Q4 2025 Polestar Automotive Holding UK PLC Earnings Call Transcript
Key Points
- Polestar Automotive Holding UK PLC (PSNY) achieved record retail sales in 2025, delivering over 60,100 cars, marking a 34% year-on-year increase.
- The company expanded its network of retailers by 50%, growing from 140 to 210 retail sales points, enhancing its market presence.
- Polestar introduced significant technological upgrades, including an 800-volt architecture for the Polestar 3, improving charging speeds and efficiency.
- The company secured $1 billion in new external equity through three equity financing rounds, strengthening its balance sheet.
- Polestar announced a major model lineup expansion with four new cars planned over the next three years, aiming to capture a wider market segment.
- The company faced a negative gross margin of 35% in 2025 due to impairment expenses related to changes in regulations and tariffs.
- Polestar's US market performance was challenged by higher tariffs and policy changes, resulting in a decrease in market share from 14% to 7%.
- The company reported a net loss primarily due to impairment expenses, with an adjusted EBITDA loss of $783 million.
- Geopolitical uncertainties and changes in government policies negatively impacted EV demand, particularly in the US market.
- Despite improvements, the company's cash burn remained high, averaging around $120 million per year, similar to 2024 levels.
Good day, and thank you for standing by. Welcome to the Polestar fourth quarter and full year 2025 results conference call. (Operator Instructions). Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Anna Gavrilova. Please go ahead.
Thank you, operator. Hello, everyone. I'm Anna Gavrilova, Head of Investor Relations at Polestar. Thank you for joining this call covering Polestar's results for the fourth quarter and full year 2025. I'm joined by Michael Lohscheller, Polestar's CEO; and Jean-Francois Mady, Polestar's CFO, who will comment on the performance, and then we will open the floor to analysts' questions.
Before we start, I would like to remind participants that many of our comments today will be considered forward-looking statements under the US federal securities laws and are subject to numerous risks and uncertainties that may cause Polestar's actual results to differ materially from
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