Polestar Reports Second Quarter Select and H1 2026 Financial Results

GOTHENBURG, Sweden--(BUSINESS WIRE)--Sep 3, 2026--

Polestar (Nasdaq: PSNY) presents its consolidated financial results and operational metrics for the three-month and six-month periods ended June 30, 2026.

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Michael Lohscheller, Polestar CEO, said: “The operational improvements being implemented across the business are starting to show results. We cut our reported operating loss by 43% in the first half of 2026 versus last year, when a significant net impairment expense impacted our results. Working in a challenging environment, we continue to be disciplined in our execution and focused on improving the business.

"Following the opening of orders for Polestar 4 SUV, production has ramped up in Busan, South Korea. The first cars have been shipped from the factory and are set to be delivered to customers during the fourth quarter. The first Polestar 5s are expected to reach customers in the coming weeks - setting us up for an exciting end to the year."

Key financial and operational highlights for H1 2026 (year-on-year comparison)

Guidance

Polestar has continued to expand its retail network at pace. The upcoming launch of Polestar 4 SUV in the fourth quarter of 2026, followed by the launch of the successor to Polestar 2 in 2027, are expected to further strengthen the Company's product portfolio.

Looking ahead to the second half of 2026, the market environment is expected to remain highly competitive and volatile. Polestar remains focused on delivering quality growth and is updating its 2026 volume guidance to low-to-mid single-digit volume growth from previous low double-digit volume growth. This reflects the performance in the first half of 2026 as well as the expected portfolio transition with the current Polestar 2 approaching the end of its lifecycle and the planned launch of Polestar 4 SUV in the fourth quarter of 2026. The sales mix and channel mix are expected to continue positively evolving, reflecting our stated strategy of entering fast-growing, high-value segments and growing the retail channel through the introduction of four new vehicles over a three-year period beginning in 2026.

U.S. Restructuring

On June 25, 2026, Polestar announced that it was informed by the U.S. Department of Commerce's Bureau of Industry and Security of its decision to not grant Polestar an authorization under the current Connected Vehicle Rule to sell vehicles in the U.S. from model year 2027 onwards. The Company expects to continue selling previous model years in the U.S. from its inventory after which it will cease the sale of new vehicles, with its remaining activities in the U.S. then expected to focus on supporting customers in the U.S., including providing access to its service network and honoring warranty and other product commitments.

As a result of the Bureau of Industry and Security's decision, Polestar has implemented a number of measures affecting its U.S. new vehicles sales operations, including actions relating to employees, dealers and other commercial arrangements (the "U.S. Restructuring"). While Polestar will continue to perform certain activities in the U.S. to support its existing customers, the aforementioned actions, together with the resulting effects on vehicles and related assets, led to material adjustments that are included in the Company’s interim financial statements for the six-month period ended June 30, 2026.

Noting the significant judgement and subjectivity involved in arriving at these calculations, in aggregate the Company estimates that the U.S. operations increased its consolidated operating loss by approximately USD 211 million during the six-month period ended June 30, 2026, compared to an increase of approximately USD 110 million in the six-month period ended June 30, 2025, and that the U.S. operations increased its consolidated net loss by approximately USD 211 million during the six-month period ended June 30, 2026, compared to an increase of approximately USD 104 million in the six-month period ended June 30, 2025. For the three-month period ended June 30, 2026, in aggregate the Company estimates that the U.S. operations increased its consolidated operating loss by approximately USD 170 million, compared to an increase of approximately USD 84 million in the three-month period ended June 30, 2025, and that the U.S. operations increased its consolidated net loss by approximately USD 165 million during the three-month period ended June 30, 2026, compared to an increase of approximately USD 78 million in the three-month period ended June 30, 2025.

Based on current estimates, approximately USD 130 million of negative adjustments related to the U.S. operations arose as a result of the decision from the U.S. Department of Commerce's Bureau of Industry and Security and are included in the Company's consolidated operating loss and net loss for the three-month and six-month periods ended June 30, 2026. These adjustments primarily related to residual value guarantees costs, net realizable value of inventory, and restructuring provisions related to employees and suppliers/partners costs incurred in the U.S in the reporting period. While these adjustments reflect the Company's assessment of the U.S. Restructuring based on current information, further negative adjustments should be expected in future periods to reflect additional costs related to personnel and inventory as the U.S. Restructuring proceeds through its phases.

Key financial highlights

The table below summarizes key financial results for the six months ended June 30, 2026:

Select results for Q2 2026

The table below summarizes key operational and financial results and provides the year-on-year (YoY) comparison for Q2 2026 results:

For the three months ended June 30, 2026:

Key operational highlights

The table below summarizes key operational results as of and for the three and six months ended June 30, 2026:

Key cash flow highlights

The table below summarizes cash flow for the six months ended June 30, 2026:

Key loan facilities and funding highlights

The Company was in compliance with its covenants as of June 30, 2026.

The Company continues to have a constructive dialogue with lenders of the Company’s USD 950 million Club Loan regarding its future club loan obligations. On March 31, 2026, the Club Loan lenders agreed to amend the debt-to-asset ratio range for all test periods for 2026 as well as the minimum revenue covenant for 2026. Polestar complied with Club Loan covenants as of June 30, 2026.

With the support from Geely Holding Group, we have implemented significant steps to strengthen balance sheet and improve our debt and liquidity positions, and we continue to consider new equity and debt funding.

Key recent developments and business highlights

Conference call

Management will host a conference call at 14:00 Central European Time (08:00 US Eastern Time) today, accessible via the Polestar Investor Relations website. To join the call, please use this link https://edge.media-server.com/mmc/p/czg84qrx/ or follow the instructions available under Events on the Polestar Investor Relations website.

Calendar

Polestar expects to report its retail sales volumes for Q3 2026 on October 8, 2026.

Polestar expects to publish Q3 2026 select financial results on November 5, 2026 and host an audio call; further details will be available on Polestar's Investor Relations website in due course.

Notes

All financial figures are in millions of U.S. dollars (USD). Unless otherwise stated, the performance shown in this press release covers the three-month period ended June 30, 2026 (Q2 2026) and is compared to performance during and as of three-month period ended to June 30, 2025 (Q2 2025) and the six-month period ended June 30, 2026 (H1 2026) and is compared to performance during and as of six-month period ended to June 30, 2025 (H1 2025).

About Polestar

Polestar (Nasdaq: PSNY) is the Swedish electric performance car brand with a focus on uncompromised design and innovation, and the ambition to accelerate the change towards a sustainable future. Headquartered in Gothenburg, Sweden, its cars are available in 31 markets globally across North America, Europe and Asia Pacific.

Polestar has five models in its line-up: Polestar 2, Polestar 3, Polestar 4 coupé, Polestar 4 SUV, and Polestar 5. Planned models include the Polestar 2 successor (to be launched in 2027), Polestar 7 compact SUV (to be introduced in 2028) and the Polestar 6 roadster. With its vehicles currently manufactured on two continents, North America and Asia, Polestar plans to diversify its manufacturing footprint further, with production of Polestar 7 planned in Europe.

Polestar has an unwavering commitment to sustainability and has set an ambitious roadmap to reach its climate targets: halve greenhouse gas emissions by 2030 per-vehicle-sold and become climate-neutral across its value chain by 2040. Polestar’s comprehensive sustainability strategy covers the four areas of Climate, Transparency, Circularity, and Inclusion.

Statement regarding unaudited financial and operational results

The unaudited financial and operational information published in this press release is subject to potential adjustments. Potential adjustments to operational and consolidated financial information may be identified from work performed during Polestar’s year-end audit. This could result in differences from the unaudited operational and financial information published herein. For the avoidance of doubt, the unaudited operational and financial information published in this press release should not be considered a substitute for the financial information filed with the SEC in Polestar’s Annual Reports on Form 20-F.

Forward-looking statements

Certain statements in this press release (“Press Release”) may be considered “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995.

Forward-looking statements generally relate to future events or the future financial or operating performance of Polestar including the number of vehicle deliveries and gross margin. For example, projections of revenue, volumes, margins, cash flow break-even and other financial or operating metrics and statements regarding expectations of future needs for funding and plans related thereto are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential”, “forecast”, “plan”, “seek”, “future”, “propose” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements.

These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Polestar and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) Polestar's ability to enter into or maintain agreements or partnerships with its strategic partners, including Volvo Cars and Geely, original equipment manufacturers, vendors and technology providers; (2) Polestar's ability to maintain relationships with its existing suppliers, source new suppliers for its critical components and enter into longer term supply contracts and complete building out its supply chain; (3) Polestar's ability to raise additional funding; (4) Polestar's ability to successfully execute cost-cutting activities and strategic efficiency initiatives; (5) Polestar's estimates of expenses, profitability, gross margin, cash flow, and cash reserves; (6) Polestar's ability to continue to meet stock exchange listing standards; (7) changes in domestic and foreign business, market, financial, political and legal conditions; (8) demand for Polestar's vehicles or car sale volumes, revenue and margin development based on pricing, variant and market mix, cost reduction efficiencies, logistics and growing aftersales; (9) delays in the expected timelines for the development, design, manufacture, launch and financing of Polestar's vehicles and Polestar's reliance on a limited number of vehicle models to generate revenues; (10) increases in costs, disruption of supply or shortage of materials, in particular for lithium-ion cells or semiconductors; (11) risks related to product recalls, regulatory fines and/or an unexpectedly high volume of warranty claims; (12) Polestar's reliance on its partners to manufacture vehicles at a high volume, some of which have limited experience in producing electric vehicles, and on the allocation of sufficient production capacity to Polestar by its partners in order for Polestar to be able to increase its vehicle production volumes; (13) the ability of Polestar to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (14) risks related to future market adoption of Polestar's offerings; (15) risks related to Polestar's current distribution model and the evolution of its distribution model in the future; (16) the effects of competition and the high barriers to entry in the automotive industry and the pace and depth of electric vehicle adoption generally on Polestar's future business; (17) changes in regulatory requirements (including environmental laws and regulations and regulations related to connected vehicles and Polestar's response to the U.S. government's denial of a specific authorization for the U.S.), governmental incentives, tariffs and fuel and energy prices; (18) Polestar's reliance on the development of vehicle charging networks to provide charging solutions for its vehicles and its strategic partners for servicing its vehicles and their integrated software; (19) Polestar's ability to establish its brand and capture additional market share, and the risks associated with negative press or reputational harm, including from electric vehicle fires; (20) the outcome of any potential litigation, government and regulatory proceedings, tax audits, investigations and inquiries; (21) Polestar's ability to continuously and rapidly innovate, develop and market new products; (22) the impact of the ongoing conflict between Ukraine and Russia and the conflict with Iran and the conflict in the Red Sea; and (23) other risks and uncertainties set forth in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in Polestar's Form 20-F, and other documents filed, or to be filed, with the SEC by Polestar.

Nothing in this Press Release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Polestar assumes no obligation to update these forward-looking statements, even if new information becomes available in the future, except as may be required by law.

Appendix A

Appendix B

Polestar Automotive Holding UK PLC

Non-GAAP Financial Measures

Polestar uses both generally accepted accounting principles ("GAAP", i.e., IFRS) and non-GAAP (i.e., non-IFRS) financial measures to evaluate operating performance and for other strategic and financial decision-making purposes. Polestar believes non-GAAP financial measures are helpful to investors as they provide useful perspective on underlying business trends and assist in period-on-period comparisons. These measures also improve the ability of management and investors to assess and compare the financial performance and position of Polestar with those of other companies.

These non-GAAP measures are presented for supplemental information purposes only and should not be considered a substitute for financial information presented in accordance with GAAP. The measures are not presented under a comprehensive set of accounting rules and, therefore, should only be read in conjunction with financial information reported under GAAP when assessing Polestar's operating performance.

The measures may not be the same as similarly titled measures used by other companies due to possible differences in calculation methods and items or events being adjusted. A reconciliation between non-GAAP financial measures and the most comparable GAAP performance measures is provided below.

Non-GAAP financial measures used by management are Adjusted EBITDA, Free Cash Flow, Adjusted Gross Profit / (Loss) and Adjusted Gross Margin.

Adjusted EBITDA is calculated as net loss, adjusted to exclude:

Management reviews this measure and believes it provides meaningful insight into the core business's underlying operating performance and trends, before the effect of any adjusting items.

Free Cash Flow

Free Cash Flow is calculated as cash used for operating activities plus cash used to acquire property, plant and equipment and intangible assets. This measure is reviewed by management and management considers it to be a relevant measure for assessing cash generated by operating activities that are available to repay debts and spend on other strategic initiatives.

Adjusted Gross Profit / (Loss) and Adjusted Gross Margin

Adjusted Gross Profit / (Loss) is calculated as gross loss, adjusted to exclude: (i) expenses arising from the impairment of property, plant and equipment, vehicles under operating leases, and intangible assets; and (ii) unusual other items of income or expense that are considered rare or discrete events and are infrequent in nature. Adjusted Gross Margin is calculated as Adjusted Gross Profit / (Loss) divided by revenue. These measures are reviewed by management and management considers them to be useful measures for assessing Polestar's historical operating performance as they facilitate comparison between periods by excluding the non-cash impairment expense, the measurement of which includes significant assumptions related to future periods.

Unaudited reconciliation of Non-GAAP measures

 

Polestar logo

NEW YORK (AP) — Gloria Steinem, the celebrated author and activist who became one of the most visible symbols and potent voices of the U.S. women’s movement and a fierce advocate for feminist causes throughout her life, has died. She was 92.

With her trademark streaked hair parted down the middle and large aviator glasses, Steinem, a co-founder of Ms. Magazine, was a hugely recognizable presence wherever she went. And she went everywhere: Much of her life as an advocate was spent on the road, speaking at college campuses and community centers, at rallies and marches.

She died Wednesday at her home in New York City, according to her and her foundation’s social media pages.

“Gloria’s greatest gift was her ability to listen to others, to make others feel seen and heard,” the posts said. “Her words, actions, and example gave people permission to be their truest selves. Gloria lived true to her independent spirit, always with curiosity and a great sense of humor.”

Steinem enjoyed writing and spending time in the community in recent years, the posts said. She also hosted talking circles for hundreds of people in her home. She died just before a planned memoir was to be released this fall.

“You can’t do it on the phone or on the web,” she told The Associated Press in a 2015 interview. “You have to be there with all five senses. It should be obvious that people can’t empathize with each other unless we’re in the same room.”

She began her career as a journalist, notably one who reported, in 1963, on degrading conditions in Hugh Hefner’s Playboy empire, an undercover assignment she came to later regret. She credits a meeting six years later, where women spoke out boldly in favor of abortion rights, with changing her career path.

“That speak-out was the beginning of activism for me,” Steinem, who had undergone a secret illegal abortion herself at age 22, told the AP in an email in 2022, reflecting on the reversal of Roe v Wade. “Either our control over our own bodies is equal, regardless of sex or race, or we’re not living in a democracy.”

Though she soon became a known activist, those who watched Steinem denounce discrimination for so many years likely never suspected that she’d had to overcome a deep fear of public speaking. She would have simply stuck to writing, she said, if only editors at the time had been willing to let her write about the women’s movement.

But they weren’t interested, she told the AP in 2015. “So I ended up going out and speaking, which was my nightmare,” she said. “I mean, I was terrified. But I’m grateful, even though I still get scared even now.”

Time hardly slowed Steinem down; well into her 80s she was traveling the globe and speaking out on issues of importance to her. These included everything from genital mutilation to Korean reconciliation, but it was equality for women that took precedence. “Being a feminist means that you see the world as whole instead of half,” she once said. “It shouldn’t need a name, and one day it won’t.”

As the years went on, Steinem’s visibility endured. At 83, she sat in the front row of her first fashion show, guest of designer Prabal Gurung. A few days after her 85th birthday, she was leading a women’s “talking circle” at an off-Broadway play celebrating her life, where one by one, women in the audience — many fighting tears — rose to thank her and tell their own stories of discrimination. In 2020, her life was the subject of a feature film, “The Glorias, A Life on The Road,” based on her 2015 memoir and starring Julianne Moore.

And at 91, she collaborated on a picture book with Liberian peace activist and Nobel laureate Leymah Gbowee aimed at inspiring young people to change the world. “Rise, Girl, Rise: Our Sister-Friend Journey. Together for All” was published in February 2026.

The constant visibility came with a price; even into her older years, Steinem expressed frustration that despite her accomplishments, she was often described as beautiful or glamorous (A 1992 Vanity Fair profile even noted her “spectacular racehorse legs.”) It was a label she said unfairly detracted from her message.

“Nobody ever called me beautiful until I was publicly a feminist, and that was in my mid-30s,” she told AP in a 2011 interview. “It was clear that label was being assigned to me. The most hurtful part is that you work very hard, and people say it’s because of your looks.”

Of course, Steinem also had to deal with hostility. Sometimes it came from surprising places. Appearing on Larry King’s talk show on CNN in 1990, she was visibly stunned when a female caller greeted her cheerfully, then told her to “rot in hell” because she had ruined “the beautiful American family.”

But by then, she noted, at least people were taking feminists seriously. That wasn’t the case in 1972 when she co-founded Ms. Magazine and many commentators — especially male — dismissed it as ridiculous, predicting an early demise. (The magazine continues to this day, published by the Feminist Majority Foundation.)

Among Steinem’s detractors was President Richard Nixon, who was caught on an Oval Office tape ridiculing both her and the “Ms.” title. The ridicule was mutual: In a 1972 National Press Club speech, Steinem called Nixon “the most sexually insecure chief of state since Napoleon.”

It was just one example of Steinem’s trademark wit. Before she married at 66, she often explained her singlehood by saying “I can’t mate in captivity.” Laughter, she wrote, was “the only free emotion — the only one that can’t be compelled.”

Gloria Steinem, Journalist and Activist talks during the Forbes 30/50 Summit at the Louvre Museum in Abu Dhabi, United Arab Emirates, Wednesday, March 8, 2023. (AP Photo/Kamran Jebreili)

FILE - Gloria Steinem speaks during the 2021 Princess of Asturias Awards ceremony in Oviedo, northern Spain, Oct. 22, 2021. (AP Photo/Manu Fernandez, File)