Polestar reports 56% revenue growth in first half of 2025

Swedish electric vehicle manufacturer Polestar (NASDAQ: PSNY) reported revenue of $1.423 billion for the first half of 2025, marking a 56% increase from the same period in 2024. The company announced its unaudited financial results for the six months ended June 30, 2025.

Retail sales volumes grew 51% to 30,289 units, driven by the company's transition to an active selling model and retail network expansion. Polestar opened an average of five new sales points per month in the second quarter, bringing its total to 170 sales points across 28 markets.

The company's gross margin was negative 49.4%, primarily due to a $739 million non-cash impairment expense on its Polestar 3 model booked in the second quarter. However, the adjusted gross margin improved to 1.4% from negative 2.6% in the prior year period.

Polestar reported a net loss of $1.193 billion for the first half, compared to a $544 million loss in 2024, largely attributed to the impairment expense. Adjusted EBITDA loss improved to $302 million from $433 million in the previous year.

The company raised $200 million in new equity through a private placement with PSD Investment Limited, an entity controlled by Geely Holding Group's founder. Polestar ended the period with a cash position of $719 million.

Chief Executive Officer Michael Lohscheller stated the operational performance reaffirms the company is executing correctly in a difficult market, citing increased commercial footprint and higher sales volumes while focusing on cost and inventory management.

The company confirmed a future production site in Europe for its Polestar 7 model, planned for launch in 2028, and reiterated its target of 30-35% compound annual retail sales volume growth for 2025-2027.

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