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Polestar Posts Surging Sales But Massive Losses As Impairment Hits Hard

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) reported a 56.5% year-over-year increase in revenue to $1.42 billion for the first half of 2025, driven by a 51.1% rise in retail sales volumes to 30,289 vehicles.

Carbon credit sales totaled $72 million compared with $0.04 million a year earlier. The company recorded a net loss of $1.19 billion, widened from $544 million a year earlier, mainly due to a $739 million non-cash impairment expense on the Polestar 3.

Gross margin fell to negative 49.4% from negative 2.6%, though adjusted gross margin improved to 1.4% from negative 2.6%. Adjusted EBITDA loss narrowed 30.3% to $302 million.

Second-quarter revenue rose 36.6% to $791 million as retail sales reached 18,049 units, up 38.1% year over year. The quarter included $41 million in carbon credit sales.

Gross margin dropped to negative 97.2% from 0.4% a year earlier due to the impairment, while adjusted gross margin fell to negative ...