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GOTHENBURG, Sweden - Electric vehicle maker Polestar (NASDAQ:PSNY) reported first-quarter revenue that fell short of analyst expectations on Monday.
But the company’s shares rose 3.67% in pre-market trading following the release.
Polestar posted revenue of $608 million for Q1 2025, up 84.2% YoY but below the consensus estimate of $676.62 million. However, the company’s gross margin improved significantly to 6.8%, up 14.5 percentage points from -7.7% in Q1 2024.
The company narrowed its net loss to $190 million, down 31.2% from $276 million a year ago. Adjusted EBITDA loss improved by 45.7% to $115 million.
"We continue to make great progress, transforming our commercial operations and taking steps to reduce our cost base," said Polestar CEO Michael Lohscheller. "We are selling more cars, at improved margins, resulting in revenue growth of 84%, a gross margin that is now positive, at 7%, and a narrowing net loss."
Retail sales jumped 76.5% YoY to 12,304 vehicles, driven by growing uptake of newer models. The company said it secured over $900 million worth of financing facilities in Q1.
Polestar ended the quarter with a cash balance of $732 million, down slightly from $784 million a year earlier.
The company said it remains committed to the Chinese market despite terminating its joint venture there, and plans to launch in France this summer as it continues expanding globally.
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