See Appendix B for details and a reconciliation of adjusted metrics to the nearest GAAP measure. 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. Electric-vehicle start-up Polestar finished 2022 on a high note with substantially better results than its peers'. Polestar reports results for the nine months ended September 30, 2022 GOTHENBURG, SWEDEN - NOVEMBER 11, 2022. They issued an "equal weight" rating and a $7.00 target price on the stock. Polestar 4 transforms the aerodynamics of a coup and the space of an SUV into a new breed of SUV coup. Represents Volvo Cars service centres which provide customers access to service points worldwide in support of Polestars international expansion. 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. 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. Design cues first seen on Polestars concept cars are brought to production in the fastest Polestar production car to date. 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. Sales of vehicles increased by $220.43M, or 108%, from $204.87M for the three months ended September 30, 2021 to $425.3M for the three months ended September 30, 2022. 2023 CNBC LLC. 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. 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. expense, Preliminary Unaudited Condensed Consolidated Statement of Financial Position, Trade receivables external and trade receivables and accrued income related parties, Accumulated deficit & Foreign currency translation Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers. Represents the markets in which Polestar operates. Hertz made plans to buy 175,000 EVs from GM in September 2022. With no legacy, our focus is solely on the technologies of the future. Polestar expects to deliver on its full-year target of 50,000 cars. (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. 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. New to earnings? The hard-top convertible presents an evolution of the unique design language first shown by Precept and emphasises a dynamic driving experience. 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. 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. Free cash flow is calculated by subtracting cash flows used for tangible assets and intangible assets from cash used for operating activities. Polestar Automotive Holding UK PLC (NASDAQ:PSNY - Get Rating) - Investment analysts at Cantor Fitzgerald issued their FY2023 earnings per share estimates for shares of Polestar Automotive Holding UK in a research note issued on Thursday, April 27th.Cantor Fitzgerald analyst A. Sheppard anticipates that the company will post earnings of ($0.53) per share for the year. Fusion Mediawould like to remind you that the data contained in this website is not necessarily real-time nor accurate. PSNY shares gained +5.9% the day following the earnings announcement to close at 5.35. Polestar (Nasdaq: PSNY) will reveal its next car, Polestar 4, at the Shanghai auto show on 18 April 2023. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. The company held a conference call for investors at 8:00 AM eastern on the same day. The below table summarises key financial results for the six months ended June 30, 2022 and June 30, 2021. What Is an Earnings Report? Polestar Automotive Holding press release ( NASDAQ: PSNY ): Q3 net income of $299.39M Revenue of $435.45M (+104.5% Y/Y). 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). This could result in differences from the unaudited operational and financial information published herein. But supply-chain disruptions are still an issue, and exchange-rate pressures will likely continue into 2023. 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. 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 defines adjusted operating loss as operating loss, adjusted to exclude listing expense. But the company warned that higher costs and supply-chain issues will continue to squeeze its margins into 2023. The company exceeded a 50,000-vehicle delivery target and expects to increase deliveries by nearly 60% to approximately 80,000 cars in 2023. 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. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Our radical approach to transparency is crucial to accelerate the shift to sustainable mobility. Vehicle deliveries will be weighted towards the fourth quarter, following disruptions from COVID-19 in China. This measure is reviewed by management and is a relevant measure for understanding the underlying performance of Polestar's recurring core business operations. Preliminary Unaudited Condensed Consolidated Statement of Loss, (in thousands of U.S. dollars unless otherwise stated), Selling, general, and administrative 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. Polestars Annual Report on Form 20-F is expected to be filed with the, Polestars 2022 Sustainability Report is expected to be published in, Polestar expects to post its unaudited financial results for the quarter ended. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. In August 2022, Polestar confirmed plans to put its electric roadster concept into production as Polestar 6, expected to launch in 2026. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Swedish electric-vehicle maker Polestar said Friday that its third-quarter operating loss narrowed from a year ago as revenue more than doubled, and it confirmed that it still expects to deliver 50,000 vehicles in 2022. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. 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. 2023, Nasdaq, Inc. All Rights Reserved. The below table summarises key financial results for the year ended December 31, 2022. Data is a real-time snapshot *Data is delayed at least 15 minutes. Polestar (Nasdaq: PSNY) introduces Polestar 4, an electric performance SUV coup and the second SUV in the brands line-up. Browse earnings estimates, EPS, and revenue on all stocks. Morgan Stanley upgrades GM, says stock is oversold. On Invalid Date, . GOTHENBURG, SWEDEN 1 SEPTEMBER 2022. on June 23, 2022. Do Not Sell My Personal Data/Privacy Policy. Selling, general and administrative expenses increased USD 167.9 million, or 60%. 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. As the company seeks to reduce its climate impact with every new model, Polestar aims to produce a truly climate-neutral car by 2030. 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. The live webcast will be available at https://edge.media-server.com/mmc/p/gp4rk9mk. Polestar Automotive Holding Uk (NASDAQ: PSNY) reported Q4 2022 earnings per share (EPS) of -$0.01, up 100.41% year over year. 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 With several ground-breaking cars to come, Polestar is poised for a period of rapid growth.. The below table summarises key financial results for the quarter ended December 31, 2022. Revenue: $435.4. 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. Polestar assumes no obligation to update these forward-looking statements, even if new information becomes available in the future. The company improved its cash position to $973.9 million to end last year, up about 29% from a year earlier. 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, Do Not Sell My Personal Information (CA Residents Only). . The below table summarises key operational results as of June 30, 2022 and June 30, 2021. Polestar Automotive reported Q3 revenue of $435.4 million, up 104% year-over-year. GOTHENBURG, SWEDEN 2 March 2023. "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. 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. If you have an ad-blocker enabled you may be blocked from proceeding. Type a symbol or company name. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. PR & Communications, Global[emailprotected]. 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. other contributed capital, Effect of foreign exchange rate changes on cash and Vehicle price increases and active cost management will help mitigate some of the impact on gross profit. Earnings reports almost always include EPS and Revenue results. Polestar Automotive reports earnings on a quarterly basis. Financing cash inflow mainly comprised of equity proceeds of. 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. (in millions of U.S. dollars) (unaudited), Selling, general and administrative expenses. In February, Polestar signed up eight additional sustainability partners to the ambitious Polestar 0 project to create a truly climate-neutral car by 2030 bringing the total to 24, as well as initiated a collaboration with Rivian on the Pathway Report in response to the climate crisis. 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 concept further develops the focus on sustainability and technology, aiming towards greater circularity. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Polestar Automotive Holding UK Limited is estimated to report earnings on 02/24/2023. Adjusted EBITDA is calculated as listing expense, fair value change of earn-out rights, fair value change of Class C Shares, interest income, interest expense, income tax expense, depreciation, and amortization, subtracted from net loss. Polestar plans to release three more electric performance vehicles through to 2026. (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. We want to hear from you. Copy and paste multiple symbols separated by spaces. Here's a quick guide forhow to read an earnings report. Polestar cars are currently manufactured in two facilities in China, with additional future manufacturing planned in the USA. 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. And in a surprise for a pure-play EV-maker, the company. - including external vehicles with 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. Trading on margin increases the financial risks. The upcoming GM earnings report should . 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. Polestar 4 is expected to follow in 2023, a smaller electric performance SUV coupe. 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. Polestar 2 launched in 2019 as the electric performance fastback with avant-garde Scandinavian design and up to 350 kW. 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. Forward-looking statements generally relate to future events or the future financial or operating performance of Polestar. Gross profit increased USD 118.5 million, as. Polestar cars are currently manufactured in two facilities in China, with additional future manufacturing planned in the USA. Investor Relations[emailprotected], Jonathan Goodman The stock is taking off. Visit the Earnings Calendar to see dates for upcoming earnings announcements. 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. 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. Polestar will release Q123 financial results on May 11, 2023. Polestar expects to publish its Q3 2022 financial results on November 11, 2022. That's nearly 100% growth compared to the first half of 2021,. Visit the Earnings Calendar to see dates for upcoming earnings announcements. Foundedby Volvo Car AB (publ.) 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. A Division of NBCUniversal. 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. We have a well defined rapid growth strategy. The hard-top convertible presents an evolution of the unique design language first shown by Precept and emphasises a dynamic driving experience. Despite the operating loss, Polestar was able to report a net profit of $299.4 million, or 14 cents per share, thanks to an accounting credit related to the revaluation of future share payouts. Polestar reports revenue of USD 1.0 billion, up 95%, for first half of 2022 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 Touch device users, explore by touch or with swipe gestures. We want to hear from you. Analyze the earnings history of Polestar Automotive using advanced sorting and filters. Online accessibility with expanding retail presences across existing and new markets. Non-GAAP financial measures include adjusted operating loss, adjusted EBITDA, adjusted net loss, and free cash flow. CFO Johan Malmqvist said the company continues to explore potential equity or debt offerings to raise additional capital to fund operations and business growth. Polestar Automotive reports earnings on a quarterly basis. PolestarAutomotive Holding UK PLC (Nasdaq: PSNY) (Polestar) isa Swedish premium electric vehicle manufacturer. The company specializes in luxury vehicles. Here are Thursday's biggest analyst calls: Apple, Meta, Amazon, Ford, Activision Blizzard & more. These symbols will be available throughout the site during your session. 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. As previously announced, Polestar anticipates global volumes to increase by nearly 60% to approximately 80,000 cars, predominantly driven by Polestar 2 sales. Unaudited Condensed Consolidated Statement of Loss and Comprehensive Loss, (in thousands of U.S. dollars except per share data and unless otherwise stated), Consolidated Statement of Comprehensive Loss, Unaudited Condensed Consolidated Statement of Financial Position, (in thousands of U.S. dollars unless otherwise stated), Unaudited Condensed Consolidated Statement of Cash Flows, Polestar reports revenue of USD 1.0 billion, up 95%, for first half of 2022, Stay up to date on the latest investor news, Selling, general and administrative expenses, - including external vehicles with repurchase obligations. Forward-looking statements generally relate to future events or the future financial or operating performance of Polestar. 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 4, a smaller electric performance SUV coupe,is expected to follow in 2023. The unaudited financial and operational information published in this press release is preliminary and subject to potential adjustments. Headquartered in Gothenburg, Sweden, its cars are available online in 27 markets globally across North America, Europe and Asia Pacific. repurchase obligations. 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. Polestar uses both generally accepted accounting principles ("GAAP," i.e., IFRS) and non-GAAP (i.e., non-IFRS) financial measures to evaluate operating performance, for internal comparisons to historical performance, and for financial decision-making purposes. Free access to Real-time quotes, Financial news, Market data and investing analysis. 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 quarterly earnings reports give investors a glimpse into financial results from a company for a 3 month period. Read our earnings report guide before you consider the forecast information when making investment decisions. Polestar is a joint venture between Sweden's Volvo Cars and its parent company, China-based Geely. 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. The concept further develops the focus on sustainability and technology, aiming towards greater circularity. 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 . The Polestar 3 electric performance SUV is scheduled for its world premiere in October 2022 in Copenhagen. A Division of NBCUniversal. Polestar Automotive Stock (NASDAQ:PSNY), Earnings Estimates, EPS, and Revenue Polestar Automotive reports earnings on a quarterly basis. All 500 build slots of Polestar 6 LA Concept edition were reserved online within a week of the production announcement. 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. GOTHENBURG, SWEDEN NOVEMBER 11, 2022. By 2023, the company plans that its cars will be available in an aggregate of 30 markets. A reconciliation between non-GAAP financial measures and the most comparable GAAP performance measures is provided below. 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. 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. Thursday morning, Polestar Automotive Holding UK. 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. Sign up for free newsletters and get more CNBC delivered to your inbox. Data Provider:Zacks Investment Research. When autocomplete results are available use up and down arrows to review and enter to select. Please. In late January, Polestar announced a major update to Polestar 2. Find out with Premium for only $4.95 PSNY Polestar Automotive Holding UK PLC Earnings Date &. cash equivalents, Net increase in cash and cash equivalents, Cash and cash equivalents at beginning of "I would like to reiterate: Polestar is a real car company," CEO Thomas Ingenlath said during the earnings call. Transferred vehicles for demonstration and commercial purposes are owned by Polestar and included in Inventory. Polestar's CEO and CFO will hold a. Shares of NASDAQ PSNY opened at $3.83 on Monday. 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%.