Quarterly ResultMay 7, 2026, 07:02 AM
Polestar Q1 2026 Volumes Up 7%; Gross Margin (3.2)%
AI Summary
Polestar reported record first-quarter volumes of 13,126 cars, a 7% year-on-year growth, with revenue slightly up to $633 million. However, the company experienced a gross loss of (3.2)% and a net loss of $(383) million, impacted by intensified competition, EU and US tariffs, and negative foreign exchange movements. Despite these challenges, Polestar strengthened its capital structure by securing $0.7 billion in new equity and renewing over $1.4 billion in facilities, with further loan conversions to equity planned.
Key Highlights
- Polestar reported record Q1 2026 volumes of 13,126 cars, a 7% growth year-on-year.
- Revenue was $633 million, a slight increase of 0.2% from $632 million in Q1 2025.
- Gross margin was (3.2)%, down from 10.3% in Q1 2025, primarily due to pricing pressure and tariffs.
- Net loss increased to $(383) million, compared to $(166) million in Q1 2025.
- Adjusted EBITDA was $(235) million, worsening from $(96) million in the prior year.
- Cash position stood at $676 million at the end of Q1 2026, down from $1,159 million.
- Secured $0.7 billion in new equity from financial institutions during Q1 2026.
- Over $1.4 billion worth of facilities were renewed in Q1 2026, and $639 million of loans from Geely Sweden and Volvo Cars are being converted to equity.