Revenue growth remains highly inconsistent, fluctuating from a 45.8% contraction in 2023Q4 to a 106% expansion in 2025Q1, while gross margins struggle to maintain positive territory, reaching only 1.4% in 2025Q2.
| Sales/Revenue | 2.55B | 3.06B | 2.03B | 2.38B | 2.44B | 1.34B | 610.25M | 92.42M |
| Revenue Growth % | 23.52% | 50.33% | -14.48% | -2.55% | 81.66% | 120.18% | 560.33% | - |
| Cost of Goods Sold | 3.38B | 4.14B | 2.91B | 2.79B | 2.34B | 1.34B | 553.72M | 39.79M |
| COGS % of Revenue | - | 135.44% | 143.07% | 117.37% | 95.97% | 99.48% | 90.74% | 43.06% |
| Gross Profit | -828.47M | -1.08B | -876.17M | -413.08M | 119.44M | 11.06M | 56.52M | 52.63M |
| Gross Margin % | -32.48% | -35.44% | -43.07% | -17.37% | 4.89% | 0.82% | 9.26% | 56.94% |
| Gross Profit Growth % | - | -23.71% | -112.11% | -445.84% | 980.35% | -80.44% | 7.4% | - |
| Operating Expenses | 1.62B | 902.6M | 937.14M | 1.07B | 1.03B | 971.69M | 499.49M | 244.53M |
| OpEx % of Revenue | - | 29.51% | 46.07% | 44.85% | 42.34% | 72.32% | 81.85% | 264.6% |
| Selling, General & Admin | 884.15M | 813.85M | 890.7M | 949.68M | 864.6M | 686.96M | 314.93M | 210.57M |
| SG&A % of Revenue | - | 26.61% | 43.79% | 39.93% | 35.42% | 51.13% | 51.61% | 227.85% |
| Research & Development | 46.27M | 77.64M | 38.35M | 158.41M | 170.99M | 234.02M | 183.85M | 34.39M |
| R&D % of Revenue | - | 2.54% | 1.89% | 6.66% | 7.01% | 17.42% | 30.13% | 37.21% |
| Other Operating Expenses | 4M | 11.11M | 8.09M | -41.2M | -2.18M | 50.72M | 712K | -425K |
| Operating Income | -2.44B | -1.99B | -1.81B | -1.48B | -913.96M | -960.64M | -440.49M | -191.91M |
| Operating Margin % | -95.82% | -64.96% | -89.14% | -62.22% | -37.44% | -71.5% | -72.18% | -207.66% |
| Operating Income Growth % | - | -9.55% | -22.52% | -61.93% | 4.86% | -118.08% | -129.53% | - |
| EBITDA | -2.41B | -1.93B | -1.76B | -1.36B | -773.15M | -749.06M | -224.41M | -159.36M |
| EBITDA Margin % | -94.37% | -63.23% | -86.4% | -57.37% | -31.68% | -55.75% | -36.77% | -172.44% |
| EBITDA Growth % | -73.43% | -10.02% | -28.81% | -76.49% | -3.22% | -233.79% | -40.82% | - |
| D&A (Non-Cash Add-back) | 36.96M | 52.72M | 55.72M | 115.44M | 140.81M | 211.58M | 216.08M | 32.55M |
| EBIT | -454.16M | -1.99B | -1.72B | -942.33M | -370.32M | -927.68M | -442.97M | -177.02M |
| Net Interest Income | -317.24M | -367.59M | -314.54M | -174.16M | -69.82M | -43.82M | -23.31M | -7.91M |
| Interest Income | 133.51M | 7.64M | 21.09M | 32.28M | 7.66M | 1.4M | 3.2M | 13.29M |
| Interest Expense | 262.18M | 375.23M | 335.41M | 206.48M | 77.48M | 45.2M | 26.5M | 21.19M |
| Other Income/Expense | 439.6M | -374.42M | -245.75M | 278M | 836.1M | -49.89M | -30.84M | -4.97M |
| Pretax Income | -2.77B | -2.36B | -2.06B | -1.2B | -449M | -1.01B | -471.32M | -195.96M |
| Pretax Margin % | -108.71% | -77.2% | -101.22% | -50.53% | -18.4% | -75.21% | -77.23% | -212.04% |
| Income Tax | -3.43M | -3.69M | -9.17M | -7.14M | 29.76M | -3.08M | 13.54M | 2.02M |
| Effective Tax Rate % | 0.12% | 0.16% | 0.45% | 0.59% | -6.63% | 0.3% | -2.87% | -1.03% |
| Net Income | -2.27B | -2.36B | -2.05B | -1.19B | -479.02M | -1.01B | -484.86M | -197.97M |
| Net Margin % | -89.04% | -77.08% | -100.77% | -50.23% | -19.63% | -74.98% | -79.45% | -214.22% |
| Net Income Growth % | -59.61% | -14.99% | -71.56% | -149.43% | 52.45% | -107.78% | -144.91% | - |
| Net Income (Continuing) | -2B | -2.36B | -2.05B | -1.19B | -477.45M | -1.01B | -484.86M | -197.97M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -32.22 | -25.48 | -29.10 | -17.10 | -6.60 | -13.80 | -8.70 | -29.70 |
| EPS Growth % | -58.85% | 12.44% | -70.18% | -159.09% | 52.17% | -58.62% | 70.71% | - |
| EPS (Basic) | - | -25.48 | -29.10 | -17.10 | -7.20 | -13.80 | -8.70 | -29.70 |
| Diluted Shares Outstanding | 70.49M | 92.5M | 70.34M | 70.34M | 70.31M | 70.51M | 56.05M | 6.67M |
| Basic Shares Outstanding | 70.49M | 92.5M | 70.34M | 69.87M | 67.51M | 70.51M | 56.05M | 6.67M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Liquidity and Tariff Exposure
According to recent financial filings, Polestar's revenue trajectory remains highly inconsistent, with quarterly growth rates fluctuating between a 45.8% contraction in 2023Q4 and a 106% expansion in 2025Q1, highlighting a business model that is heavily dependent on the timing of vehicle delivery cycles.
The erratic revenue performance suggests that the company lacks a predictable sales cadence, likely exacerbated by its reliance on specific model launch timelines. Investors should monitor whether the recent revenue uptick can be sustained without resorting to aggressive discounting, which would further undermine the company's already fragile unit economics.
As reported in financial statements, Polestar's gross margin has oscillated wildly, reaching a low of -81.3% in 2023Q4 before recovering to 1.4% in 2025Q2, indicating that the company struggles to maintain consistent pricing power amidst high input costs and variable manufacturing fees.
The inability to maintain positive gross margins consistently suggests that the current cost structure is not yet optimized for scale. This volatility implies that the company remains a price-taker, vulnerable to supply chain disruptions and the high costs associated with its contract manufacturing arrangements with Geely and Volvo.
Based on reported figures, Polestar's operating expenses, particularly SG&A, continue to dwarf gross profit, resulting in persistent operating losses that reached $547.8 million in 2025Q2, demonstrating a failure to achieve the necessary scale to amortize fixed overhead costs effectively.
The lack of operating leverage suggests that the company's current business model is fundamentally inefficient at its present volume. Without a significant reduction in SG&A or a massive increase in vehicle deliveries, the company appears likely to continue burning cash to support its core operations.
Data from recent filings indicates that Polestar's reliance on related-party manufacturing and its exposure to potential trade tariffs on Chinese-made vehicles create a precarious risk profile that may limit long-term margin expansion and threaten the company's ability to achieve self-sustaining profitability.
Short-sellers would likely focus on the company's inability to decouple its cost structure from its parent entities, which may mask the true market-based cost of production. The persistent negative net margins suggest that the company's survival is currently predicated on external capital injections rather than operational success.
Quick answers to the most common questions about buying PSNY stock.
For fiscal year 2025, Polestar Automotive Holding UK PLC (PSNY) reported total revenue of $3.06B. This represents a 3209.1% increase compared to $92.4M in 2019.
Polestar Automotive Holding UK PLC (PSNY) reported a net loss of $2.36B for the fiscal year ending 2025.
Polestar Automotive Holding UK PLC (PSNY) reported an operating income of $-1986.5M, resulting in an operating profit margin of -65.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Polestar Automotive Holding UK PLC (PSNY) generated $-1083.9M in gross profit for the year, representing a gross profit margin of -35.4%. This demonstrates the company's core pricing power and production efficiency.