These quarterly earnings reports give investors a glimpse into financial results from a company for a 3 month period. Since going public, shares of Polestar are off about 49%. Polestar Automotive Holding UK PLC (Polestar or the Company, Nasdaq: PSNY), the Swedish electric performance car brand, reports its global volumes for the first quarter of 2023. Polestar went public via a merger with a special purpose acquisition company in June. The unaudited financial and operational information published in this press release is preliminary and subject to potential adjustments. Touch device users, explore by touch or with swipe gestures. Selling, general and administrative expenses were kept flat due to active cost management. Morgan Stanley upgrades GM, says stock is oversold, merger with a special-purpose acquisition company. 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. 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. 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. The company expects to deliver 50,000 vehicles this year. 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. Polestar Automotive Holding UK PLC (PSNY) Stock Price, News, Quote & History - Yahoo Finance U.S. markets open in 3 hours 51 minutes Polestar Automotive Holding UK PLC (PSNY) NasdaqGM -. Michael Bloom. 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. (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. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. When autocomplete results are available use up and down arrows to review and enter to select. All Rights Reserved. reserve, Other non-current provisions and liabilities, Other non-current interest-bearing liabilities, Trade payables external and trade payables and The company specializes in luxury vehicles. 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 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. Recent developments design, innovation, sustainability. The last reported earnings were for reported on March 2, 2023 for Q4. (Because Polestar's share price has fallen since it went public, it will have to pay out less than it had previously expected, hence the credit.). 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 . 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. 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.". Polestar is a joint venture between Sweden's Volvo Cars and its parent company, China-based Geely. 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. Polestar Automotive Holding UK PLC's market cap currently stands at around $7.47 billion. As of September 30, 2022, Polestar had cash and cash equivalents of $988.26Mas compared to $756.68M as of December 31, 2021. Here are Thursday's biggest analyst calls: Apple, Meta, Amazon, Ford, Activision Blizzard & more. Polestarhasproducedtwo electric performance cars. Polestar Automotive reported Q3 revenue of $435.4 million, up 104% year-over-year. The concept further develops the focus on sustainability and technology, aiming towards greater circularity. 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 believes non-GAAP financial measures are helpful to investors as they provide useful perspective on underlying business trends and assist in period on period comparisons. 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. It is possible that this date will be updated in the future, once the company announces the actual date. Polestar 4, a smaller electric performance SUV coupe,is expected to follow in 2023. Polestar 2 launched in 2019 as the electric performance fastback with avant-garde Scandinavian design and up to 350 kW. Fusion Mediawould like to remind you that the data contained in this website is not necessarily real-time nor accurate. 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. Polestar's relatively positive results come after other EV startups like Lucid, Nikola and Rivian reported ongoing problems with supply chains and production. 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. PSNY Stock Soars After Polestar Reports Q3 Earnings . 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. 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. 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. The forecasts range from a low of 5.05 to a high of $7.35. Polestar Automotive (PSNY) is scheduled to report earnings on May 30, 2023. Data is a real-time snapshot *Data is delayed at least 15 minutes. Gross profit increased USD 118.5 million, as. Non-GAAP financial measures include adjusted operating loss, adjusted EBITDA, adjusted net loss, and free cash flow. Fusion Mediaandany provider of the data contained in this websitewill not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website. 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.. Visit the Earnings Calendar to see dates for upcoming earnings announcements. Transferred vehicles for demonstration and commercial purposes are owned by Polestar and included in Inventory. The company plans to create a truly climate-neutral production car, without offsetting, by 2030. With no legacy, our focus is solely on the technologies of the future. But supply-chain disruptions are still an issue, and exchange-rate pressures will likely continue into 2023. We want to hear from you. 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. This was corrected on 11/11/2022 at 8:13 AM. 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. (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. 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 The Polestar 3 electric performance SUV is scheduled for its world premiere in October 2022 in Copenhagen. Revenue increased USD 1,124.7 million, or 84%, mainly driven by higher Polestar 2 vehicle sales with continued commercial expansion across markets. 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 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. The below table summarises key operational results as of June 30, 2022 and June 30, 2021. Furthermore, in late August 2022, Polestar entered into an additional credit facility with one of those banks for approximately USD 145 million. Head of Investor Relations[emailprotected], Tanya Ridd Got a confidential news tip? Thomas Ingenlath, Polestar CEO, comments: We left 2022 having exceeded our 50,000 delivery target, grown revenue over 80 percent and with strengthened liquidity. 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. The forecasts range from a . "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. By 2023, the company plans that its cars will be available in an aggregate of 30 markets. 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 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. Selling, general and administrative expenses increased USD 167.9 million, or 60%. Polestar expects to deliver on its full-year target of 50,000 cars. Bojana Flint As of April 24, 2023, the average one-year price target for Polestar Automotive Holding UK PLC - ADR is 6.46. We want to hear from you. The live webcast will be available athttps://edge.media-server.com/mmc/p/dyei2864. 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 is headquartered in Gothenburg, Sweden, and its vehicles arecurrentlyavailable and on the road in markets across Europe, North America,Chinaand Asia Pacific. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Vehicle deliveries will be weighted towards the fourth quarter, following disruptions from COVID-19 in China. The upcoming earnings date is derived from an algorithm based on a company's historical reporting. *The upcoming earnings date is derived from an algorithm based on a company's historical reporting dates. The company exceeded a 50,000-vehicle delivery target and expects to increase deliveries by nearly 60% to approximately 80,000 cars in 2023. A Division of NBCUniversal. 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. Read our earnings report guide before you consider the forecast information when making investment decisions. Polestar 4 is expected to follow in 2023, a smaller electric performance SUV coupe. Trading on margin increases the financial risks. In late January, Polestar announced a major update to Polestar 2. 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). As the company seeks to reduce its climate impact with everynewmodel, Polestar aims to produce a truly climate-neutral car by 2030. 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. We plan to capture a rapidly expanding market with our unique business model. 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. Represents Volvo Cars service centres which provide customers access to service points worldwide in support of Polestars international expansion. The stock fell more than 5% Wednesday, closing at $5.05 a share. For example, projections of revenue, volumes and other financial or operating metrics are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as may, should, expect, intend, will, estimate, anticipate, believe, predict, potential, forecast, plan, seek, future, propose or continue, or the negatives of these terms or variations of them or similar terminology. PR & Communications, Global[emailprotected]. 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.
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