Polestar Reports Second Quarter Select and H1 2026 Financial Results

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Polestar Reports Second Quarter Select and H1 2026 Financial Results

• Record H1 2026 retail sales of 30,423 cars supported by 39% growth of retail network year-on-year

• Intensified competition and regulatory headwinds, especially in the U.S., impacting financial performance

• Operating loss reduced by 43% year-on-year, with no impairment expenses recognized in H1 2026

• Continued cost discipline measures and lower headcount spend

• Strengthened capital structure and improved liquidity position

• Cash position of approx. USD 888 million as of June 30, 2026

• 2026 guidance: low-to-mid single-digit volume growth

GOTHENBURG, Sweden, September 03, 2026–(BUSINESS WIRE)–Polestar (Nasdaq: PSNY) presents its consolidated financial results and operational metrics for the three-month and six-month periods ended June 30, 2026.

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)

• Retail sales volumes above the comparable period, supported by continued transition to an active selling model, retail expansion, attractive model line-up and a growing share of Polestar 4

• Revenues down (4)% to USD 1,360 million, mainly due to pressure on pricing, residual value guarantee costs, mainly in the U.S. and related to U.S. Restructuring measures following the decision by the U.S. department of Commerce’s Bureau of Industry and Security (“the BIS”), and lower carbon credit sales

• Gross marginof (8)% improved from (49)%, which reflected net impairment expense recognized in H1 2025

• Adjusted Gross Margin of (9)% driven by decrease in revenues, the U.S. Restructuring measures and H1 2025 one-off positive impacts

• Selling, general and administrative expenses stable year-on-year with a decrease in general and administrative expenses

• Operating lossof USD (629) million and Net loss of USD (842) million improved year-on-year by 43% and 29%, respectively, mainly due to the impairment expense recognized in the prior period

• Adjusted EBITDA lossof USD (521) million mainly due to higher adjusted gross loss and foreign exchange impacts

• New equityof USD 700 million raised from external investors

• Debt-to-equityconversions of approx. USD 640 million of loans outstanding to Geely Sweden and Volvo Cars into Polestar’s equity completed

• Extension of maturity of remaining USD 660 million of Volvo Cars’ shareholder loan from December 2028 to December 2031

• Largest model offensive in Polestar’s history: four new cars planned in three years, starting in 2026 with Polestar 5 and Polestar 4 SUV

• Polestar announces launch of sales in the Baltic region

• 2026 volume guidance updated to low-to-mid single-digit volume growth