- Gross profit margin in-line with guidance, excluding non-cash
impairment charges of around USD 450 million
- First customer deliveries of Polestar 3 commenced
- Q1 2024 results and Q2 2024 global volumes to be published on 2
July 2024
Polestar (Nasdaq: PSNY) reports its preliminary unaudited
financial and operational results for 2023 and sets the date for Q1
2024 preliminary unaudited results as well as Q2 2024 global
volumes on 2 July 2024.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240628012696/en/
(Photo: Business Wire)
Polestar’s 2023 gross profit margin was in-line with earlier
guidance, prior to recognizing non-cash impairment charges of
around USD 450 million, relating to Polestar 2 assets and inventory
impairment.
Per Ansgar, Polestar CFO, comments: “With the 2023 preliminary
results now published, Polestar and its auditors are finalising the
process, and we now expect to file our Annual Report on Form 20-F
in the coming weeks.”
The previously announced errors identified in the Company’s
audited 2021 and 2022 accounts have now been corrected and as
guided have an impact on net loss of less than 5% in each
respective year – positively in one and negatively in the
other.
The customer deliveries of Polestar 3 have now started and will
ramp up over the summer. The first release of customers test-drive
slots in Europe have been filled and production in South Carolina
remains on track to start during the end of the summer.
Polestar expects to publish its preliminary unaudited results
for the first quarter and global deliveries for the second quarter
on 2 July before market open in New York. Management will host a
live audio webcast on 2 July at 08:00 US Eastern Time (14:00
Central European Summer Time), with verified shareholders able to
ask questions through the Say Technologies platform until Monday, 1
July accessible via the Polestar Investor Relations website.
Key financial highlights
The below table summarizes preliminary key financial results for
the twelve months ended December 31, 2023:
(in millions of U.S. dollars) (unaudited)
For the year ended December
31,
% Change
2023
2022
%
(Restated)
Revenue
2,377.7
2,445.0
(3)
Cost of sales
(2,792.4)
(2,346.7)
19
Gross (loss) profit
(414.7)
98.4
n/m
Gross margin (%)
(17.4)
4.0
n/m
Selling, general and administrative
expense
(954.9)
(839.9)
14
Research and development expense
(158.4)
(174.9)
(9)
Other operating income (expense), net
68.5
(0.3)
n/m
Listing expense(1)
—
(372.3)
n/m
Operating loss
(1,459.5)
(1,289.1)
13
Adjusted operating loss(2)
(1,459.5)
(916.8)
59
(1) The listing expense represents a non-recurring, non-cash,
share-based listing charge, incurred in connection with the
business combination with Gores Guggenheim, Inc (GGI). on June 23,
2022 (2) Non-GAAP measure. See Appendix B for details and a
reconciliation of adjusted metrics to the nearest GAAP measure.
- Revenue decreased USD 67.3 million, or 3%, mainly driven by
higher discounts and lower sales of carbon credits, partially
offset by an increase in vehicle sales volumes.
- Gross result decreased USD 513.0 million as the result of
impairment of Polestar 2 intangible assets of USD 240.5 million an
property, plant and equipment of USD 40.3 million, assets under
operating lease of USD 48.9 million as well as increased inventory
impairment of USD 120.1 million. Additionally, higher material and
freight costs contributed to overall decrease, only partly
offsetting lower warranty costs and positive foreign currency
effect. The decrease is also attributed to decreased revenue, as
stated above.
- Selling, general and administrative expenses increased USD
115.0 million, or 14%. This increase is primarily due to higher
advertising, sales, and promotional activities related to
commercial campaigns and events for the Polestar 3 and Polestar 4
global launches.
- Research and development expenses decreased USD 16.5 million,
or 9% due to a decrease in amortization costs from internal
development programs reaching program start now recognized in cost
of sales. This decrease was partially offset by the continued
investments in future vehicles and technologies.
- Other operating income (expense), net changed from an expense
of USD 0.3 million for the year ended December 31, 2022 to income
of USD 68.5 million for the year ended December 31, 2023. This
change is primarily due to positive foreign exchange effects on
working capital, sales of plant operation services and a gain on
disposal of assets held for sale.
- Operating loss increased by USD 170.4 million, or 13%, with
lower revenue, higher cost of sales including higher impairment of
USD 450 million and a Q2 2022 one-time share-based listing charge
of USD 372.3 million.
- Adjusted operating loss of USD 542.7 million, primarily due to
lower gross profit during the year ended December 31, 2023.
Cash flow highlights
The below table summarizes preliminary cash flow for the twelve
months ended December 31, 2023:
(in millions of U.S. dollars) (unaudited)
For the year ended December
31,
2023
Beginning cash
973.9
Operating
(1,874.6)
Investing
(439.4)
Financing
2,095.3
Foreign exchange effect on cash and cash
equivalents
13.7
Ending cash
768.9
- Operating cash outflow of USD 1,874.6 million, mainly driven by
the net loss adjusted for non-cash expenses as well as negative
changes in working capital due to higher levels of inventory and
trade payable payments.
- Investing cash outflow of USD 439.4 million, predominantly
driven by intellectual property investments for Polestar 2,
Polestar 3, and Polestar 4, partly offset by the divestment of the
Chengdu plant for USD 153.6 million.
- Financing cash inflow of USD 2,095.3 million, with proceeds
from long-term related party loans with Geely and Volvo Cars,
working capital facilities and short-term green trade revolving
credit facility.
Preliminary key operational highlights
The below table summarizes key preliminary operational results
as of and for the twelve months ended December 31, 2023:
For the year ended December
31,
% Change
2023
2022
(Restated)
Global volumes(1)
54,626
51,549
6
- including external vehicles with
repurchase obligations
2,859
1,344
- including internal vehicles
1,958
1,630
For the year ended December
31,
Change
Markets(2)
27
27
—
Locations(3)
192
158
+34
Service points(4)
1,149
1,116
+33
(1) Represents the sum of total volume of
vehicles delivered for (a) external sales of new vehicles without
repurchase obligations, (b) external sales of vehicles with
repurchase obligations, and (c) internal use vehicles for
demonstration and commercial purposes or to be used by Polestar
employees (vehicles are owned by Polestar and included in
inventory). A vehicle is deemed delivered and included in the
volume figure for each category once invoiced and registered to the
external or internal counterparty, irrespective of revenue
recognition. Revenue is recognized in scenarios (a) and (b) in
accordance with IFRS 15, Revenue from Contracts with Customers, and
IFRS 16, Leases, respectively. Revenue is not recognized in
scenario (c).
(2) Represents the markets in which
Polestar operates.
(3) Represents Polestar Spaces, Polestar
Destinations, and Polestar Test Drive Centers.
(4) Represents Volvo Cars service centers
to provide access to customer service points worldwide in support
of Polestar’s international expansion.
- Global volumes increased 3,077 to 54,626 cars for the year
ended December 31, 2023, an increase of 6% year on year.
- Polestar has 192 retail locations and 1,149 service points
across its markets, up 34 and 33 respectively, as compared to the
year ended December 31, 2022.
Inventory and Polestar 2 assets impairment
- Historically, Polestar tested assets for impairment under a
single cash-generating-unit (‘CGU’) as all assets were concentrated
around fewer product lines with largely the same assets in use to
generate cash flows. With Polestar business growing and
technologies in new car lines developing at a fast pace, the
capital intensive assets used to generate each model have become
largely independent over time and therefore started to generate
independent cash flows. This led to the re-evaluation from 1 to 4
separate CGUs in late 2023, one for each existing car line,
Polestar 2, Polestar 3 and Polestar 4 and the fourth one for
early-stage projects. Historically, Polestar tested assets for
impairment under a single cash-generating-unit (‘CGU’) as all
assets were concentrated around fewer product lines with largely
the same assets in use to generate cash flows. With Polestar
business growing and technologies in new car lines developing at a
fast pace, the capital-intensive assets used to generate each model
have become largely independent over time and therefore started to
generate independent cash flows. This led to the re-evaluation from
1 to 4 separate CGUs in late 2023, one for each existing car line,
Polestar 2, Polestar 3 and Polestar 4 and the fourth one for
early-stage projects.
- In 2023, Polestar for the first time conducted an impairment
assessment of the Company with the recoverable amounts of the
separate CGUs. As a result of the recoverability analysis, Polestar
determined that the book value of the assets related to Polestar 2
CGU exceeded its recoverable value by USD 329.7 million, and
therefore recognized an impairment loss in cost of sales of USD
240.5 million for intangible assets, USD 40.3 million related to
property plant and equipment and USD 48.9 million related to assets
under operating lease.
- Inventory impairment charges recognized in Cost of sales for
2023 amounted to USD 120.1 million. These charges were triggered by
the lower than anticipated demand in certain key markets, which led
to fewer cars being sold and an inventory buildup, alongside the
impact from used cars which have started to come into inventory in
a more meaningful way.
Statement Regarding Preliminary Unaudited Financial and
Operational Results
The unaudited financial and operational information published
herein is preliminary and subject to potential adjustments.
Potential adjustments to operational and consolidated financial
information may be identified from further work performed during
Polestar’s quarter-end review. This could result in differences
from the unaudited operational and financial information published
herein. For the avoidance of doubt, the preliminary unaudited
operational and financial information published herein should not
be considered a substitute for the further financial information
contained within the Annual Report on Form 20-F for the fiscal year
ended December 31, 2023 expected to be filed with the SEC in the
coming weeks.
About Polestar
Polestar (Nasdaq: PSNY) is the Swedish electric performance car
brand determined to improve society by using design and technology
to accelerate the shift to sustainable mobility. Headquartered in
Gothenburg, Sweden, its cars are available online in 27 markets
globally across North America, Europe and Asia Pacific.
Polestar plans to have a line-up of five performance EVs by
2026. Polestar 2, the electric performance fastback, launched in
2019. Polestar 3, the SUV for the electric age, launched in late
2022. Polestar 4, the SUV coupé transformed, is launching in phases
through 2023 and into 2024. Polestar 5, an electric four-door GT
and Polestar 6, an electric roadster, are coming soon.
The Polestar 0 project supports the company’s ambitious goal of
creating a truly climate-neutral production car by 2030. The
research initiative also aims to create a sense of urgency to act
on the climate crisis, by challenging employees, suppliers and the
wider automotive industry, to drive towards zero.
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, gross margin and funding updates. 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 maintain agreements or partnerships with its strategic
partners, such as Volvo Cars, Geely or Xingji Meizu Group, and to
develop new agreements or partnerships; (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, while
effectively managing the risks due to such relationships; (3)
Polestar’s 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) Polestar’s reliance on its partners, some
of which may have limited experience with electric vehicles, to
manufacture vehicles at a high volume or develop devices, products,
apps or operating systems for Polestar, and to allocate sufficient
production capacity or resources to Polestar in order for Polestar
to be able to increase its vehicle production capacities and
product offerings; (5) the ability of Polestar to grow and manage
growth profitably including expectations of growth and financial
performance by generating expected revenues at expected selling
prices, maintain relationships with customers and retain its
management and key employees; (6) Polestar’s estimates of expenses,
profitability, gross margin, cash flow, and cash reserves; (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 Polestar’s future business; (10) changes in regulatory
requirements, governmental incentives, tarrifs and fuel and energy
prices; (11) the outcome of any legal proceedings that may be
instituted against Polestar or others, adverse results from
litigation, governmental investigations or audits, or tax-related
proceedings or audits; (12) the ability to meet stock exchange
listing standards; (13) changes in applicable laws or regulations
or governmental incentive programs; (14) Polestar’s ability to
establish its brand and capture additional market share, (15) the
risks associated with negative press or reputational harm,
including from lithium-ion battery cells catching fire or venting
smoke; (16) delays in the design, development, manufacture, launch
and financing of Polestar’s vehicles and other product offerings,
and Polestar’s reliance on a limited number of vehicle models to
generate revenues; (17) Polestar’s ability to continuously and
rapidly innovate, develop and market new products; (18) risks
related to future market adoption of Polestar’s offerings; (19)
risks related to Polestar’s distribution model; (20) inflation,
interest rate changes, the ongoing conflict between Ukraine and
Russia and in Israel and the Gaza Strip as well as the Red Sea,
supply chain disruptions, fuel and energy prices and logistical
constraints on Polestar, Polestar’s projected results of
operations, financial performance or other financial and
operational metrics, or on any of the foregoing risks; (21)
Polestar’s ability to forecast demand for its vehicles; (22)
Polestar’s ability to raise additional funding; (23) Polestar’s
ability to successfully execute cost-cutting activities and
strategic efficiency initiatives; (24) the identification of
additional accounting errors and/or a final assessment of errors
already identified that differs significantly from Polestar’s
preliminary view of such errors; and (25) 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.
Appendix A
Polestar Automotive Holding UK
PLC
Preliminary Unaudited Consolidated
Statement of Income (Loss)
(in thousands of U.S. dollars unless
otherwise stated)
For the year ended December
31,
2023
2022
(Restated)
Revenue
2,377,662
2,445,005
Cost of sales
(2,792,405)
(2,346,652)
Gross profit
(414,743)
98,353
Selling, general and administrative
expense
(954,884)
(839,926)
Research and development expense
(158,406)
(174,916)
Other operating income (expense), net
68,530
(304)
Listing expense
—
(372,318)
Operating loss
(1,459,503)
(1,289,111)
Finance income
69,422
8,552
Finance expense
(213,321)
(108,402)
Fair value change - Earn-out rights
443,168
902,068
Fair value change - Class C Shares
22,000
35,090
Share of earnings in associates
(43,082)
—
Loss before income taxes
(1,181,316)
(451,803)
Income tax benefit (expense)
8,030
(29,660)
Net loss
(1,173,286)
(481,463)
Polestar Automotive Holding UK
PLC
Preliminary Unaudited Consolidated
Statement of Financial Position
(in thousands of U.S. dollars unless
otherwise stated)
As of the year ended December
31,
2023
2022
(Restated)
Assets
Non-current assets
Intangible assets and goodwill
1,429,304
1,394,282
Property, plant and equipment
319,648
275,954
Vehicles under operating leases
70,085
97,186
Other non-current assets
7,212
5,306
Deferred tax asset
44,291
11,287
Investments in associates
—
—
Other investments
2,414
2,333
Total non-current assets
1,872,954
1,786,348
Current assets
Cash and cash equivalents
768,927
973,877
Trade receivables
126,205
239,578
Trade receivables - related parties
61,026
79,225
Accrued income - related parties
152,605
49,060
Inventories
939,359
629,118
Current tax assets
9,270
7,184
Assets held for sale
—
56,001
Other current assets
192,185
112,984
Other current assets - related parties
9,576
—
Total current assets
2,259,153
2,147,027
Total assets
4,132,107
3,933,375
Equity
Share capital
(21,168)
(21,165)
Other contributed capital
(3,615,154)
(3,584,232)
Foreign currency translation reserve
27,406
15,769
Accumulated deficit
4,855,044
3,681,822
Total equity
1,246,128
92,194
Liabilities
Non-current liabilities
Non-current contract liabilities
(63,063)
(49,018)
Deferred tax liabilities
(3,709)
(12,470)
Other non-current provisions
(104,681)
(75,362)
Other non-current provisions - related
parties
(26,700)
—
Other non-current liabilities
(73,149)
(27,859)
Earn-out liability
(155,402)
(598,570)
Other non-current interest-bearing
liabilities
(54,439)
(31,326)
Other non-current interest-bearing
liabilities - related parties
(1,409,244)
(43,643)
Total non-current liabilities
(1,890,387)
(838,248)
Current liabilities
Trade payables
(91,134)
(97,418)
Trade payables - related parties
(275,704)
(935,161)
Accrued expenses - related parties
(450,000)
(157,426)
Advance payments from customers
(16,415)
(35,717)
Current provisions
(64,211)
(72,849)
Liabilities to credit institutions
(2,023,582)
(1,326,388)
Current tax liabilities
(12,813)
(14,394)
Interest-bearing current liabilities
(19,547)
(11,935)
Interest-bearing current liabilities -
related parties
(68,332)
(26,618)
Current contract liabilities
(112,062)
(44,219)
Class C Shares liability
(6,000)
(28,000)
Other current liabilities
(347,442)
(368,134)
Other current liabilities - related
parties
(606)
(69,062)
Total current liabilities
(3,487,848)
(3,187,321)
Total liabilities
(5,378,235)
(4,025,569)
Total equity and liabilities
(4,132,107)
(3,933,375)
Polestar Automotive Holding UK
PLC
Preliminary Unaudited Consolidated
Statement of Cash Flows
(in thousands of U.S. dollars unless
otherwise stated)
For the year ended December
31,
2023
2022
(Restated)
Cash flows from operating
activities
Net loss
(1,173,286)
(481,463)
Adjustments to reconcile net loss to net
cash flows:
Depreciation and amortization
115,010
156,370
Warranties
65,543
91,283
Impairment of inventory
120,083
14,830
Impairment of property, plant and
equipment, vehicles under operating leases, and intangible
assets
329,731
—
Finance income
(69,422)
(8,552)
Finance expense
213,321
108,435
Fair value change - Earn-out rights
(443,168)
(902,068)
Fair value change - Class C Shares
(22,000)
(35,090)
Listing expense
—
372,318
Income tax benefit (expense)
(8,030)
29,660
Share of earnings in associates
43,304
—
Disposals and derecognition of property
plant and equipment and intangible assets
10,891
—
Provisions for minimum purchase
commitments
26,700
—
Other provisions
24,889
—
Unrealized exchange gain/loss operating
payables
26,787
—
Other non-cash expense and income
(5,185)
18,997
Change in operating assets and
liabilities:
Inventories
(364,299)
(198,737)
Vehicles under operating leases
—
—
Contract liabilities
78,324
20,729
Trade receivables, prepaid expenses and
other assets
(141,384)
(222,690)
Trade payables, accrued expenses and other
liabilities
(523,700)
14,397
Interest received
32,280
8,552
Interest paid
(175,466)
(68,130)
Taxes paid
(35,477)
(19,559)
Cash used for operating
activities
(1,874,554)
(1,100,718)
Cash flows from investing
activities
Additions to property, plant and
equipment
(137,400)
(32,269)
Additions to intangible assets
(457,365)
(674,275)
Additions to other investments
—
(2,500)
Proceeds from the sale of property, plant
and equipment
1,779
—
Proceeds from disposal of asset grouping
classified as held for sale
153,586
—
Cash used for investing
activities
(439,400)
(709,044)
Cash flows from financing
activities
Change in restricted deposits
—
—
Proceeds from short-term borrowings
3,274,754
2,149,799
Increase in non-current borrowings
—
—
Principal repayments of short-term
borrowings
(2,542,975)
(1,426,935)
Proceeds from long term borrowings
1,359,781
—
Principal repayments of lease
liabilities
(21,917)
(8,028)
Proceeds from the issuance of share
capital and other contributed capital
25,630
1,417,973
Transaction costs
—
(38,903)
Cash provided by financing
activities
2,095,273
2,093,906
Effect of foreign exchange rate changes on
cash and cash equivalents
13,731
(66,944)
Net increase (decrease) in cash and
cash equivalents
(204,950)
217,200
Cash and cash equivalents at the
beginning of the period
973,877
756,677
Cash and cash equivalents at the end of
the period
768,927
973,877
Appendix B
Polestar Automotive Holding UK PLC Preliminary
Non-GAAP Financial Measures
Polestar uses both generally accepted accounting principles
(i.e., IFRS known as “GAAP”) and non-GAAP (i.e., non-IFRS)
financial measures to evaluate operating performance, internal
comparisons to historical performance, and other strategic and
financial decision-making purposes. Polestar believes non-GAAP
financial measures are helpful to investors as they provide a
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 understanding
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 include adjusted operating loss,
adjusted EBITDA, adjusted net loss, and free cash flow.
Adjusted Operating Loss
Polestar defines adjusted operating loss as an Operating loss,
adjusted to exclude listing expense. This measure is reviewed by
management and provides a relevant measure for understanding the
ongoing operating performance of the business prior to the impact
of the non-recurring adjusting item.
Adjusted EBITDA
Adjusted EBITDA is calculated as Net loss, adjusted for listing
expense, fair value change of earn-out rights, fair value change of
the Class C Shares, interest income, interest expense, income tax
expense, depreciation, amortization and impairment of property
plant and equipment, vehicles under operating leases, and
intangible assets. Adjusted EBITDA is defined as EBITDA, adjusted
for certain income and expenses which are significant in nature and
that management considers not reflective of ongoing operational
activities. This measure is reviewed by management and is a
relevant measure for understanding the underlying operating results
and trends of the business prior to the impact of any adjusting
items.
Adjusted Net Loss
Adjusted net loss is calculated as Net loss, adjusted to exclude
listing expense, fair value change of earn-out rights, and fair
value change of the Class C Shares. This measure represents net
loss, adjusted for certain income and expenses which are
significant in nature and that management considers not reflective
of ongoing operational activities. This measure is reviewed by
management and is a relevant measure for understanding the
underlying performance of Polestar's core business operations.
Free Cash Flow
Free cash flow is calculated as cash used for operating
activities, adjusted for cash flows used for tangible assets and
intangible assets. This measure is reviewed by management and is a
relevant measure for understanding cash sourced from operating
activities that is available to repay debts, fund capital
expenditures, and spend on other strategic initiatives.
Unaudited Reconciliation of GAAP and Non-GAAP Results (in
thousands of U.S. dollars unless otherwise stated)
Adjusted Operating Loss
For the year ended December
31,
2023
2022
(Restated)
Operating loss
(1,459,503)
(1,289,111)
Listing expense
—
372,318
Adjusted operating income
(loss)
(1,459,503)
(916,793)
Adjusted EBITDA
For the year ended December
31,
2023
2022
(Restated)
Net loss
(1,173,286)
(481,463)
Listing expense
—
372,318
Fair value change - Earn-out rights
(443,168)
(902,068)
Fair value change - Class C Shares
(22,000)
(35,090)
Interest income
(32,280)
(7,658)
Interest expenses
204,851
77,477
Income tax benefit (expense)
(8,030)
29,660
Depreciation and amortization
115,010
156,370
Impairment of property plant and
equipment, vehicles under operating leases, and intangible
assets
329,731
—
Adjusted EBITDA
(1,029,172)
(790,454)
Adjusted Net Loss
For the year ended December
31,
2023
2022
(Restated)
Net loss
(1,173,286)
(481,463)
Listing expense
—
372,318
Fair value change - Earn-out rights
(443,168)
(902,068)
Fair value change - Class C Shares
(22,000)
(35,090)
Adjusted net income (loss)
(1,638,454)
(1,046,303)
Free Cash Flow
For the year ended December
31,
2023
2022
(Restated)
Net cash used for operating activities
(1,874,554)
(1,100,718)
Additions to property, plant and
equipment
(137,400)
(32,269)
Additions to intangible assets
(457,365)
(674,275)
Adjusted free cash flow
(2,469,319)
(1,807,262)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240628012696/en/
Bojana Flint Head of Investor Relations
bojana.flint@polestar.com
Theo Kjellberg Head of Corporate PR
theo.kjellberg@polestar.com
Polestar Automotive Hold... (NASDAQ:PSNY)
過去 株価チャート
から 9 2024 まで 10 2024
Polestar Automotive Hold... (NASDAQ:PSNY)
過去 株価チャート
から 10 2023 まで 10 2024