Polestar Automotive Holding UK PLC (PSNY)

Polestar Sets Date for AGMMay 19, 2026 7:30 AM
Business Wire Polestar (Nasdaq: PSNY) announces that its Annual General Meeting (AGM) is to be held in London on 26 June 2026. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260512611515/en/ Full details of the AGM and proposed resolutions are available on the Company’s Investor Relations website: https://investors.polestar.com/corporate-governance/annual-general-meeting The meeting will be voting for the re-appointment of all Directors and the appointment of PricewaterhouseCoopers as Auditors. 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 4 new variant (to be introduced in the last quarter of 2026), Polestar 2 successor (to be launched early in 2027), 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. Forward-Looking Statements
This press release contains statements that are not historical facts, but rather forward-looking statements within the meaning of Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those that address activities, events or developments that Polestar or its management believes or anticipates may occur in the future. All forward-looking statements are based upon, as applicable, our current expectations, various assumptions and data available from third parties. Our expectations and assumptions are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that such forward-looking statements will materialize or prove to be correct as forward-looking statements are inherently subject to known and unknown risks, uncertainties and other factors which may cause actual future results, performance or achievements to differ materially from the future results, performance or achievements expressed in or implied by such forward-looking statements. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those set out in the forward-looking statements, including those risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Polestar’s Form 20-F, and other documents filed, or to be filed, with the U.S. Securities and Exchange Commission by Polestar. For any forward-looking statements contained in this or any other document, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we assume no obligation to update publicly or revise any such statements in light of new information or future events, except as required by law. View source version on businesswire.com: https://www.businesswire.com/news/home/20260512611515/en/ Anna Gavrilova
Head of Investor Relations
anna.gavrilova@polestar.com Theo Kjellberg
Head of Corporate Communication
theo.kjellberg@polestar.com Original: Polestar Sets Date for AGM

Polestar Says Rising Fuel Costs Are Accelerating EV InterestMay 14, 2026 9:33 AM
IH Market News Polestar (NASDAQ:PSNY) said growing fuel costs linked to tensions in the Middle East are pushing more consumers toward electric vehicles, as drivers increasingly focus on the cost of gasoline rather than concerns about driving range.Speaking to CNBC’s “Squawk Box Europe,” chief executive Michael Lohscheller said consumer attitudes toward EVs are shifting as energy prices rise globally.“People are concerned, ‘how much do I pay at the gas station?’” Lohscheller said. Higher Oil Prices Boost Interest in Electric Vehicles Polestar said demand for both new and used electric vehicles has increased following higher oil prices triggered by disruptions around the Strait of Hormuz, a key shipping route that normally handles roughly 20% of global oil supplies.The company indicated that economic considerations are becoming a bigger factor in EV adoption.“In the past, people considered EVs for idealistic reasons, and now the decision is all about money,” Lohscheller said. Company Continues to Face Competitive and Pricing Pressures Despite improving demand trends, Polestar last week reported a wider first-quarter net loss of $383 million.The company attributed the weaker result to pricing pressure, intensifying competition and tariffs imposed by both the European Union and the United States, although vehicle volumes still rose 7% year-on-year. CEO Highlights Challenges Across Global Auto Markets Lohscheller also commented on the increasingly competitive global automotive market, describing China as “hyper competitive.”He added that Europe needs to “speed up” to remain competitive in the transition toward electric mobility.The CEO further pointed to uncertainty in the United States market, including the phaseout of tax incentives and consumer worries over rising costs. Oil Prices Remain Elevated Amid Middle East Conflict Oil markets have remained under pressure since the United States and Israel launched attacks on Iran in late February, contributing to higher fuel costs worldwide.Polestar Automotive Holding stock price Original: Polestar Says Rising Fuel Costs Are Accelerating EV Interest

Geotab integrates Polestar vehicles into its OEM telematics networkMay 5, 2026 4:00 AM
PR Newswire (US) Fleet operators across North America, Europe, and APAC can now access Polestar vehicle data directly in MyGeotab — no aftermarket hardware required.LONDON, UK, May 5, 2026 /PRNewswire/ -- Geotab, a global leader in connected vehicle and asset management solutions, today announced the integration of Polestar vehicles into its OEM telematics network, giving commercial fleet operators seamless access to Polestar data within MyGeotab from day one — with no aftermarket hardware installation required. The integration is available globally across North America, Europe, and Asia Pacific, supporting all Polestar models.Developed in collaboration with Geotab, among other telematics service providers, Polestar Fleet Telematics integrates directly into MyGeotab. The Geotab integration enables fleet managers to manage Polestar vehicles alongside all other makes and models on a single unified platform — without fitting additional devices.Connected vehicle data where it matters mostThrough Polestar Fleet Telematics, fleet operators gain near-real-time access to a comprehensive dataset — covering EV battery and charging status, location, tyre information, vehicle security, maintenance alerts, and climate data — flowing directly from Polestar's connected vehicle architecture into MyGeotab, with no physical installation required.This breadth of data enables fleet managers to move from reactive to proactive operations — scheduling maintenance before failures occur, optimising charge planning across depots, and maintaining duty-of-care oversight across the entire fleet.Supporting Europe's Mixed-Fleet RealityOEM-embedded telematics removes the need for aftermarket device installation across mixed-manufacturer fleets, reducing logistical overhead and supporting compliance with works council and GDPR requirements — a critical consideration for European fleet operators."Polestar Fleet Telematics combines sustainability with intelligence, integrating seamlessly with Geotab to deliver these capabilities directly into the platforms fleet operators trust. Continuous data visibility enables more efficient and informed fleet operations, from day-to-day management to long-term planning. By leveraging Polestar vehicles' embedded connectivity, fleet managers can make smarter, data-driven decisions — without adding hardware or complexity to their operations." said Emma Knapp, Manager of Global Key Accounts at Polestar.Polestar joins an OEM telematics network that already spans over 80% of leading global vehicle manufacturers by fleet market share, including BMW Group, Ford, Stellantis, Volkswagen Group, and Volvo Cars. For fleet operators already using MyGeotab, Polestar vehicles can be connected and deliver data without any additional hardware or installation."OEM-embedded telematics represents a change in how fleet data reaches the platform — and Polestar's connected vehicle architecture makes this integration particularly well-suited for markets that are seriously considering transitioning to electric vehicles." said Christoph Ludewig, Vice President OEM Global at Geotab. "Fleet operators managing mixed EV and internal combustion engine fleets no longer need separate tools or hardware for each vehicle type. Polestar data flows directly into MyGeotab alongside every other vehicle in the fleet — giving operators the consolidated visibility they need to drive efficiency, support duty of care, and manage their EV transition with confidence."Global AvailabilityThe integration is available now across North America, Europe, and Asia Pacific, supporting all Polestar models. Fleet managers can activate the service via the Geotab Marketplace or by contacting their Geotab representative.About PolestarPolestar (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 the 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 plans to diversify 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.About Geotab Geotab is a global leader in connected vehicle and asset management solutions, with headquarters in Oakville, Ontario and Atlanta, Georgia. Our mission is to make the world safer, more efficient, and sustainable. We leverage advanced data analytics and AI to transform fleet performance and operations, reducing cost and driving efficiency. Backed by top data scientists and engineers, we serve approximately 100,000 global customers, processing 100 billion data points daily from more than 5 million vehicle subscriptions. Geotab is trusted by Fortune 500 organisations, mid-sized fleets, and the largest public sector fleets in the world, including the US Federal government. Committed to data security and privacy, we hold FIPS 140-3 and FedRAMP authorisations. Our open platform, ecosystem of outstanding partners, and Geotab Marketplace deliver hundreds of fleet-ready third-party solutions. This year, we're celebrating 25 years of innovation. Learn more at www.geotab.com/uk and follow us on LinkedIn or visit our blog.GEOTAB and GEOTAB MARKETPLACE are registered trademarks of Geotab Inc. in Canada, the United States and/or other countries.Media Contact: Geotab Contact, Romina Dashghachian, Strategic Communications Lead, EMEA, pr@geotab.comPhoto - https://mma.prnewswire.com/media/2972188/Geotab_Inc__Geotab_integrates_Polestar_vehicles_into_its_OEM_tel.jpg 
Logo - https://mma.prnewswire.com/media/2972187/Geotab_Inc__Geotab_integrates_Polestar_vehicles_into_its_OEM_tel.jpg   View original content:https://www.prnewswire.co.uk/news-releases/geotab-integrates-polestar-vehicles-into-its-oem-telematics-network-302761910.html Original: Geotab integrates Polestar vehicles into its OEM telematics network

Polestar Reports Record Sales as Losses Widen on ImpairmentsApril 17, 2026 8:21 AM
IH Market News
Polestar Automotive Holding UK PLC (NASDAQ:PSNY) delivered record vehicle sales in 2025, though losses deepened due to significant impairment charges, according to its full-year results.The electric vehicle maker sold 60,119 cars during the year, a 34% increase compared with 2024, while revenue climbed 50% to exceed $3 billion.Despite the strong top-line performance, the company posted a net loss of $2.357 billion, up from $2.050 billion the previous year, largely driven by impairment costs of around $1.05 billion. On an adjusted basis, gross loss narrowed substantially to $22 million from $254 million in 2024, bringing the adjusted gross margin close to breakeven at negative 0.7%.In the fourth quarter, Polestar sold 15,608 vehicles, up 27.3% year-on-year, while revenue rose 54.3% to $887 million. The company also reported a positive adjusted gross margin of 1.9% for the quarter, compared with negative 39.0% a year earlier.Polestar continued to expand its retail footprint, increasing its sales network by 51% outside China with the addition of 71 new locations, bringing the total to 211 by the end of 2025. The company now operates in 28 markets worldwide, having entered France during the year.Since June 2025, Polestar has bolstered its financial position through $1.2 billion in equity injections and roughly $639 million in debt-to-equity conversions, ending the year with approximately $1.2 billion in cash.Looking ahead to 2026, the company expects low double-digit growth in vehicle volumes and plans to introduce four new models over the next three years, including the Polestar 5 in 2026. It also flagged ongoing geopolitical uncertainty and challenging market conditions as factors shaping its outlook.Polestar Automotive Holding stock price

Original: Polestar Reports Record Sales as Losses Widen on Impairments

Polestar reports fourth quarter select and full-year 2025 financial resultsApril 17, 2026 7:00 AM
Business Wire

Record retail sales of 60,119 cars (+34% YoY); revenue surpassed USD 3 billion (+50% YoY)



Adjusted Gross Profit near breakeven; gross loss impacted by impairment expenses



Continued product cost, headcount and fixed cost reductions yielding meaningful savings



Improved capital structure profile and liquidity position



Cash position of approx. USD 1.2 billion as at 2025 year-end



2026 guidance: low double-digit volume growth



Polestar (Nasdaq: PSNY) today presents its consolidated financial results and operational metrics for the year and three months ended December 31, 2025.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260417910848/en/
Michael Lohscheller, Polestar CEO, said: “2025 was a record year for Polestar, with retail sales of over 60,000 cars and revenue surpassing USD 3 billion. Our strong commercial performance was driven by the expansion of our sales network and strength of our model line-up.


"Since June 2025 to-date, we have strengthened our balance sheet and improved our debt and liquidity positions through a total of USD 1.2 billion in equity injections, approx. USD 0.6 billion debt-to-equity conversions, partially executed and planned, and an agreement of a three-year extension of the USD 0.7 billion shareholder loan.


"In 2026, our operational focus will be on the continued expansion of our sales network, growing our sales points by a planned 20%, to coincide with the largest model offensive in our history, with four new models planned during the next three years. While we expect market conditions to become more challenging, amid ongoing geopolitical developments, we will continue to drive financial performance, building on our achievements in 2025, with an improved model mix, sustained cost reduction and financial discipline."


Key financial and operational highlights for 2025 (year-on-year comparison)



Retail sales volumes up 34% driven by accelerated transition to an active selling model, retail expansion and attractive model line-up



Revenues up 50% to USD 3,058 million, driven by higher sales volumes



Gross margin of (35)% impacted by impairment expenses of approx. USD 1.1 billion



Adjusted gross loss of USD (22) million, significantly improved by USD 232 million



Selling, general and administrative expenses reduced year-on-year



Net loss of USD (2,357) million, mainly driven by impairment expense, net of reversals of approx. USD (1,050) million



Adjusted EBITDA loss of USD (783) million, an improvement of USD 297 million year-on-year



2025 year-end cash position of USD 1,159 million



New equity of USD 0.5 billion raised from existing and external investors



Since the start of 2026



New equity of USD 0.7 billion raised from external investors



Debt-to-equity conversion of approx. USD 639 million of loans outstanding to Geely Sweden and Volvo Cars with USD 274 million already executed



Extension of maturity of Volvo Cars' USD 726 million shareholder loan from December 2028 to December 2031



Largest model offensive in Polestar’s history: four new cars planned in three years (Polestar 5 in 2026, Polestar 4 new variant in 2026, Polestar 2 next generation in 2027 and Polestar 7 in 2028)



Intention to consolidate manufacturing of Polestar 3 in Charleston, South Carolina, USA to drive efficiencies



2026 guidance with market conditions becoming more challenging, amid ongoing geopolitical developments: volume growth at low double-digit rate



Financial guidance


Polestar has continued to make major strides in its commercial transformation supported by accelerated retail expansion and the strength of its attractive model line-up in a challenging geopolitical and economic environment.


Looking to 2026, the global environment is expected to remain highly uncertain given recent geopolitical developments. As previously indicated, retail sales volumes are expected to increase at a low double-digit rate, with a continued focus on quality revenue. The sales mix is expected to further evolve with an increasing share of Polestar 4 coupe, our best-selling model, complemented later in 2026 with the introduction of new Polestar 4 SUV variant.


Key financial highlights


The table below summarizes key financial results for the 12 months ended December 31, 2025:




(in millions of U.S. dollars)






For the year ended




December 31,






 








 






2025






2024






Change, %








 






 






 






 








Revenue






3,058






 






2,034






 






50.3






 








Cost of sales






(4,142






)






(2,910






)






(42.3






)








Impairment expense, net of reversals






(1,050






)






(622






)






(68.8






)








Other cost of sales






(3,092






)






(2,288






)






(35.1






)








Gross loss






(1,084






)






(876






)






(23.7






)








Gross margin, %






(35.4






)






(43.1






)






7.7ppts








Adjusted Gross Loss (non-GAAP) 1






(22






)






(254






)






91.4






 








Adjusted Gross Margin (non-GAAP) 1, %






(0.7






)%






(12.5






)%






11.8ppts








Selling, general and administrative expense






(856






)






(891






)






3.8






 








Research and development expense






(78






)






(38






)






(102.4






)








Other operating income






52






 






59






 






(11.8






)








Other operating expense






(88






)






(24






)






(268.7






)








Foreign exchange gains (losses) on operating activities, net






44






 






(44






)






201.0






 








Operating loss






(2,009






)






(1,813






)






(10.8






)








Net loss






(2,357






)






(2,050






)






(15.0






)








Adjusted EBITDA (non-GAAP) 1






(783






)






(1,080






)






27.5






 









(1)







Non-GAAP measure. See Appendix C for details and a reconciliation of non-GAAP metrics to the nearest GAAP measure.








Retail sales totaled 60,119 cars, representing growth of 34.0% year-on-year (YoY) from 44,851 cars in the comparable period, driven by the transition to an active selling model, accelerated retail expansion and an attractive model line-up.



Revenue of USD 3,058 million, up by 50.3% from USD 2,034 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 in a competitive and challenging market environment. Carbon credits sales totaled USD 211 million in the period from USD 11 million a year earlier, including USD 19 million worth of carbon credits sales booked in other operating income (2024: USD nil).



Cost of sales increased to USD (4,142) million, an increase of 42.3% from USD (2,910) million in 2024, mainly due to higher sales volumes and related increased production volumes and carline mix, as well as higher duties and tariffs related to increase in tariffs, primarily from China to the EU; higher cost of sales includes impairment expenses on tangible and intangible assets net of reversals of USD (1,050) million (2024: USD (622) million).



Gross margin was a negative (35.4)%, an improvement from (43.1)% in the comparable period, and includes impairment expenses booked in 2025.



Adjusted Gross Margin at near-breakeven of (0.7)%, an improvement from (12.5)% a year earlier; Adjusted Gross Loss significantly reduced to USD (22) million from USD (254) million in 2024 mainly as a result of evolving product and geographical sales mix, reduction in materials costs and higher carbon credits sales, lower adjustment of residual value guarantee in North American markets and positive impact from the China JV settlement partially offset by pressure on pricing and tariffs and collateral impact on inventory net realizable value.



Selling, General and Administrative (SG&A) expenses improved to USD (856) million from USD (891) million in 2024; expenses decreased by USD 100 million due to optimized marketing and advertising expenses, cost discipline and organizational restructuring with reduced headcount (from 2,547 in December 2024 to 1,686 in December 2025) but were partially offset by higher sales agent remuneration, by USD 65 million year-on-year, linked to growing retail sales volumes.



Research and development (R&D) expenses increased to USD (78) million from USD (38) million in the comparable period, driven by higher spend due to commencement of new programs with a lower capitalization rate.



Operating loss was USD (2,009) million compared to USD (1,813) million in 2024, primarily due to factors described above; other net operating income/expense was higher due to restructuring expenses related to headcount reduction and real-estate downsizing.



Net loss of USD (2,357) million, compared to net loss of USD (2,050) million in 2024, driven by factors described above; finance income was lower due to lower interest rates; finance expense was higher on higher levels of outstanding external financing; net foreign exchange gains on financial activities arose from positive FX movements; positive fair value changes from Earn-out rights and Class C shares were lower due to a smaller relative depreciation of Polestar's share price over the period compared to prior year; share of losses in associates increased due to the capital contributions made by Polestar in its China associate in 2025 which triggered recognition of previously unrecognized losses.



Adjusted EBITDA of USD (783) million, improved by USD 297 million from USD (1,080) million in the comparable period, is a result of achieving near-breakeven Adjusted Gross Loss and optimizing SG&A expenses, which were partially offset by increased R&D expenses and higher sales agent remuneration.



Further details are provided in the reconciliation tables for non-GAAP measures in Appendix C.



Select results for Q4 2025


The table below summarizes key operational and financial results and provides the year-on-year (YoY) comparison for the three months ended December 31, 2026:




(in millions of U.S. dollars)






For the three months




ended December 31,






 








 






2025






2024






Change, %








 






 






 






 








Retail sales, units






15,608






12,256






27.3








 






 






 






 








Revenue






887






575






54.3








Gross Loss






(335)






(846)






60.4








Gross margin, %






(37.8)%






(147.1)%






109.3ppts








Adjusted Gross Profit / (Loss) (non-GAAP)1, %






17






(224)






nm








Adjusted Gross Margin (non-GAAP)1, %






1.9%






(39.0)%






40.9ppts








Net loss






(799)






(1,183)






32.5








Adjusted EBITDA (non-GAAP)1






(223)






(470)






52.6









(1)







Non-GAAP measure. See Appendix C for details and a reconciliation of non-GAAP metrics to the nearest GAAP measure.







For the three months ended December 31, 2025:



Retail sales totaled 15,608 cars, up 27.3% YoY from 12,256 cars a year earlier, supported by retail expansion and an attractive model line-up.



Revenue of USD 887 million, up by 54.3% from USD 575 million in the comparable period, driven predominantly by retail sales volumes and channel and product mix developments with a further positive contribution from carbon credits sales, lower residual value guarantee adjustment related to the North American markets and positive FX impact offset by pressure on pricing due to competitive and challenging pricing and market environment. Carbon credits sales totaled USD 88 million in the period from USD 11 million a year earlier, including USD nil million worth of carbon credits sales booked in other operating income (Q4 2024: USD nil million).



Gross margin at (37.8)%, an improvement of 109.3ppts from (147.1)% a year earlier, mainly due to lower impairment expenses of USD 340 million booked in the fourth quarter of 2025 compared to USD 622 million booked in the fourth quarter of 2024.



Adjusted Gross Margin turning positive at 1.9%, an improvement of 40.9ppts from (39.0)% in the comparable period, mainly due to favorable product and margin mix, especially due to Polestar 4 sales, higher carbon credits sales, and lower adjustment of residual value guarantee in North American markets partially offset by pressure on pricing and higher tariffs.



Net loss of USD (799) million, compared to net loss of USD (1,183) million for the fourth quarter of 2024, is better due to factors mentioned above and lower impairment expenses booked in Q4 2025.



Adjusted EBITDA loss of USD (223) million, compared to Adjusted EBITDA loss of USD (470) million for the fourth quarter of 2024, mainly due to improvement from Adjusted Gross Loss of USD (224) million in Q4 2024 to Adjusted Gross Profit of USD 17 million in Q4 2025.



Key operational highlights


The table below summarizes key operational results as of and for the 12 months and three months ended December 31, 2025:




 






For the year ended




December 31,






 






For the three months




ended December 31,






 








 






2025






2024






Change, %






2025






2024






Change, %








Retail sales 1






60,119






44,851






34.0






15,608






12,256






27.3








• including external vehicles with repurchase obligations2






2,366






1,651






43.3






914






481






90.0








• including internal vehicles






3,455






2,927






18.0






772






723






6.8








Markets3






28






27






+ 1 market






 






 






 








Sales points4






211






175






20.6






 






 






 








of which sales points, excluding China






211






140






50.7






 






 






 








Service points5






1,243






1,170






6.2






 






 






 









(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 year ended December 31, 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 centers to provide access to customer service points worldwide in support of Polestar’s international expansion.








Retail sales totaled 60,119 cars in the year ended December 31, 2025, representing growth of 34%, compared with 44,851 new cars sold in 2024, driven by the transition to an active selling model, accelerated retail expansion and an attractive model line-up.



Sales points, excluding China, grew at 51%. In 2025, Polestar opened 71 new retail sales points with a total of 211 sales points at the end of 2025. During 2025, Polestar signed up 54 new retailers with a total of 158 retail partners, representing an increase of 52%, at the end of 2025.



The increase in external sales with a repurchase obligation is primarily related to the delivery of Polestar 4 cars under a financing agreement in the German market.



Polestar increased sales of internal cars to support its retail network expansion.



Key cash flow highlights


The table below summarizes cash flow for the 12 months ended December 31, 2025:




(in millions of U.S. dollars)






For the year ended




December 31,








 






2025








Beginning cash






739








Operating






(915)








Investing






(521)








Financing






1,693








Foreign exchange effect on cash and cash equivalents






163








Ending cash






1,159








Operating cash outflow of USD (915) million, mainly driven by the operating loss net of non-cash adjustments, finance expenses and negative working capital movements due mainly to an increase in trade receivables due to high sales volumes in December and a decrease in trade payables offset by continuing inventory unwind.



Investing cash outflow of USD (521) million included additions to property, plant, and equipment as well as intangible assets and additions to investment in associates; investments were predominantly driven by investments in intellectual property and tangible assets related mainly to the model years of Polestar 3 and Polestar 4, Polestar 4 new variant, and to prepare for the commencement of production of Polestar 5 in Wuhan and Chongqing (China) in January 2026 as well the production of Polestar 4 in Busan (Korea) factory in H2 2025.



Financing cash inflow of USD 1,693 million, driven by net increase in proceeds from mainly short-term borrowing and, to a lesser extent, long-term borrowings and the new equity raises of a total of USD 500 million in June and December 2025. During the period, Polestar received a USD 200 million PIPE investment from PSD Investment Limited in June 2025 and USD 300 million investment from NATIXIS and BBVA in December 2025 as well as secured and renewed financing facilities.



Cash position of USD 1,159 million, compared to the 2024 year-end cash position of USD 739 million.



Key loan facilities and funding highlights



During 2025, approx. USD 4.6 billion of debt facilities were either renewed (approx. USD 3.0 billion) or newly secured (approx. USD 1.6 billion).


New facilities include previously announced secured term facilities of up to USD 450 million, EUR 150 million of term facilities, approx. CNY 2.8 billion in working capital facilities and USD 600 million in new Shareholder loan facility with Geely Sweden Holdings AB. This includes new facilities of USD 600 million secured in Q4 2025.



Renewed facilities include EUR 480 million for the renewed Green Trade Finance Facility (TFF), and approx. USD 2.4 billion of working capital facilities, of which CNY 3.0 billion was renewed in Q4 2025.






From June 2025 to March 2026, Polestar secured USD 1.2 billion of new equity:


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.



In December 2025, Polestar secured USD 300 million from NATIXIS and BBVA.



In February 2026, Polestar secured USD 400 million from Feathertop Funding Limited, a special purpose vehicle consolidated to Sumitomo Mitsui Banking Corporation, and Standard Chartered Bank (Hong Kong) Limited.



In March 2026, Polestar secured USD 300 million from investors including Credit Agricole CIB, Vida France S.A., Innovator Limited and Proximaster Holdings Company.






In February 2026, Green Trade Finance Facility (TFF) with a syndicate of global banks restructured and renewed for EUR400 million. Additionally, approximately USD 570 million in working capital loans was renewed.



Geely Sweden and Volvo Cars agreed to convert approx. USD 639 million of loans outstanding to Polestar into equity with USD 274 million converted by Volvo Cars on March 31, 2026; Volvo Cars is expected to carry out a second debt-to-equity conversion later during the second quarter, totaling approximately USD 65 million.



On March 31, 2026, Volvo Cars extended the remaining USD 726 million shareholder loan to December 2031. Additionally, approximately USD 380 million in working capital loans was renewed.



Debt covenants and other covenants with Club Loan facility banks agreed and amended for test periods in 2025 and 2026.



The Company was in compliance with its covenants as of December 31, 2025.


The Company continues to have a constructive dialogue with lenders of the Company’s USD 950 million Club Loan regarding its future club loan obligations. On March 31, 2026, the Club Loan lenders agreed to amend the debt-to-asset ratio range for all test periods for 2026 as well as the minimum revenue covenant for 2026. Polestar complied with Club Loan covenants as of December 31, 2025.


In December 2025, Polestar, as borrower, entered into a credit agreement with a wholly owned subsidiary, as lender, of Geely Sweden Holdings AB in relation to a subordinated term loan facility of up to USD 600 million, of which the last USD 300 million would require lender consent based on Polestar’s future liquidity needs. The term loan facility is available to Polestar for general corporate purposes.


In February 2022, Polestar entered into an uncommitted TFF with a syndicate of leading global banks, to support its working capital requirements. The TFF was restructured and renewed for EUR400 million in February 2026.


Since December 2025, Polestar announced external equity investment of a total of USD 1 billion by institutional investors, including NATIXIS and BBVA, with USD 150 million each; Feathertop Funding Limited, a special purpose vehicle consolidated to Sumitomo Mitsui Banking Corporation, and Standard Chartered Bank (Hong Kong) Limited, with USD 200 million each; and Crédit Agricole CIB, Vida Finance S.A., Innovator Limited and Proximaster Holdings Company, with different amounts each. Concurrent with the purchase, these financial institutions have each entered into a put option arrangement with a wholly-owned subsidiary of Geely Sweden Holdings AB, which provides the financial institutions with an exit path, if needed, in three years with certain returns, as part of this equity financing arrangement. The price per Class A ADS to be purchased at each closing was USD 19.34. The financial institutions will not have any restrictions on the sale of the Class A ADSs they receive, subject to any applicable securities laws.


In conjunction with the equity financing in December 2025, Geely Sweden Holdings AB agreed with Polestar to convert approximately USD 300 million of its outstanding principal and interest owed by Polestar under a Term Facility Agreement, dated 8 November 2023, into equity at the conversion price of USD 19.34. The conversion is expected to be completed after the receipt of any necessary regulatory approvals.


On March 31, 2026, Volvo Cars converted approximately USD 274 million of its outstanding shareholder loan into Polestar's equity, while also extending the maturity of the remaining USD 726 million shareholder loan to December 2031. Following completion of the previously announced approximate USD 300 million debt-to-equity conversion by Geely Sweden Holdings AB, Volvo Cars is expected to carry out a second debt-to-equity conversion later during the second quarter, totaling approximately USD 65 million. In doing so, Volvo Cars’ ownership in Polestar will remain at approximately 19.9%. The conversion price of USD 16.97 was set at 95 per cent of the 30-day volume-weighted average price in Polestar shares up to 27 March 2026.


With the support from Geely Holding Group, we have implemented significant steps to strengthen our balance sheet and improve our debt and liquidity positions, and we continue to consider new equity and debt funding.


ADS ratio change


On 9 December 2025, Polestar effected the ADS ratio change. Specifically, the Company’s Class A, Class B, Class C-1 and Class C-2 American Depositary Shares (collectively, the “ADSs”) ratio to the respective Class A, Class B, Class C-1 and Class C-2 ordinary shares (the “ADS Ratio”) changed from an ADS Ratio of one (1) ADS to one (1) ordinary share, to the a new ADS Ratio of one (1) ADS to thirty (30) ordinary shares.


Key recent developments and business highlights



Polestar commenced sales in France, its 28th market, in June 2025 with all three models available to order



Polestar 7, a premium compact SUV, was announced



Polestar 5 Grand Tourer revealed at IAA Mobility in Munich



Polestar publishes full Life Cycle Assessment for Polestar 5, strengthening industry-leading transparency



Polestar 4 achieves 5-star Euro NCAP safety rating



Polestar 4 wins the 2025 Mille Miglia Green



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, winning the AutoBest Smartbest 2026 award



Polestar 3 introduces Abbey Rode Mode via over-the-air-update



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



Polestar 3 named safest executive car of 2025



Polestar scales battery circularity by confirming up to 50% recycled cobalt in Polestar 2 and Polestar 3



Polestar announces Google Gemini to be introduced across model line-up via over-the-air updates



Polestar Charge now offers 1 million charge points through its partners



Calendar


Polestar expects to publish Q1 2026 select financial results on 7 May 2026 and host an audio call; further details will be available on Polestar's Investor Relations website in due course.


Notes


All financial figures are in millions of U.S. dollars (USD). Unless otherwise stated, the performance shown in this press release covers the 12-month period to December 31, 2025 (FY 2025) and is compared to the 12-month period to December 31, 2024 (FY 2024) and the three-month period to December 31, 2025 (Q4 2025) and is compared to the three-month period to December 31, 2024 (Q4 2024).


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 4 new variant (to be introduced in the last quarter of 2026), Polestar 2 successor (to be launched early in 2027), 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 statements


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. Forward-looking statements generally relate to future events or the future financial or operating performance of Polestar including the number of vehicle deliveries and gross margin. For example, projections of revenue, volumes, margins, cash flow break-even and other financial or operating metrics and statements regarding expectations of future needs for funding and plans related thereto 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. 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.


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. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) Polestar’s ability to enter into or maintain agreements or partnerships with its strategic partners, including Volvo Cars and Geely, original equipment manufacturers, vendors and technology providers; (2) Polestar’s ability to maintain relationships with its existing suppliers, source new suppliers for its critical components and enter into longer term supply contracts and complete building out its supply chain; (3) Polestar’s ability to raise additional funding; (4) Polestar’s ability to successfully execute cost-cutting activities and strategic efficiency initiatives; (5) Polestar’s estimates of expenses, profitability, gross margin, cash flow, and cash reserves; (6) Polestar’s ability to continue to meet stock exchange listing standards; (7) changes in domestic and foreign business, market, financial, political and legal conditions; (8) demand for Polestar’s vehicles or car sale volumes, revenue and margin development based on pricing, variant and market mix, cost reduction efficiencies, logistics and growing aftersales; (9) delays in the expected timelines for the development, design, manufacture, launch and financing of Polestar’s vehicles and Polestar’s reliance on a limited number of vehicle models to generate revenues; (10) increases in costs, disruption of supply or shortage of materials, in particular for lithium-ion cells or semiconductors; (11) risks related to product recalls, regulatory fines and/or an unexpectedly high volume of warranty claims; (12) Polestar’s 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 volumes; (13) the ability of Polestar to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (14) risks related to future market adoption of Polestar’s offerings; (15) risks related to Polestar’s current distribution model and the evolution of its distribution model in the future; (16) 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 Polestar’s future business; (17) changes in regulatory requirements (including environmental laws and regulations and regulations related to connected vehicles), governmental incentives, tariffs and fuel and energy prices; (18) Polestar’s reliance on the development of vehicle charging networks to provide charging solutions for its vehicles and its strategic partners for servicing its vehicles and their integrated software; (19) Polestar’s ability to establish its brand and capture additional market share, and the risks associated with negative press or reputational harm, including from electric vehicle fires; (20) the outcome of any potential litigation, including litigation involving Polestar and Gores Guggenheim, Inc., government and regulatory proceedings, including the NHTSA investigation into the Polestar 2 rear view camera, tax audits, investigations and inquiries; (21) Polestar’s ability to continuously and rapidly innovate, develop and market new products; (22) the impact of the ongoing conflict between Ukraine and Russia and the conflict with Iran and the conflict in the Red Sea; and (23) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Polestar’s Form 20-F, and other documents filed, or to be filed, with the SEC by Polestar. 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. 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. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Polestar assumes no obligation to update these forward-looking statements, even if new information becomes available in the future, except as may be required by law.


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. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Polestar assumes no obligation to update these forward-looking statements, even if new information becomes available in the future, except as may be required by law.


Appendix A




Polestar Automotive Holding UK PLC








Consolidated Statement of Income (Loss)








(in millions of U.S. dollars unless otherwise stated)








 



 






For the year ended December 31,








 






2025






20241








Revenue






3,058






 






2,034






 








Cost of sales






(4,142






)






(2,910






)








Impairment expense, net of reversals






(1,050






)






(622






)








Other cost of sales






(3,092






)






(2,288






)








Gross loss






(1,084






)






(876






)








Selling, general and administrative expense






(856






)






(891






)








Research and development expense






(78






)






(38






)








Other operating income






52






 






59






 








Other operating expense






(88






)






(24






)








Foreign exchange gains (losses) on operating activities, net






44






 






(44






)








Operating loss






(2,009






)






(1,813






)








Finance income






9






 






24






 








Finance expense






(385






)






(341






)








Foreign exchange gains (losses) on financial activities, net






50






 






(53






)








Fair value changes - Earn-out rights and Class C shares






23






 






129






 








Share of losses in associates






(49






)






(5






)








Loss before income taxes






(2,361






)






(2,059






)








Income tax benefit






4






 






9






 








Net loss






(2,357






)






(2,050






)









(1)







Certain figures and descriptions were re-presented (see 'Voluntary re-presentation from previous year' in Note 2 - Material accounting policies and use of significant judgements and estimates in our Consolidated Financial Statements).









Polestar Automotive Holding UK PLC








Consolidated Statement of Financial Position








(in millions of U.S. dollars unless otherwise stated)








 



 






As of December 31,








 






2025






20241








Assets






 






 








Non-current assets






 






 








Intangible assets and goodwill






700






 






1,041






 








Property, plant and equipment






293






 






538






 








Vehicles under operating leases






101






 






56






 








Other assets






55






 






40






 








Deferred tax assets






92






 






82






 








Total non-current assets






1,241






 






1,756






 








Current assets






 






 








Cash and cash equivalents2






1,159






 






739






 








Trade receivables and other receivables






342






 






233






 








Inventories






853






 






1,079






 








Current tax assets






11






 






5






 








Other assets






323






 






242






 








Total current assets






2,689






 






2,298






 








Total assets






3,930






 






4,054






 








Equity






 






 








Share capital






(28






)






(21






)








Other contributed capital






(4,133






)






(3,625






)








Foreign currency translation reserve






15






 






63






 








Accumulated deficit






9,269






 






6,912






 








Total equity






5,122






 






3,329






 








Liabilities






 






 








Non-current liabilities






 






 








Contract liabilities






(76






)






(61






)








Deferred tax liabilities






(1






)






(1






)








Provisions






(134






)






(95






)








Other liabilities






(37






)






(71






)








Earn-out liability






(4






)






(29






)








Loans and borrowings






(2,499






)






(2,281






)








Lease liabilities






(94






)






(104






)








Total non-current liabilities






(2,844






)






(2,642






)








Current liabilities






 






 








Trade payables






(1,107






)






(894






)








Accrued expenses






(425






)






(520






)








Advance payments from customers






(16






)






(17






)








Provisions






(121






)






(73






)








Loans and borrowings






(3,861






)






(2,658






)








Current tax liabilities






(12






)






(29






)








Lease liabilities






(37






)






(31






)








Contract liabilities






(37






)






(38






)








Class C Shares liability






(5






)






(4






)








Other liabilities






(587






)






(478






)








Total current liabilities






(6,208






)






(4,741






)








Total liabilities






(9,052






)






(7,383






)








Total equity and liabilities






(3,930






)






(4,054






)









(1)







Certain figures and descriptions were re-presented (see 'Voluntary re-presentation from previous year' in Note 2 - Material accounting policies and use of significant judgements and estimates in our Consolidated Financial Statements).








(2)







Excludes restricted deposits.









Polestar Automotive Holding UK PLC








Consolidated Statement of Cash Flows








(in millions of U.S. dollars unless otherwise stated)








 



 






For the year ended December 31,








 






2025






2024








Cash flows from operating activities






 






 








Net loss






(2,357






)






(2,050






)








Adjustments to reconcile net loss to net cash flows:






 






 








Depreciation and amortization






53






 






56






 








Warranty provisions






89






 






35






 








Impairment of inventory (NRV)






156






 






90






 








Impairment of property, plant, and equipment, vehicles under operating leases, and intangible assets, net of reversals






1,050






 






622






 








Finance income






(9






)






(24






)








Finance expense






385






 






341






 








Fair value change - Earn-out rights and Class C Shares






(23






)






(129






)








Income tax benefit






(4






)






(9






)








Share of losses in associates






49






 






5






 








Net losses on derecognition and disposal of property, plant and equipment and intangible assets






31






 






6






 








Litigation provisions, net of insurance






3






 






(2






)








Other provisions






74






 






13






 








Exchange rate (income) loss, net






(66






)






62






 








Other non-cash expense and income






38






 






20






 








Changes in operating assets and liabilities:






 






 








Inventories






292






 






(255






)








Contract liabilities






2






 






(32






)








Trade and other receivables, prepaid expenses, and other assets






(134






)






85






 








Trade payables, accrued expenses, and other liabilities






(170






)






465






 








Restricted deposits






(25






)






(9






)








Interest received






9






 






21






 








Interest paid






(337






)






(293






)








Taxes paid






(21






)






(8






)








Cash used for operating activities






(915






)






(991






)








Cash flows from investing activities






 






 








Additions to property, plant, and equipment






(159






)






(148






)








Additions to intangible assets






(296






)






(209






)








Additions to investment in associates






(64






)






(34






)








Additions to other non-current assets






(7






)






(21






)








Proceeds from sale of property, plant and equipment






5






 






—






 








Cash used for investing activities






(521






)






(413






)








Cash flows from financing activities






 






 








Proceeds from short-term loans and borrowings






4,155






 






3,411






 








Proceeds from long-term loans and borrowings






191






 






938






 








Repayments of loans and borrowings






(3,117






)






(2,890






)








Proceeds from equity issuance






498






 






—






 








Proceeds from related party capital contribution






—






 






—






 








Repayments of lease liabilities






(34






)






(36






)








Cash provided by financing activities






1,693






 






1,424






 








Effect of foreign exchange rate changes on cash and cash equivalents






163






 






(49






)








Net increase (decrease) in cash and cash equivalents






420






 






(29






)








Cash and cash equivalents at the beginning of the period






739






 






768






 








Cash and cash equivalents at the end of the period






1,159






 






739






 







Appendix B


Impairment



For the impairment assessment, assets are grouped together into the smallest group of assets that generate cash inflows from continuing use that are largely independent of the cash inflows of other assets (i.e., a cash-generating-unit or CGU). For the years ended December 31, 2025 and 2024, Polestar had four lower-level cash generating units: (1) the Polestar 2, (2) the Polestar 3, (3) the Polestar 4, and (4) Internal Development Projects (IDP), mainly comprised of the Polestar 5, Polestar 6, and PX2 powertrain, as well as the Polestar Group level CGU.



For the year ended December 31, 2025, the recoverable amount for each CGU was based on their value in use and calculated based on estimations of future cash flows using assumptions that were generally consistent with the 2026-2030 business plan, adjusted where necessary to reflect changes in financial conditions and / or expectations in relation to the future subsequent to the preparation of that business plan. Mainly due to slower than expected industry-wide battery electric vehicles (BEV) adoption in the near term, lower demand in the electric vehicles upper premium segment, changes in regulations and policies and competitive dynamics, Polestar recognized additional impairment of USD 41 million, USD 891 million and USD 167 million on the Polestar 2, Polestar 3 and IDP CGU, respectively. As of December 31, 2025, the recoverable amount of the Polestar 2 CGU was USD (210) million, the recoverable amount of the Polestar 3 CGU was USD (190) million and the recoverable amount of the IDP CGU was USD 93 million.



Appendix C


Polestar Automotive Holding UK PLC


Non-GAAP Financial Measures


Polestar uses both generally accepted accounting principles ("GAAP," i.e., IFRS) and non-GAAP (i.e., non-IFRS) financial measures to evaluate operating performance and for other strategic and financial decision-making purposes. 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. These measures also improve the ability of management and investors to assess and compare the financial performance and position of Polestar with those of other companies.


These non-GAAP measures are presented for supplemental information purposes only and should not be considered a substitute for financial information presented in accordance with GAAP. The measures are not presented under a comprehensive set of accounting rules and, therefore, should only be read in conjunction with financial information reported under GAAP when assessing Polestar's operating performance.


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. A reconciliation between non-GAAP financial measures and the most comparable GAAP performance measures is provided below.


Non-GAAP financial measures used by management are Adjusted EBITDA, Free Cash Flow, Adjusted Gross Profit / (Loss) and Adjusted Gross Margin.


Adjusted EBITDA is calculated as net loss, adjusted to exclude:



Fair value change - Earn-out rights and Class C Shares;



Finance expense;



Finance income;



Foreign exchange gains (losses) on financial activities, net;



Income tax benefit (expense);



Depreciation and amortization1;



Impairment of property, plant and equipment, vehicles under operating leases, and intangibles assets, net of reversals;



Gains (losses) on disposals of investments2;



Restructuring costs3; and



Unusual other operating income and expenses that are considered rare or discrete events and are infrequent in nature.





1 - Depreciation and amortization includes (a) depreciation and amortization capitalized into the carrying value of inventory sold (i.e., part of inventory costs) and (b) depreciation and amortization expense.







 



2 - Disposals of investments include disposals, by sales or otherwise, of: (a) debt or equity financial instruments issued by another entity that are held as investments, (b) intangible assets, (c) property, plant, and equipment, and (d) groups of assets and liabilities representing disposal groups that were transferred together as part of individual transactions.







 



3 - Restructuring costs include expenses associated with programs that were planned and controlled by management, and materially changed either (a) the scope of a business undertaken by the Group or (b) the manner in which business is conducted.







Management reviews this measure and believes it provides meaningful insight into the core business's underlying operating performance and trends, before the effect of any adjusting items.


Free Cash Flow


Free Cash Flow is calculated as cash used for operating activities plus cash used to acquire property, plant and equipment and intangible assets. This measure is reviewed by management and management considers it to be a relevant measure for assessing cash generated by operating activities that are available to repay debts and spend on other strategic initiatives.


Adjusted Gross Profit / (Loss) and Adjusted Gross Margin


Adjusted Gross Profit / (Loss) is calculated as gross loss, adjusted to exclude: (i) expenses arising from the impairment of property, plant and equipment, vehicles under operating leases, and intangibles assets; and (ii) unusual other items of income or expense that are considered rare or discrete events and are infrequent in nature. Adjusted Gross Margin is calculated as Adjusted Gross Profit / (Loss) divided by revenue. These measures are reviewed by management and management considers them to be useful measures for assessing Polestar's historical operating performance as they facilitate comparison between periods by excluding the non-cash impairment expense, the measurement of which includes significant assumptions related to future periods.


Reconciliation of Non-GAAP measures




Adjusted EBITDA








 



(in millions of U.S. dollars)






For the year ended December 31,








 






2025






2024








Net loss






(2,357






)






(2,050






)








Fair value change - Earn-out rights and Class C shares






(23






)






(129






)








Finance expense






385






 






341






 








Finance income






(9






)






(24






)








Foreign exchange (gains) losses on financial activities, net






(50






)






53






 








Income tax benefit






(4






)






(9






)








Depreciation and amortization






147






 






114






 








Impairment expense, net of reversals






1,050






 






622






 








Losses on disposals of investments






—






 






5






 








Restructuring costs






68






 






—






 








Unusual other operating income and expense, net2






11






 






(2






)








Adjusted EBITDA






(783






)






(1,080






)









1 - The Foreign exchange (gains) losses on financial activities, net were previously presented under Finance expense in the year ended December 31, 2024. Refer to Voluntary re-presentation from previous year in Note 2 - Material accounting policies and use of significant judgements and estimates) in the Consolidated Financial Statements for further information.








2 - For the year ended December 31, 2025, the amounts relate to: (i) $1,416 related to net gains of sale of PPE and intangibles; and (ii) $12,105 related to the battery recycling provision expense related to cars sold prior to 2025. For the year ended December 31, 2024 the amounts are related to the reduction in litigation provision, net of insurance.








Adjusted EBITDA



 



(in millions of U.S. dollars)






For the three months ended




December 31,








 






2025






2024








Adjusted EBITDA






 






 








Net loss






(799






)






(1,183






)








Fair value change - Earn-out rights and Class C shares






(4






)






(54






)








Finance expense






105






 






91






 








Finance income






(3






)






(13






)








Foreign exchange losses (gains) on financial activities, net






(5






)






42






 








Income tax benefit






43






 






(13






)








Depreciation and amortization






35






 






38






 








Impairment expense, net of reversals






338






 






622






 








Losses (gains) on disposals of investments






—






 






5






 








Restructuring costs






52






 






—






 








Unusual other operating income and expense, net






15






 






(4






)








Adjusted EBITDA






(223






)






(470






)









Adjusted Gross Profit / (Loss)








 



(in millions of U.S. dollars)






For the year ended December 31,








 






2025






2024








Gross loss






(1,084






)






(876






)








Impairment expense, net of reversals






1,050






 






622






 








Battery provision for cars sold prior to 20251






12






 






—






 








Adjusted Gross Profit / (Loss)






(22






)






(254






)









 



1 - In 2025, Polestar recognized a provision related to its obligations to recycle batteries in vehicles sold into certain markets, principally countries in the EU and the UK. The provision was recognized for all cars sold since Polestar began selling its BEV vehicles in 2021. This adjustment removes the amount of the provision expense related to the cars sold prior to 2025.









Adjusted Gross Profit / (Loss)








 



(in millions of U.S. dollars)






For the three months ended




December 31,








 






2025






2024








Gross loss






(335






)






(846






)








Impairment expense, net of reversals






340






 






622






 








Battery provision for cars sold prior to 20251






12






 






—






 








Adjusted Gross Profit / (Loss)






17






 






(224






)









 



1 - In 2025, Polestar recognized a provision related to its obligations to recycle batteries in vehicles sold into certain markets, principally countries in the EU and the UK. The provision was recognized for all cars sold since Polestar began selling its BEV vehicles in 2021. This adjustment removes the amount of the provision expense related to the cars sold prior to 2025.









Adjusted Gross Margin








 



(in millions of U.S. dollars)






For the year ended December 31,








 






2025






2024








Adjusted Gross Profit / (Loss) (a)






(22






)






(254






)








Revenue (b)






3,058






 






2,034






 








Adjusted Gross Margin (a/b)






(0.7






)%






(12.5






)%









Adjusted Gross Margin








 



(in millions of U.S. dollars)






For the three months ended




December 31,








 






2025






2024








Adjusted Gross Profit / (Loss) (a)






17






 






(224






)








Revenue (b)






887






 






575






 








Adjusted Gross Margin (a/b)






1.9






%






(39.0






)%









Free Cash Flow








 



(in millions of U.S. dollars)






For the year endedDecember 31,








 






2025






2024








Net cash used for operating activities






(915






)






(991






)








Additions to property, plant, and equipment






(159






)






(148






)








Additions to intangible assets






(296






)






(209






)








Free Cash Flow






(1,370






)






(1,348






)







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260417910848/en/
Anna Gavrilova

Head of Investor Relations

anna.gavrilova@polestar.com


Theo Kjellberg

Head of Corporate Communications

theo.kjellberg@polestar.com


Original: Polestar reports fourth quarter select and full-year 2025 financial results