A reconciliation between non-GAAP financial measures and the most comparable GAAP performance measures is provided below. Data Provider:Zacks Investment Research. 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. 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. "We are putting cars on the road today and we are delivering on our ambitious growth plan.". Hertz reports earnings beat with updates on EV fleet "I would like to reiterate: Polestar is a real car company," CEO Thomas Ingenlath said during the earnings call. Represents the markets in which Polestar operates. 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. The Polestar 2 electric performance fastback is the companys first fully electric, high volume car. The upcoming GM earnings report should . 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. Our cars have been widely recognised for outstanding design and performance. Sign up for free newsletters and get more CNBC delivered to your inbox. All 500 build slots of Polestar 6 LA Concept edition were reserved online within a week of the production announcement. Polestar expects to publish its Q3 2022 financial results on November 11, 2022. 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 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. (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. GOTHENBURG, SWEDEN 1 SEPTEMBER 2022. Polestar's relatively positive results come after other EV startups like Lucid, Nikola and Rivian reported ongoing problems with supply chains and production. Polestar releases fourth quarter and full year 2022 financial results Non-GAAP financial measures include adjusted operating loss, adjusted EBITDA, adjusted net loss, and free cash flow. Potential adjustments to operational and consolidated financial information may be identified from work performed during Polestars year-end audit. The stock is taking off. 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. on June 23, 2022. The company plans to create a truly climate-neutral production car, without offsetting, by 2030. Thursday morning, Polestar Automotive Holding UK. The live webcast will be available athttps://edge.media-server.com/mmc/p/dyei2864. Read more 1 2 3 4 On Invalid Date, . The stock fell more than 5% Wednesday, closing at $5.05 a share. Polestar Automotive Holding press release ( NASDAQ: PSNY ): Q3 net income of $299.39M Revenue of $435.45M (+104.5% Y/Y). 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. 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. Earnings report for Polestar Automotive Holding UK PLC [PSNY] 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. Earnings reports almost always include EPS and Revenue results. CFO Johan Malmqvist said that Polestar's lower operating loss was helped by its efforts to reduce costs, specifically short-term reductions in advertising and marketing spending. The revised post corrects the revenue figures from thousand to millions. Type a symbol or company name. 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. Polestar has produced two electric performance cars. Since going public, shares of Polestar are off about 49%. Our business will continue to gain momentum through the year as we start producing Polestar 3 - and with Polestar 4 in the starting blocks.. Create your Watchlist to save your favorite quotes on Nasdaq.com. Foundedby Volvo Car AB (publ.) The Polestar 2 electric performance fastback is the companys first fully electric, high volume car. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Our pure, minimalist design guides everything we do. 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. 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. 2023 CNBC LLC. 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 Automotive reports earnings on a quarterly basis. Selling, general and administrative expenses were kept flat due to active cost management. 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. 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. Design cues first seen on Polestars concept cars are brought to production in the fastest Polestar production car to date. PSNY Analysts Price Targets Currently no data available. Open this in the Investing.com app to get the full experience. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. But the company warned that higher costs and supply-chain issues will continue to squeeze its margins into 2023. These quarterly earnings reports give. Since. If you have an ad-blocker enabled you may be blocked from proceeding. PSNY shares gained +5.9% the day following the earnings announcement to close at 5.35. 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 went public via a merger with a special purpose acquisition company in June. Global market for premium luxury BEV/PHEV vehicles in which we operate is expected to grow +29% CAGR 2020-2025E. Thursday's biggest analyst calls on Wall Street - CNBC 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. 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. But Ingenlath. 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. PSNY Earnings Dates, Upcoming and Historical (Polestar Automotive) When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. cash equivalents, Net increase in cash and cash equivalents, Cash and cash equivalents at beginning of The company delivered on its global sales target of 29,000 vehicles in 2021, representing year-on-year growth exceeding 185%. We plan to launch three new models, one per year to 2024. PSNY Stock Soars After Polestar Reports Q3 Earnings . 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. Guidance on revenue, volumes, gross margin and other financial or operating metrics, such as the ones included in the 2023 outlook described in this press release, are forward-looking statements. Polestar (NASDAQ:PSNY) is a Swedish EV maker, as well as a subsidiary of the Chinese automotive group Geely. Polestar Stock: Massive 2023 Guidance Cut (NASDAQ:PSNY) 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. 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. Polestar Reports Strong Start to 2022 With Record Sales, Continued 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 collaborate with kindred spirits on cool projects. . PR & Communications, Global[emailprotected]. New to earnings? 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. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. 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 PSNY earnings: Lower operating loss, confirms guidance - CNBC period, Cash and cash equivalents at end of period. Polestar Releases Fourth Quarter and Full Year 2022 Financial Results All Rights Reserved. Gross profit increased USD 118.5 million, as. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. 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. repurchase obligations. Financing cash inflow mainly comprised of equity proceeds of. 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. Please disable your ad-blocker and refresh. Shares rose sharply after the report and ended Friday's session up over 20%. A Division of NBCUniversal. Aiming to be operational in 30 markets by the end of 2023, from 19 at the end of 2021. 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. Sales of vehicles increased by $220.43M, or 108%, from $204.87M for the. Do Not Sell My Personal Data/Privacy Policy. Polestar Automotive Holding UK PLC (PSNY) - Yahoo Finance Malmqvist said that Polestar still expects to deliver 50,000 vehicles in 2022, generating about $2.4 billion in revenue for the full year, both in line with its prior guidance. As the company seeks to reduce its climate impact with everynewmodel, Polestar aims to produce a truly climate-neutral car by 2030. Data is a real-time snapshot *Data is delayed at least 15 minutes. 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 investors a glimpse into financial results from a company for a 3 month period. Polestar Automotive Holding UK (PSNY) Earnings Dates & Reports The below table summarises key financial results for the quarter ended December 31, 2022. Polestar 4 transforms the aerodynamics of a coup and the space of an SUV into a new breed of SUV coup. 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. Polestar Automotive Holding UK PLC (Nasdaq: PSNY) (Polestar) is a Swedish premium electric vehicle manufacturer. On the other hand, foreign exchange headwinds exacerbated the loss, and those are expected to continue into next year. Polestar expects to deliver on its full-year target of 50,000 cars. 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. Polestar Automotive Holding UK PLC Class A ADS (PSNY) Earnings Report See Appendix B for details and a reconciliation of adjusted metrics to the nearest GAAP measure. 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. 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. 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 expects the effects from product and market mix to continue alongside foreign exchange and input cost inflation. Polestar 4 is expected to follow in 2023, a smaller electric performance SUV coupe. Polestar (PSNY) Q4 earnings: EV production ramps up - CNBC