Revenue: $435.4. 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. Here's a quick guide forhow to read an earnings report. 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's Earnings Stand Out Versus EV Rivals 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%. "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. We plan to launch three new models, one per year to 2024. Polestar expects to publish its Q3 2022 financial results on November 11, 2022. (in millions of U.S. dollars) (unaudited), Selling, general and administrative expenses. The live webcast will be available athttps://edge.media-server.com/mmc/p/dyei2864. 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. As of April 24, 2023, the average one-year price target for Polestar Automotive Holding UK PLC - ADR is 6.46. Free access to Real-time quotes, Financial news, Market data and investing analysis. The automaker still expects to deliver 50,000 vehicles in 2022, a key milestone. Here are Thursday's biggest analyst calls: Apple, Meta, Amazon, Ford, Activision Blizzard & more. By 2023, the company plans that its cars will be available in an aggregate of 30 markets. What Is an Earnings Report? But supply-chain disruptions are still an issue, and exchange-rate pressures will likely continue into 2023. The Polestar 2 electric performance fastback is the companys first fully electric, high volume car. Furthermore, in late August 2022, Polestar entered into an additional credit facility with one of those banks for approximately USD 145 million. Headquartered in Gothenburg, Sweden, its cars are available online in 27 markets globally across North America, Europe and Asia Pacific. 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. In August 2022, Polestar confirmed plans to put its electric roadster concept into production as Polestar 6, expected to launch in 2026. The company expects to deliver 50,000 vehicles this year. The concept further develops the focus on sustainability and technology, aiming towards greater circularity. Polestar Releases Fourth Quarter and Full Year 2022 Financial Results Polestar reports results for the nine months ended September 30, 2022, Stay up to date on the latest investor news, https://edge.media-server.com/mmc/p/dyei2864. 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. Polestar will release Q123 financial results on May 11, 2023. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The below table summarises key financial results for the quarter ended December 31, 2022. 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 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. 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. 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. A Division of NBCUniversal. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Non-GAAP financial measures include adjusted operating loss, adjusted EBITDA, adjusted net loss, and free cash flow. 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 . You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The company is releasing two new EVs this year Polestar 3 and Polestar 4 that are expected to hit their production strides in 2024. On Invalid Date, . Polestar Automotive reports earnings on a quarterly basis. But the company warned that higher costs and supply-chain issues will continue to squeeze its margins into 2023. 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. 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 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. 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. Type a symbol or company name. accrued income related parties, Accumulated deficit & Foreign currency translation 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. In addition, we maintained strong momentum in our global order take and expect to deliver 50,000 cars to our customers this year, meeting our 2022 sales guidance. 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. Polestar Automotive Holding UK has a 1 year low of $3.14 and a 1 year high of $13.36. The majority of that increase will come from an updated Polestar 2 EV, according to Ingenlath. Is this happening to you frequently? Polestar defines adjusted operating loss as operating loss, adjusted to exclude listing expense. other contributed capital, Effect of foreign exchange rate changes on cash and Polestar Automotive Holding UK PLC (PSNY) Is Worth Looking Despite A The company specializes in luxury vehicles. 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.. Investor Relations[emailprotected], Jonathan Goodman Forward-looking statements generally relate to future events or the future financial or operating performance of Polestar. 2023 CNBC LLC. 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 issued strong fourth-quarter earnings, reporting a narrower loss than expected and revenue that jumped 84% from a year ago. 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. The forecasts range from a low of 5.05 to a high of $7.35. CFO Johan Malmqvist said that Polestar's lower operating loss was helped by its efforts to reduce costs, specifically short-term reductions in advertising and marketing spending. Polestar 4 transforms the aerodynamics of a coup and the space of an SUV into a new breed of SUV coup. 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.". 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. Forward-looking statements generally relate to future events or the future financial or operating performance of Polestar. See Appendix B for details and a reconciliation of adjusted metrics to the nearest GAAP measure. Earnings reports . Sales of vehicles increased by $220.43M, or 108%, from $204.87M for the. The company showed solid growth when it. Visit the Earnings Calendar to see dates for upcoming earnings announcements. Polestar went public via a merger with a special purpose acquisition company in June. 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. The below table summarises key preliminary operational results as of and for the year ended December 31, 2022. Polestar has produced two electric performance cars. Represents the markets in which Polestar operates. These symbols will be available throughout the site during your session. Our radical approach to transparency is crucial to accelerate the shift to sustainable mobility. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. A reconciliation between non-GAAP financial measures and the most comparable GAAP performance measures is provided below. Our cars have been widely recognised for outstanding design and performance. All 500 build slots of Polestar 6 LA Concept edition were reserved online within a week of the production announcement. 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. Global volumes increased 22,814 to 51,491 cars in 2022, an increase of 80% year on year. PSNY shares gained +5.9% the day following the earnings announcement to close at 5.35. Volvo Cars Q1 Results: Stable start to 2023, as company continues 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. These quarterly earnings reports give investors a glimpse into financial results from a company for a 3 month period. For example, projections of revenue, volumes and other financial or operating metrics are forward-looking statements. PolestarAutomotive Holding UK PLC (Nasdaq: PSNY) (Polestar) isa Swedish premium electric vehicle manufacturer. Polestar stock jumps as earnings, production forecast delight investors Earnings 2021 : GGPI - Reddit on June 23, 2022. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. 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. Guidance on revenue, volumes, gross margin and other financial or operating metrics, such as the ones included in the 2023 outlook described in this press release, are forward-looking statements. Polestar expects to deliver on its full-year target of 50,000 cars. Polestar is headquartered in Gothenburg, Sweden, and its vehicles arecurrentlyavailable and on the road in markets across Europe, North America,Chinaand Asia Pacific. 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. Malmqvist said that Polestar still expects to deliver 50,000 vehicles in 2022, generating about $2.4 billion in revenue for the full year, both in line with its prior guidance. According to a recent revenue report, EV automaker Polestar brought in over $1 billion in revenue in the first half of 2022. We want to hear from you. Aiming to be operational in 30 markets by the end of 2023, from 19 at the end of 2021. Sign up for free newsletters and get more CNBC delivered to your inbox. Do Not Sell My Personal Data/Privacy Policy. 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. The hard-top convertible presents an evolution of the unique design language first shown by Precept and emphasises a dynamic driving experience. 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 stock fell more than 5% Wednesday, closing at $5.05 a share. And in a surprise for a pure-play EV-maker, the company. When autocomplete results are available use up and down arrows to review and enter to select. 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 Automotive Holding UK PLC (Nasdaq: PSNY) (Polestar) is a Swedish premium electric vehicle manufacturer. Our digital first, direct to consumer approach favours strong customer relations. Bojana Flint Zacks earnings numbers are reported on a BNRI (Before Non Recurring Items) basis and include stock option expenses where possible. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. Shares rose sharply after the report and ended Friday's session up over 20%. Polestar assumes no obligation to update these forward-looking statements, even if new information becomes available in the future. 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. 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. With no legacy, our focus is solely on the technologies of the future. All Rights Reserved. The concept further develops the focus on sustainability and technology, aiming towards greater circularity. "We are putting cars on the road today and we are delivering on our ambitious growth plan.". Foreign exchange effect on cash and cash equivalents. 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. Data Provider:Zacks Investment Research. Following the completion of the call, a replay will be available shortly at https://investors.polestar.com/. Read our earnings report guide before you consider the forecast information when making investment decisions. 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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