Polestar Automotive Holding UK PLC · Q1 2026 earnings

Briefing

Polestar Q1 2026: record 13,126 deliveries (+7%), $633M revenue, gross margin -3.2% amid tariffs and pricing pressure

Polestar Automotive Holding UK PLC reported Q1 2026 retail sales of 13,126 vehicles, up 7.0% from 12,263 a year earlier, marking a record first quarter for volumes. Revenue was essentially flat at $633 million versus $632 million, as higher volumes and favorable FX were offset by pricing pressure, a shift toward lower-margin Polestar 4 mix, and lower carbon credit sales ($21 million vs. $29 million). Gross margin turned negative at (3.2)% from 10.3% in Q1 2025, and adjusted gross margin was (3.3)%. Net loss widened to $383 million from $166 million, and adjusted EBITDA was a loss of $235 million versus $96 million a year ago, driven by the gross loss, EU and U.S. tariffs, FX on Chinese yuan liabilities, and higher sales-agent remuneration. Cash position was $676 million at quarter-end versus $1,159 million at December 31, 2025, after adjusted EBITDA losses, working capital outflows, and net debt repayments partly offset by equity proceeds. CEO Michael Lohscheller said Polestar is accelerating efforts to become leaner while expanding its retail network toward 250 global sales points by end-2026.

• Record Q1 deliveries of 13,126 vehicles (+7% YoY); revenue $633M (+0.2%).
• Gross margin (3.2)% vs. 10.3% a year ago; adjusted EBITDA loss $235M vs. $96M loss in Q1 2025.
• Net loss $383M widened from $166M on tariffs, pricing pressure, FX, and lower carbon credit sales.
• Cash position $676M at March 31, 2026, down from $1,159M at year-end after EBITDA loss and working capital use.
• Product pipeline includes Polestar 4 variant later in 2026, all-new Polestar 2 in 2027, and Polestar 7 compact SUV.

Headline financials

Revenue & EPS history

Polestar plans to expand its retail network to 250 global sales points by end-2026, with Polestar 4 variant deliveries starting in the latter part of 2026, followed by the all-new Polestar 2 in 2027 and the Polestar 7 compact SUV. Management is accelerating business-model adjustments to offset intensified competition, EU and U.S. tariffs, and FX headwinds.