Polestar posts record sales but losses widen on impairment charges

Polestar Automotive Holding UK PLC (NASDAQ: PSNY) reported record retail sales of 60,119 cars for 2025, representing a 34% year-over-year increase, while revenue surpassed $3 billion, up 50% from the prior year, according to its full-year financial results.

The Swedish electric vehicle maker posted a net loss of $2.357 billion, compared to $2.050 billion in 2024, primarily driven by impairment expenses of approximately $1.05 billion. The company achieved an adjusted gross loss of $22 million, a significant improvement from a $254 million adjusted gross loss in 2024, bringing its adjusted gross margin near breakeven at negative 0.7%.

For the fourth quarter, Polestar sold 15,608 vehicles, a 27.3% increase from the same period in 2024. Fourth quarter revenue reached $887 million, up 54.3% year-over-year. The company achieved positive adjusted gross margin of 1.9% in the quarter, compared to negative 39.0% in the fourth quarter of 2024.

The company expanded its sales network by 51% excluding China, opening 71 new retail sales points for a total of 211 locations by year-end 2025. Polestar now operates in 28 markets globally after entering France during the year.

Since June 2025, Polestar has strengthened its balance sheet through $1.2 billion in equity injections and approximately $639 million in debt-to-equity conversions. The company ended 2025 with a cash position of approximately $1.2 billion.

For 2026, Polestar expects low double-digit volume growth and plans to launch four new models over the next three years, including the Polestar 5 in 2026. The company cited challenging market conditions amid ongoing geopolitical developments as factors affecting its outlook.

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