Q1 2026 Polestar Automotive Holding UK PLC Earnings Call Transcript
Key Points
- Polestar Automotive Holding UK PLC (PSNY) achieved a 7% increase in vehicle volumes in Q1 2026, reaching over 13,100 cars, marking a record first quarter for the company.
- The company experienced significant growth in key European markets, with sales increasing by 20% in the UK, 35% in Germany, and 17% in Sweden.
- Polestar's retail expansion is on track, with plans to increase global sales points from 150 to approximately 250 by the end of 2026.
- The company is focusing on regional manufacturing to mitigate tariff impacts, with plans to produce Polestar 7 in Europe and consolidate Polestar 3 production in South Carolina.
- Polestar is actively reducing organizational complexity and costs, having decreased staff by about 25% and continuing to implement leaner operational strategies.
- Despite volume growth, Polestar reported a negative gross margin of 3.2% and an adjusted gross margin of 3.3% due to pricing pressures and tariff impacts.
- The company faced a net loss of $383 million in Q1 2026, compared to a net loss of $166 million a year earlier, influenced by foreign exchange impacts and lower carbon credit sales.
- Polestar's cash position decreased to approximately $676 million at the end of March 2026, driven by higher adjusted EBITDA loss and net repayment of financing facilities.
- The EV market in the USA has been impacted by the removal of incentives, affecting Polestar's performance in the region.
- Polestar's SG&A expenses increased due to higher sales agent remuneration and one-off personnel-related costs, impacting overall financial performance.
Hello, everyone. I'm Anna Gavrilova, Head of Investor Relations at Polstar.
Thank you for joining this call covering Polstar's select results for the first quarter 2026.
I am joined by Michael Lochscheller, Polstar CEO and Jean-Francois Madi, Polstar 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 U.S. Federal securities laws and are subject to numerous risks and uncertainties that may cause Polstar's actual results to differ materially from what has been communicated.
These forward-looking statements include, but are not limited to.
Statements regarding the future financial performance of the company, production and delivery volumes, financial and operating results, near-term outlook and medium-term targets, fundraising and funding requirements, macroeconomic and industry trends, company
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