Polestar Automotive (PSNY) Q3 2025 earnings summary

Executive summary

• Revenue grew 49% year-over-year for the first nine months, reaching $2.2 billion, driven by higher volumes, favorable model mix, and strong sales of Polestar 3 and 4, as well as carbon credits sales.

• Retail sales volume increased 36.5% year-over-year to 44,482 vehicles, with Europe accounting for over 75% of global deliveries and significant growth in key countries.

• Expanded sales points by 54% outside China to 192, now present in 28 markets, and opened nine new locations in October.

• Carbon credits sales reached $123 million for the first nine months, surpassing targets.

• Launched Polestar 4 sales in North America, with initial deliveries from South Korea to Canada.

Financial highlights

• Q3 retail sales grew 13.1% year-over-year to 14,192 vehicles; Q3 revenue increased 36% to $748 million.

• Carbon credit sales contributed $104 million in the first nine months and $32 million in Q3.

• Adjusted gross margin improved to -1.8% for the nine months, but Q3 gross margin was -6.1%, down 4.9 points year-over-year, mainly due to a $739 million non-cash impairment on Polestar 3.

• Net loss was $365 million in Q3 and $1.6 billion for the nine months, primarily due to the impairment expense.

• Adjusted EBITDA loss improved to $561 million for the nine months; Q3 adjusted EBITDA loss was $259 million.

Outlook and guidance

• Focus remains on commercial transformation, efficiency improvements, expanding retail presence, and securing new equity funding.

• Guidance for 2026 will be provided at the beginning of next year; Q4 2025 retail sales volumes to be reported on 9 January 2026.