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Polestar (PSNY) investor relations material
Polestar Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary3 Sep, 2025
Executive summary
Retail sales volume grew 51.1% year-over-year to 30,289 cars, surpassing the 30%-35% growth target for 2025-2027.
Revenue increased 56.5% to $1,423 million in H1 2025, driven by higher sales and a greater share of premium models.
Adjusted Gross Margin improved to 1.4% from -2.6% year-over-year, reflecting a better sales mix and cost reductions.
Net loss widened to $1,193 million, mainly due to a $739 million non-cash impairment expense on Polestar 3.
Cash position stood at $719 million as of June 30, 2025, bolstered by a $200 million equity raise.
Financial highlights
Adjusted EBITDA loss narrowed by 30% to $302 million, reflecting improved top-line and cost discipline.
Carbon credit sales reached $90 million, with $72 million booked as revenue.
SG&A expenses (excluding sales agency remuneration) decreased by $49 million (12%) year-over-year.
Free cash flow was negative $787 million, reflecting continued investment and operating losses.
Operating loss was $1,096 million, primarily from the impairment expense.
Outlook and guidance
Target of 30%-35% compound annual retail sales volume growth for 2025-2027 reiterated; no new financial guidance issued for 2025 due to market uncertainties.
Focus for H2: rebalance product/channel mix, further cost reductions, capitalize on carbon credit sales, and optimize working capital.
U.S. market remains challenging due to tariffs and policy changes; focus remains on Europe.
How to counter increasing pricing pressure?
Future funding needs and sources beyond 2025?
Mitigate tariff impact on future profitability?
Polestar 3 profitability: How to offset tariffs?
US market strategy post-EV tax credit changes?
Polestar brand independence vs. Volvo synergies?
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Q3 202512 Nov, 2025
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Frequently asked questions
Swedish EVs
Polestar is a Swedish automotive brand focused on high-performance electric vehicles (EVs). Originally an independent company known for enhancing Volvo cars, Polestar was acquired by Volvo in the late 1990s and operated as its performance arm. However, in 2017, the brand underwent a transformation when Volvo and its parent company, Geely, repositioned Polestar as a standalone manufacturer specializing in electric vehicles. The company places a large emphasis on design and performance, focusing solely on the growing EV market.
Origins in Performance
Polestar's roots trace back to the Swedish racing scene of the 1990s, originally operating as an independent company focused on modifying Volvo cars for the racetrack. Over time, its expertise expanded to producing high-performance road cars based on Volvo models. Recognizing the potential, Volvo acquired Polestar, incorporating its performance know-how into select Volvo models. For nearly two decades, Polestar served as Volvo's performance division. However, a significant shift occurred in 2017 when Volvo and its parent company, Geely, decided to pivot Polestar's focus entirely to electric vehicles. They rebranded and repositioned Polestar as a standalone electric vehicle producer. Like one of its main competitors, Tesla, Polestar only produces EVs.
Focus on EV
Polestar specializes in producing premium electric vehicles (EVs) with a blend of cutting-edge design, technology, and performance. Their portfolio began with the Polestar 1, a plug-in hybrid grand tourer with a limited production run. This was followed by the fully electric Polestar 2, a luxury fastback targeting a broader market with sophisticated tech features and sustainable materials. Polestar is expanding its product range and plans to introduce new models, such as an SUV and a performance roadster, in the coming years.
Scandinavian Design
Polestar operates with a philosophy that draws inspiration from Scandinavian design principles, which prioritize simplicity and functionality. Their vehicles showcase streamlined designs, with an emphasis on both form and function. Like many modern car manufacturers, Polestar integrates modern features into their cars such as driver assists, while also aiming for an interface that's user-friendly.
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