Polestar reports 49% revenue growth in the first nine months of 2025

Higher volumes and attractive model line-up support growing revenues Continuing reduction of materials costs and fixed costs Achieved target of three-digit million-dollar carbon credits sales ahead of plan at USD 123 million for the first nine months of 2025 External headwinds continue to impact profitability GOTHENBURG, Sweden--(BUSINESS WIRE)--Polestar (Nasdaq: PSNY) reports select unaudited financial and operational results for the third quarter and first nine months of 2025. Michael Lohscheller, Polestar CEO, says: “We are making progress in our commercial transformation, expanding our dealer network and opening retail locations across our 28 markets, resulting in revenue growth of 49% in the first nine months of 2025. As market conditions remain challenging, we continue to take steps to make our organisation and operations more efficient.” Key financial highlights (in millions of U.S. dollars) For the nine months ended 30 September For the three months ended 30 September (unaudited) 2025 2024 Change, % 2025 2024 Change, % Restated1 Restated1 Revenue 2,171 1,459 48.8 748 550 36.0 Gross margin, % (34.5) (2.1) (32.4) ppts (6.1) (1.2) (4.9) ppts Adjusted Gross Margin (non-GAAP)2, % (1.8) (2.1) 0.3 ppts (7.9) (1.2) (6.7) ppts Net loss (1,558) (867) (79.7) (365) (323) (13.0) Adjusted EBITDA (non-GAAP)2 (561) (610) 8.0 (259) (176) (47.2) Cash balance 995 501 98.6 (1) “Restated” as a result of the restated six-month periods ended 30 June 2024 filed on Form 6-K/A with the SEC on 1 July 2025. (2) Non-GAAP measure. See Appendix A for details and a reconciliation of non-GAAP metrics to the nearest GAAP measure. For the nine months ended 30 September 2025: Retail sales totalled an estimated 44,482 cars, representing growth of 36.5% year-on-year (YoY) from 32,595 cars in the comparable period, driven by an attractive model line-up and strong sales in Europe. Revenue at USD 2,171 million, up by 48.8% from USD 1,459 million a year earlier, driven predominantly by higher volumes, a growing share of higher priced models (Polestar 3 and Polestar 4) in the sales mix, and carbon credits sales partially offset by pressure on pricing due to competitive and challenging market environment and residual value guarantee costs related to the North American markets. Carbon credits sales totalled USD 123 million in the period from USD 0.04 million a year earlier, including USD 19 million worth of carbon credits sales booked in other operating income. Gross margin at a negative (34.5)%, a deterioration of 32.4 ppts YoY from (2.1)% in the comparable period, mainly due to the non-cash impairment expense on Polestar 3 of USD 739 million booked in the second quarter of 2025. Adjusted Gross Margin at a negative (1.8)%, better by 0.3 ppts YoY from (2.1)% a year earlier, mainly as a result of evolving product and geographical sales mix, reduction of materials costs of vehicles sold and carbon credits sales, partially offset by pressure on pricing, higher tariffs and adjustments of inventory to net realizable value and expenses related to residual value guarantees. Net loss of USD (1,558) million, compared to net loss of USD (867) million in the first nine months of 2024, primarily due to a higher gross loss driven by the impairment expense. Adjusted EBITDA of USD (561) million, better by USD 49 million from USD (610) million in the comparable period, a result of lower selling, general and administrative (SG&A) expenses driven by optimized marketing spend and lower headcount, higher other operating income including indirect carbon credits sales and a positive foreign exchange impact partially offset by higher Adjusted Gross Loss and higher sales agency remuneration linked to growing sales volumes. Cash position of USD 995 million, higher by USD 256 million versus the 2024 year-end cash position of USD 739 million. During the period, Polestar received a USD 200 million PIPE investment from PSD Investment Limited in June 2025 as well as secured and renewed financing facilities. Further details are provided in the reconciliation tables for non-GAAP measures in Appendix A. For the three months ended 30 September 2025: Retail sales totalled an estimated 14,192 cars, up 13.1% YoY from 12,548 cars a year earlier, supported by an attractive model line-up and a European geographical sales mix. Revenue at USD 748 million, up by 36.0% from USD 550 million in the comparable period, driven predominantly by volumes and growing volumes of higher priced models (Polestar 3 and Polestar 4) in the sales mix with a further positive contribution from carbon credits sales offset by pricing pressure and residual value guarantee adjustments related to the North American markets. Carbon credits sales totalled USD 33 million in the period from USD nil million a year earlier, including USD 1 million worth of carbon credits sales booked in other operating income. Gross margin at (6.1)%, a deterioration of 4.9 ppts from (1.2)% a year earlier, mainly due to pressure on pricing and higher cost of sales linked to tariffs, adverse mix effect, adjustment of inventory to net realizable value and costs related to residual value guarantees in the North American markets, partially offset by carbon credits sales in the quarter. Adjusted Gross Margin at a negative (7.9)%, a deterioration of 6.7 ppts from (1.2)% in the comparable period, is adjusted for a USD 12 million reversal of impairment expense. Net loss of USD (365) million, compared to net loss of USD (323) million for the third quarter of 2024, primarily driven by a higher gross loss, higher sales agency remuneration linked to growing sales volume, and lower other operating income partially offset by continued reduction of SG&A expenses. Adjusted EBITDA loss of USD (259) million, compared to Adjusted EBITDA loss of USD (176) million for the third quarter of 2024, mainly due to a higher gross loss, higher sales agency remuneration linked to growing sales volume, and negative foreign exchange impact partially offset by reduction of SG&A expenses. Key operational highlights The table below summarizes key operational highlights for the quarter and nine months ended September 30, 2025: For the nine months ended 30 September, For the three months ended 30 September, 2025 2024 Change, % 2025 2024 Change, % Retail sales 1 44,482 32,595 36.5 14,192 12,548 13.1 • including external vehicles with repurchase obligations2 1,452 1,170 24.1 473 182 159.9 • including internal vehicles 2,683 2,204 21.7 777 1,243 (37.5) Markets3 28 27 + 1 market Sales points4 192 165 16.4 of which sales points, excluding China 191 124 54.0 Service points5 1,269 1,170 8.5 (1) Retail sales figures are sales to end customers. Retail Sales include new cars handed over via all sales channels and all sale types, including but not restricted to internal, fleet, retail, rental and leaseholders’ channels across all markets irrespective of their market model and setup and may or may not generate directly revenue for Polestar. (2) In the 9 months ended 30 September 2025 this number includes 179 cars that were handed over as security under a financing arrangement. (3) Represents the markets in which Polestar operates. (4) Represents Sales Points, including retail locations which are physical facilities (such as showrooms), actively selling Polestar cars, and pre-space activations, which represent locations with an ongoing project to build a retail location that have already started selling Polestar cars. (5) Represents Volvo Cars service centres to provide access to customer service points worldwide in support of Polestar’s international expansion. Sales points, excluding China, continue to grow, as we transition to an active selling model. In Q3 2025, Polestar signed up another 11 new retail partners with a total of 141 active retail partners at the end of September 2025. Key loan facilities and funding highlights During the first nine months of 2025, Polestar secured a USD 200 million PIPE investment from PSD Investment Limited, an entity that is controlled by Mr. Shufu (Eric) Li, Founder and Chairman of Geely Holding Group, in June 2025. Approximately USD 2.2 billion of facilities were renewed and approximately USD 1.0 billion of new facilities were secured, totalling USD 3.2 billion (including USD 290 million of new facilities and the renewal of USD 1.1 billion of existing facilities in the third quarter). Debt covenants with club loan facility banks agreed and amended in June and July 2025 regarding revenue and debt-to-asset ratio covenants testing quarterly for the remainder of 2025 and full-year 2025. The Company’s debt level was in compliance with its loan covenants as of 30 September 2025. With the support from Geely Holding Group, we continue to make progress towards securing new equity and debt funding. Reverse stock split Polestar plans to launch the reverse stock split to effect a change of the ratio of its American Depositary Shares to its ordinary shares, which is currently 1:1. Details are expected to be announced shortly. Key business and operational highlights Polestar 5 Grand Tourer revealed at IAA Mobility in Munich. Polestar 4 receives Red Dot “Best of the Best” design award. Polestar 4 will be the first car to integrate Google Maps’ live lane guidance. Polestar 3 sets Guinness World Record for longest journey travelled by an electric SUV on a single charge. Polestar 3 upgraded with 800 Volt electrical architecture and peak DC charging rate of up to 350 kW for the 2026 model year. Inaugural Polestar Festival marks a milestone of 45,000 Polestars on the road in the UK. Reduction of R&D staff announced, as a result of implementation of previously communicated strategy to make use of existing architectures from Geely Group for future models. Conference call Michael Lohscheller, CEO, and Jean-Francois Mady, CFO, will host a conference call today, 12 November 2025, at 14:00 CET. To join the call, please follow use this link https://edge.media-server.com/mmc/p/boejrfgq/ or follow the instructions available under Events on the Polestar Investor Relations website. Notes All financial figures are in millions of U.S. dollars (USD). Unless stated otherwise, the performance shown in this press release covers the three-month period ended 30 September 2025 (Q3 2025), compared to the three-month period ended 30 September 2024 (Q3 2024), and the nine-month period ended 30 September 2025 (first nine months of 2025), compared to the nine-month period ended 30 September 2024 (first nine months of 2024). Calendar Polestar expects to report its retail sales volumes for Q4 2025 on 9 January 2026. About Polestar Polestar (Nasdaq: PSNY) is the Swedish electric performance car brand with a focus on uncompromised design and innovation, and the ambition to accelerate the change towards a sustainable future. Headquartered in Gothenburg, Sweden, its cars are available in 28 markets globally across North America, Europe, and Asia Pacific. Polestar has four models in its line-up: Polestar 2, Polestar 3, Polestar 4, and Polestar 5. Planned models include Polestar 7 compact SUV (to be introduced in 2028) and the Polestar 6 roadster. With its vehicles currently manufactured on two continents, North America and Asia, Polestar is diversifying its manufacturing footprint further, with production of Polestar 7 planned in Europe. Polestar has an unwavering commitment to sustainability and has set an ambitious roadmap to reach its climate targets: halve greenhouse gas emissions by 2030 per-vehicle-sold and become climate-neutral across its value chain by 2040. Polestar’s comprehensive sustainability strategy covers the four areas of Climate, Transparency, Circularity, and Inclusion. Statement regarding unaudited financial and operational results The unaudited financial and operational information published in this press release is subject to potential adjustments. Potential adjustments to operational and consolidated financial information may be identified from work performed during Polestar’s year-end audit. This could result in differences from the unaudited operational and financial information published herein. For the avoidance of doubt, the unaudited operational and financial information published in this press release should not be considered a substitute for the financial information filed with the SEC in Polestar’s Annual Reports on Form 20-F. Forward-looking statementsRead the full story here

Polestar reports 49% revenue growth in the first nine months of 2025

Andere Nachrichten des Unternehmens