial purposes are owned by Polestar and included in Inventory. Polestar (NASDAQ:PSNY) is a Swedish EV maker, as well as a subsidiary of the Chinese automotive group Geely. These quarterly earnings reports give investors a glimpse into financial results from a company for a 3 month period. on June 23, 2022. 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. As of April 24, 2023, the average one-year price target for Polestar Automotive Holding UK PLC - ADR is 6.46. Polestar's third-quarter operating loss was significantly narrower than a year ago, and its revenue more than doubled. With several ground-breaking cars to come, Polestar is poised for a period of rapid growth.. Polestar 4 is expected to follow in 2023, a smaller electric performance SUV coupe. 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. 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. PR & Communications, Global[emailprotected]. Vehicle price increases and active cost management will help mitigate some of the impact on gross profit. 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 . Polestar cars are currently manufactured in two facilities in China, with additional future manufacturing planned in the USA. A reconciliation between non-GAAP financial measures and the most comparable GAAP performance measures is provided below. Polestar 4 transforms the aerodynamics of a coup and the space of an SUV into a new breed of SUV coup. "I would like to reiterate: Polestar is a real car company," CEO Thomas Ingenlath said during the earnings call. Foreign exchange effect on cash and cash equivalents. On the other hand, foreign exchange headwinds exacerbated the loss, and those are expected to continue into next year. reserve, Other non-current provisions and liabilities, Other non-current interest-bearing liabilities, Trade payables external and trade payables and 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 plans to release three more electric performance vehicles through to 2026. 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. The company delivered on its global sales target of 29,000 vehicles in 2021, representing year-on-year growth exceeding 185%. The hard-top convertible presents an evolution of the unique design language first shown by Precept and emphasises a dynamic driving experience. Preliminary Unaudited Condensed Consolidated Statement of Loss, (in thousands of U.S. dollars unless otherwise stated), Selling, general, and administrative Polestar's relatively positive results come after other EV startups like Lucid, Nikola and Rivian reported ongoing problems with supply chains and production. Our pure, minimalist design guides everything we do. Polestar is a joint venture between Sweden's Volvo Cars and its parent company, China-based Geely. "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. Furthermore, in late August 2022, Polestar entered into an additional credit facility with one of those banks for approximately USD 145 million. 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. If you have an ad-blocker enabled you may be blocked from proceeding. 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. Analyze the earnings history of Polestar Automotive using advanced sorting and filters. Transformative ambition, including a climate neutral car by 2030. other contributed capital, Effect of foreign exchange rate changes on cash and expense, Preliminary Unaudited Condensed Consolidated Statement of Financial Position, Trade receivables external and trade receivables and You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. 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. The company issued strong fourth-quarter earnings, reporting a narrower loss than expected and revenue that jumped 84% from a year ago. . Polestar Automotive Holding UK (PSNY) Earnings Date & Reports 523 Followers Earnings Data Report Date Nov 10, 2023 Not Confirmed Period Ending 2023 (Q3) Consensus EPS Forecast Last Year's EPS -$0.14 Same Quarter Last Year Analyst Consensus Hold Based on 2 Analysts Ratings Polestar Automotive Holding UK (PSNY) Earnings, Revenues Date & History 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. Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers. That's nearly 100% growth compared to the first half of 2021,. Sign up for free newsletters and get more CNBC delivered to your inbox. The upcoming GM earnings report should . Shares of NASDAQ PSNY opened at $3.83 on Monday. Trading on margin increases the financial risks. Global volumes increased 22,814 to 51,491 cars in 2022, an increase of 80% year on year. Data is a real-time snapshot *Data is delayed at least 15 minutes. Polestar increased its global presence from 10 to 19 markets in . These symbols will be available throughout the site during your session. Polestar Automotive Holding UK has a 1 year low of $3.14 and a 1 year high of $13.36. Polestar expects to publish its Q3 2022 financial results on November 11, 2022. Head of Investor Relations[emailprotected], Tanya Ridd 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. Foundedby Volvo Car AB (publ.) We plan to capture a rapidly expanding market with our unique business model. Polestar reports revenue of USD 1.0 billion, up 95%, for first half of 2022 Polestar Automotive Holding UK PLC ("Polestar" or the "Company," Nasdaq: PSNY), the Swedish electric performance car brand, reports its financial results for the first six months of 2022. 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. Online accessibility with expanding retail presences across existing and new markets. The Actual Revenue was $435.4M, which beat the estimate of $0K. accrued expenses - related parties, Preliminary Unaudited Condensed Consolidated Statement of Cash Flows, Adjustments to reconcile Net loss to net cash flows, Change in operating assets and 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 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 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. Polestar defines adjusted operating loss as operating loss, adjusted to exclude listing expense. 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. Got a confidential news tip? Type a symbol or company name. The company exceeded a 50,000-vehicle delivery target and expects to increase deliveries by nearly 60% to approximately 80,000 cars in 2023. 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. Zacks earnings numbers are reported on a BNRI (Before Non Recurring Items) basis and include stock option expenses where possible. 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 is headquartered in Gothenburg, Sweden, and its vehicles are currently available and on the road in markets across Europe, North America, China and Asia Pacific. 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 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. Polestar has 125 locations and 934 service points across its markets, up 22 and 123 respectively, since the end of 2021. Potential adjustments to operational and consolidated financial information may be identified from work performed during Polestars year-end audit. 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. Earnings reports almost always include EPS and Revenue results. The company expects to deliver 50,000 vehicles this year. Polestar expects the effects from product and market mix to continue alongside foreign exchange and input cost inflation. Read more 1 2 3 4 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. For example, projections of revenue, volumes and other financial or operating metrics are forward-looking statements. The live webcast will be available at https://edge.media-server.com/mmc/p/gp4rk9mk. Polestar has added six new markets since the start of 2022, including United Arab Emirates, Kuwait, Hong Kong, Ireland, Spain and Portugal. Polestar Automotive reported Q3 revenue of $435.4 million, up 104% year-over-year. 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. The company is releasing two new EVs this year Polestar 3 and Polestar 4 that are expected to hit their production strides in 2024. 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. 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. 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. 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. Adjusted net loss is calculated as net loss, adjusted to exclude listing expense, fair value change of earn-out rights, and fair value change of Class C Shares. 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. Our digital first, direct to consumer approach favours strong customer relations. Do Not Sell My Personal Data/Privacy Policy. 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. Sign up for free newsletters and get more CNBC delivered to your inbox. According to a recent revenue report, EV automaker Polestar brought in over $1 billion in revenue in the first half of 2022. PSNY shares gained +5.9% the day following the earnings announcement to close at 5.35. Bojana Flint The below table summarises key operational results as of June 30, 2022 and June 30, 2021. We have a well defined rapid growth strategy. Morgan Stanley upgrades GM, says stock is oversold. Free cash flow is calculated by subtracting cash flows used for tangible assets and intangible assets from cash used for operating activities. By 2023, the company plans that its cars will be available in an aggregate of 30 markets. Polestar Automotive Holding UK PLC Class A ADS, Do Not Sell My Personal Information (CA Residents Only). 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. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The automaker still expects to deliver 50,000 vehicles in 2022, a key milestone. GOTHENBURG, SWEDEN NOVEMBER 11, 2022. Gross profit increased USD 17.6 million, or 49%, as the result of higher sales of Polestar 2, partially offset by product and market mix. Polestarhasproducedtwo electric performance cars. 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. Here's a quick guide forhow to read an earnings report. Global Head of Communications & PR[emailprotected]. 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. These quarterly earnings reports give. Research and development expenses decreased USD 8.1 million, or 8%, due to lower amortisation related to Polestar 1, partially offset by increased spend on future vehicles and battery electric technologies, including the Polestar Precept and the P10 powertrain. The company improved its cash position to $973.9 million to end last year, up about 29% from a year earlier. 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.
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