0001104659-26-044603
SEC filingPolestar reported record 2025 full-year retail sales of 60,119 cars and revenue of USD 3,058 million, with adjusted gross loss near breakeven and 2026 guidance for low double-digit volume growth.
Polestar achieved record 2025 results with retail sales surging 34% to 60,119 units, fueled by transition to an active selling model, retail network expansion to 211 sales points (51% growth ex-China), and a stronger model lineup featuring Polestar 3 and 4. Revenue climbed 50% to USD 3.058 billion, bolstered by higher volumes, premium model mix shift, and USD 211 million in carbon credits sales. Despite a GAAP gross margin of -35.4% impacted by USD 1.05 billion net impairment expenses, adjusted gross margin neared breakeven at -0.7%, reflecting product cost reductions, materials savings, favorable China JV settlement, and lower residual value guarantees in North America, though pressured by pricing competition and tariffs. SG&A expenses fell 4% to USD 856 million via headcount cuts from 2,547 to 1,686 and marketing optimization, offset by higher sales agent pay tied to volume growth. Adjusted EBITDA loss narrowed 28% to USD 783 million. Q4 marked a milestone with positive adjusted gross profit of USD 17 million and 1.9% margin, driven by Polestar 4 mix and carbon credits. Balance sheet fortified with year-end cash at USD 1.159 billion, plus post-2025 equity raises of USD 0.7 billion and USD 639 million debt-to-equity swaps with Geely Sweden and Volvo Cars; Volvo's USD 726 million loan extended to 2031. CEO Michael Lohscheller highlighted 2025 commercial strength and 2026 priorities: 20% sales point growth, four new models (Polestar 5 and 4 variant in 2026, Polestar 2 gen in 2027, Polestar 7 in 2028), and Polestar 3 manufacturing consolidation in South Carolina for efficiencies. Guidance calls for low double-digit volume growth with quality revenue focus amid geopolitical challenges.