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Shares of NASDAQ PSNY opened at $3.83 on Monday. The company held a conference call for investors at 8:00 AM eastern on the same day. With several ground-breaking cars to come, Polestar is poised for a period of rapid growth.. 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. Type a symbol or company name. Our pure, minimalist design guides everything we do. 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. "We are putting cars on the road today and we are delivering on our ambitious growth plan.". Statement Regarding Preliminary Unaudited Financial and Operational Results. Polestar expects the effects from product and market mix to continue alongside foreign exchange and input cost inflation. That's enough to fund the company through 2023, Malmqvist said. Got a confidential news tip? Its net loss for the year fell to $466 million from more than $1 billion in 2021. Free access to Real-time quotes, Financial news, Market data and investing analysis. The company expects to deliver 50,000 vehicles this year. By 2023, the company plans that its cars will be available in an aggregate of 30 markets. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. . 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. Gross profit increased USD 118.5 million, as. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. The majority of that increase will come from an updated Polestar 2 EV, according to Ingenlath. Polestar (Nasdaq: PSNY) will reveal its next car, Polestar 4, at the Shanghai auto show on 18 April 2023. Swedish electric vehicle maker Polestar cut its annual losses in half last year, while revenue surged. "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. The company plans to create a truly climate-neutral production car, without offsetting, by 2030. For example, projections of revenue, volumes and other financial or operating metrics are forward-looking statements. Polestar 4 is positioned between Polestar 2 and Polestar 3 in terms of size and price. Sales of vehicles increased by $220.43M, or 108%, from $204.87M for the. 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 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 Automotive Holding UK Limited is estimated to report earnings on 02/24/2023. Our cars have been widely recognised for outstanding design and performance. 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). They issued an "equal weight" rating and a $7.00 target price on the stock. The company specializes in luxury vehicles. All Rights Reserved. Polestar 4 transforms the aerodynamics of a coup and the space of an SUV into a new breed of SUV coup. Zacks earnings numbers are reported on a BNRI (Before Non Recurring Items) basis and include stock option expenses where possible. Transferred vehicles for demonstration and commercial purposes are owned by Polestar and included in Inventory. Unaudited Reconciliation of GAAP and Non-GAAP Results, Investing cash flows used for tangible assets, Investing cash flows used for intangible assets, Polestar releases fourth quarter and full year 2022 financial results, Stay up to date on the latest investor news, https://edge.media-server.com/mmc/p/gp4rk9mk, 51,491 cars delivered in 2022, compared to 28,677 in 2021, an increase of 80%, Selling, general and administrative expenses increased, Research and development expenses decreased. other contributed capital, Effect of foreign exchange rate changes on cash and For example, projections of revenue, volumes and other financial or operating metrics are forward-looking statements. A Division of NBCUniversal. As previously announced, Polestar anticipates global volumes to increase by nearly 60% to approximately 80,000 cars, predominantly driven by Polestar 2 sales. . We want to hear from you. Get this delivered to your inbox, and more info about our products and services. 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%. 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. Polestarhasproducedtwo electric performance cars. 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. 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 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. 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. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Polestar Automotive Holding UK PLC Class A ADS, Do Not Sell My Personal Information (CA Residents Only). "It's an exciting year for us in terms of changing the company to not only having one product but three at the end of the time," Ingenlath told CNBC during a video interview. The company issued strong fourth-quarter earnings, reporting a narrower loss than expected and revenue that jumped 84% from a year ago. 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. Polestar cars are currently manufactured in two facilities in China, with additional future manufacturing planned in the USA. The stock is taking off. 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.". 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. Free cash flow is calculated by subtracting cash flows used for tangible assets and intangible assets from cash used for operating activities. This could result in differences from the unaudited operational and financial information published herein. Polestar plans to release three more electric performance vehicles through to 2026. 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. Here are Thursday's biggest analyst calls: Apple, Meta, Amazon, Ford, Activision Blizzard & more. Data is a real-time snapshot *Data is delayed at least 15 minutes. PR & Communications, Global[emailprotected]. Open this in the Investing.com app to get the full experience. CFO Johan Malmqvist said the company continues to explore potential equity or debt offerings to raise additional capital to fund operations and business growth. Revenue increased USD 1,124.7 million, or 84%, mainly driven by higher Polestar 2 vehicle sales with continued commercial expansion across markets. 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. Electric-vehicle start-up Polestar finished 2022 on a high note with substantially better results than its peers'. Polestar Automotive Holding UK PLC Stock Earnings Report Current P/E ratio: 3.13 | Price (Apr 26, 2023, EOD): $3.40 (Find current average P/E ratios for all sectors below ) PSNY Upcoming Earnings Currently no data available. The upcoming GM earnings report should . 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. Global Head of Communications & PR[emailprotected]. Foundedby Volvo Car AB (publ.) Get this delivered to your inbox, and more info about our products and services. The below table summarises key financial results for the quarter ended December 31, 2022. 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. Polestar (Nasdaq: PSNY) introduces Polestar 4, an electric performance SUV coup and the second SUV in the brands line-up. 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. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Polestar reports results for the nine months ended September 30, 2022 GOTHENBURG, SWEDEN - NOVEMBER 11, 2022. The hard-top convertible presents an evolution of the unique design language first shown by Precept and emphasises a dynamic driving experience. The Polestar 2 electric performance fastback is the companys first fully electric, high volume car. Design cues first seen on Polestars concept cars are brought to production in the fastest Polestar production car to date. 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. 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 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. Polestar has added six new markets since the start of 2022, including United Arab Emirates, Kuwait, Hong Kong, Ireland, Spain and Portugal. 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. 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. 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. All Rights Reserved. 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. Polestar 4 is expected to follow in 2023, a smaller electric performance SUV coupe. Revenue: $435.4. The company improved its cash position to $973.9 million to end last year, up about 29% from a year earlier. Polestar Automotive Stock (NASDAQ:PSNY), Earnings Estimates, EPS, and Revenue Polestar Automotive reports earnings on a quarterly basis. 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. Polestar assumes no obligation to update these forward-looking statements, even if new information becomes available in the future. And in a surprise for a pure-play EV-maker, the company. Here's a quick guide forhow to read an earnings report. Polestar Automotive Holding Uk (NASDAQ: PSNY) reported Q4 2022 earnings per share (EPS) of -$0.01, up 100.41% year over year. The revised post corrects the revenue figures from thousand to millions. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. Read more 1 2 3 4 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. Copy and paste multiple symbols separated by spaces. 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 cars are currently manufactured in two facilities in China, with additional future manufacturing planned in the USA. We want to hear from you. If you have an ad-blocker enabled you may be blocked from proceeding. Selling, general and administrative expenses were kept flat due to active cost management. 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 . The below table summarises key financial results for the six months ended June 30, 2022 and June 30, 2021. The Polestar 3 electric performance SUV is scheduled for its world premiere in October 2022 in Copenhagen. Polestar's proposed business combination with Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU), is expected to close in the first half of 2022. These quarterly earnings reports give investors a glimpse into financial results from a company for a 3 month period. Forward-looking statements generally relate to future events or the future financial or operating performance of Polestar. Polestar has 125 locations and 934 service points across its markets, up 22 and 123 respectively, since the end of 2021. New to earnings? 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. Polestar Automotive Holding press release ( NASDAQ: PSNY ): Q3 net income of $299.39M Revenue of $435.45M (+104.5% Y/Y). 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. 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. 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. These symbols will be available throughout the site during your session. Polestar's third-quarter operating loss was significantly narrower than a year ago, and its revenue more than doubled. expense, Preliminary Unaudited Condensed Consolidated Statement of Financial Position, Trade receivables external and trade receivables and 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. But supply-chain disruptions are still an issue, and exchange-rate pressures will likely continue into 2023. On Invalid Date, . Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. This increase is primarily due to rapid commercial expansion, with Polestar increasing its global presence significantly during the period. Bojana Flint Polestar Automotive Holding UK has a 1 year low of $3.14 and a 1 year high of $13.36. (in millions of U.S. dollars) (unaudited), Selling, general and administrative expenses. 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. Data Provider:Zacks Investment Research. "I would like to reiterate: Polestar is a real car company," CEO Thomas Ingenlath said during the earnings call. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Online accessibility with expanding retail presences across existing and new markets. See Appendix B for details and a reconciliation of adjusted metrics to the nearest GAAP measure. Since. Trading on margin increases the financial risks. The company is releasing two new EVs this year Polestar 3 and Polestar 4 that are expected to hit their production strides in 2024. In August 2022, Polestar confirmed plans to put its electric roadster concept into production as Polestar 6, expected to launch in 2026. 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. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower.

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