Polestar Automotive Holding UK Earnings Call Transcripts
Fiscal Year 2026
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Record sales and a major product expansion are underway, with four new models launching by 2028 and a focus on sustainability, design evolution, and advanced technology. Emissions per car have dropped 25%, and the company is targeting further growth in key EV segments.
Fiscal Year 2025
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Achieved record sales and 50% revenue growth in 2025, driven by Polestar 4 and European markets. Adjusted EBITDA loss narrowed, capital structure improved with $1.2B new equity, and guidance reiterates double-digit growth for 2026.
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Retail sales and revenue grew strongly year-over-year, led by Europe and new model launches, but profitability remains pressured by tariffs, pricing, and adverse mix. Cash position is stable, with new equity and debt secured, and further cost reductions and funding are priorities.
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Retail sales grew 51% and revenue rose 56% to $1.4B in H1 2025, driven by strong European and APAC performance and a growing premium model mix. Despite a $739M impairment, adjusted gross margin improved, and cost discipline narrowed EBITDA loss by 30%. Expansion continues, but external headwinds like tariffs and U.S. policy changes persist.
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Q1 2025 saw 76% retail sales and 84% revenue growth, with a positive 7% gross margin driven by Polestar 3 and 4. The company paused 2025 guidance due to tariff uncertainty but reaffirmed 30%-35% annual growth targets through 2027.
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Polestar is executing a major strategic shift, expanding its product lineup, harmonizing platforms, and growing its retail footprint to drive 30%-35% annual volume growth. The company targets positive adjusted EBITDA in 2025 and free cash flow by 2027, supported by cost reductions, CO2 credit revenues, and a focus on sustainability.
Fiscal Year 2024
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Q2 2024 saw 80%+ sequential sales growth and a 70% revenue increase, with improved working capital and inventory turnover. Focus is shifting to Polestar 3 and 4, with local production mitigating tariff risks and double-digit gross margins targeted by year-end.
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2023 saw higher vehicle sales but lower revenue due to discounts and impairments, with Q1 2024 marked by negative margins and cash outflows. Cost reductions and new SUV launches are driving improved order intake and expected stronger H2 performance.