polestar earnings report
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.". 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. The majority of that increase will come from an updated Polestar 2 EV, according to Ingenlath. PolestarAutomotive Holding UK PLC (Nasdaq: PSNY) (Polestar) isa Swedish premium electric vehicle manufacturer. 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. Polestar Automotive Holding press release ( NASDAQ: PSNY ): Q3 net income of $299.39M Revenue of $435.45M (+104.5% Y/Y). Polestar is a joint venture between Sweden's Volvo Cars and its parent company, China-based Geely. Polestar went public via a merger with a special purpose acquisition company in June. 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. Forward-looking statements generally relate to future events or the future financial or operating performance of Polestar. 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. The listing expense represents a non-recurring, non-cash, share-based listing charge, incurred in connection with the business combination with Gores Guggenheim, Inc (GGI). 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. Free cash flow is calculated by subtracting cash flows used for tangible assets and intangible assets from cash used for operating activities. 2023 CNBC LLC. (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. Following the completion of the call, a replay will be available shortly at https://investors.polestar.com/. 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. We collaborate with kindred spirits on cool projects. 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. Revenue: $435.4. Polestar's proposed business combination with Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU), is expected to close in the first half of 2022. 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. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. On Invalid Date, . 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. . All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website. Visit the Earnings Calendar to see dates for upcoming earnings announcements. 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. Read our earnings report guide before you consider the forecast information when making investment decisions. "We are putting cars on the road today and we are delivering on our ambitious growth plan.". Head of Investor Relations[emailprotected], Tanya Ridd Thomas Ingenlath, Polestar CEO, comments: We left 2022 having exceeded our 50,000 delivery target, grown revenue over 80 percent and with strengthened liquidity. cash equivalents, Net increase in cash and cash equivalents, Cash and cash equivalents at beginning of Polestar 3 launched in late 2022 as the SUV for the electric age a large high-performance SUV that delivers sports car dynamics with a low stance and spacious interior. 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. 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. By 2023, the company plans that its cars will be available in an aggregate of 30 markets. 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. Statement Regarding Preliminary Unaudited Financial and Operational Results. Gross profit increased USD 118.5 million, as. 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. 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. The company specializes in luxury vehicles. As previously announced, Polestar anticipates global volumes to increase by nearly 60% to approximately 80,000 cars, predominantly driven by Polestar 2 sales. 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 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.". 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. 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. Morgan Stanley upgrades GM, says stock is oversold. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Nasdaq provides visual representation of analyst expected earnings growth. The concept further develops the focus on sustainability and technology, aiming towards greater circularity. The company on Thursday reported an 84% increase in revenue for 2022 to roughly $2.5 billion as it exceeded a 50,000-vehicle delivery target. See Appendix B for details and a reconciliation of adjusted metrics to the nearest GAAP measure. The below table summarises key preliminary operational results as of and for the year ended December 31, 2022. Type a symbol or company name. Polestar (NASDAQ:PSNY) is a Swedish EV maker, as well as a subsidiary of the Chinese automotive group Geely. The company exceeded a 50,000-vehicle delivery target and expects to increase deliveries by nearly 60% to approximately 80,000 cars in 2023. For example, projections of revenue, volumes and other financial or operating metrics are forward-looking statements. Global market for premium luxury BEV/PHEV vehicles in which we operate is expected to grow +29% CAGR 2020-2025E. (in millions of U.S. dollars) (unaudited), Selling, general and administrative expenses. Polestar Automotive Holding Uk Plc A (PSNY). 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. As the company seeks to reduce its climate impact with everynewmodel, Polestar aims to produce a truly climate-neutral car by 2030. At the time of its public debut in late June, Polestar was already in production and had more than 55,000 of its vehicles on the road around the world. Financing cash inflow mainly comprised of equity proceeds of. The company issued strong fourth-quarter earnings, reporting a narrower loss than expected and revenue that jumped 84% from a year ago. 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. Trading on margin increases the financial risks. Polestar 2 launched in 2019 as the electric performance fastback with avant-garde Scandinavian design and up to 350 kW. Polestar expects the effects from product and market mix to continue alongside foreign exchange and input cost inflation. 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. Polestar 4 is positioned between Polestar 2 and Polestar 3 in terms of size and price. Non-GAAP financial measures include adjusted operating loss, adjusted EBITDA, adjusted net loss, and free cash flow. Non-GAAP measure. The live webcast will be available athttps://edge.media-server.com/mmc/p/dyei2864. Visit the Earnings Calendar to see dates for upcoming earnings announcements. Polestar is headquartered in Gothenburg, Sweden, and its vehicles arecurrentlyavailable and on the road in markets across Europe, North America,Chinaand Asia Pacific. 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. Polestar Automotive Holding UK PLC (PSNY) Earnings Report | Seeking Alpha Is PSNY a Buy? 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 Automotive reports earnings on a quarterly basis. We want to hear from you. Got a confidential news tip? 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. These quarterly earnings reports give. Polestar Automotive Holding UK PLC Class A ADS, Do Not Sell My Personal Information (CA Residents Only). The below table summarises key financial results for the six months ended June 30, 2022 and June 30, 2021. "I would like to reiterate: Polestar is a real car company," CEO Thomas Ingenlath said during the earnings call. - including external vehicles with 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. 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). 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. 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. Michael Bloom. (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. The automaker still expects to deliver 50,000 vehicles in 2022, a key milestone. But Ingenlath. Bojana Flint Polestar 4 transforms the aerodynamics of a coup and the space of an SUV into a new breed of SUV coup. Polestar expects to deliver on its full-year target of 50,000 cars. Polestar has 125 locations and 934 service points across its markets, up 22 and 123 respectively, since the end of 2021. The revised post corrects the revenue figures from thousand to millions. A Division of NBCUniversal. 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. 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.. 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. Since going public, shares of Polestar are off about 49%. Zacks earnings numbers are reported on a BNRI (Before Non Recurring Items) basis and include stock option expenses where possible. The hard-top convertible presents an evolution of the unique design language first shown by Precept and emphasises a dynamic driving experience. Polestar cars are currently manufactured in two facilities in China, with additional future manufacturing planned in the USA. 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. The measures may not be the same as similarly titled measures used by other companies due to possible differences in calculation methods and items or events being adjusted. 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. Data Provider:Zacks Investment Research. PSNY Analysts Price Targets Currently no data available. 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 Automotive (PSNY) is scheduled to report earnings on May 30, 2023. The last reported earnings were for reported on March 2, 2023 for Q4. expense, Preliminary Unaudited Condensed Consolidated Statement of Financial Position, Trade receivables external and trade receivables and Polestar Automotive reports earnings on a quarterly basis. Our digital first, direct to consumer approach favours strong customer relations. 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. Selling, general and administrative expenses were kept flat due to active cost management. 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 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. This increase is primarily due to rapid commercial expansion, with Polestar increasing its global presence significantly during the period. We want to hear from you. 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. Polestar Automotive Holding UK Limited is estimated to report earnings on 02/24/2023. As the company seeks to reduce its climate impact with every new model, Polestar aims to produce a truly climate-neutral car by 2030. The below table summarises key operational results as of June 30, 2022 and June 30, 2021. period, Cash and cash equivalents at end of period. 2023 CNBC LLC. The stock is taking off. This could result in differences from the unaudited operational and financial information published herein. Swedish electric vehicle maker Polestar cut its annual losses in half last year, while revenue surged. Get this delivered to your inbox, and more info about our products and services. 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 plans to release three more electric performance vehicles through to 2026. The company expects to deliver 50,000 vehicles this year. The company is releasing two new EVs this year Polestar 3 and Polestar 4 that are expected to hit their production strides in 2024. With no legacy, our focus is solely on the technologies of the future. . 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. If you have an ad-blocker enabled you may be blocked from proceeding. Is this happening to you frequently? Design cues first seen on Polestars concept cars are brought to production in the fastest Polestar production car to date. Thursday morning, Polestar Automotive Holding UK. 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 The company improved its cash position to $973.9 million to end last year, up about 29% from a year earlier. Variances for Q4 2022 versus Q4 2021 largely followed the trends outlined for 2022 versus 2021, with the following notable exceptions: The below table summarises cash flow for the year ended December 31, 2022. Polestar Automotive Stock (NASDAQ:PSNY), Earnings Estimates, EPS, and Revenue Polestar Automotive reports earnings on a quarterly basis. 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. 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 We plan to launch three new models, one per year to 2024. 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. Forward-looking statements generally relate to future events or the future financial or operating performance of Polestar. 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. It is possible that this date will be updated in the future, once the company announces the actual date. 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. 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. Aiming to be operational in 30 markets by the end of 2023, from 19 at the end of 2021. Earnings reports . These symbols will be available throughout the site during your session. 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. Represents Polestar retail and handover locations, including Polestar Spaces, Polestar Destinations and Polestar Test Drive Centers. These quarterly earnings reports give investors a glimpse into financial results from a company for a 3 month period. And in a surprise for a pure-play EV-maker, the company. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. 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. According to a recent revenue report, EV automaker Polestar brought in over $1 billion in revenue in the first half of 2022. Entering text into the input field will update the search result below, Polestar Automotive Holding UK PLC (PSNY). 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. Shares of NASDAQ PSNY opened at $3.83 on Monday. Transformative ambition, including a climate neutral car by 2030. Polestar Automotive Holding UK PLC (Nasdaq: PSNY) (Polestar) is a Swedish premium electric vehicle manufacturer. 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.
