Polestar Automotive Shares Are Trading Higher After Confirming Q4 Profit Of $62M

Polestar Automotive Holding UK PLC PSNY reported Thursday, fourth-quarter sales growth of 67.1% year-on-year to $985.2 million versus $589.50 million last year.
- The gross profit for Q4 was $61.9 million versus a loss of $(0.2) million last year with a margin of 6.3%.
- Selling, general and administrative expenses was $(239.2) million.
- The operating loss for the quarter narrowed to $(204.7) million.
- The company held $974 million in cash and equivalents as of December 31, 2022.
- FY22 deliveries jumped 80% Y/Y to 51,491 compared to 28,677 in FY21.
- The company registered 84% Y/Y revenue growth in FY22 to 2.5 billion.
- Higher Polestar 2 vehicle sales with continued commercial expansion across markets drove Fy22 revenue surge.
- Outlook: Polestar sees global volumes to increase by nearly 60% to approximately 80,000 cars in FY23.
- The company expects gross margin to be broadly in line with 2022.
- Price Action: PSNY shares are trading higher by 5.47% at $5.33 in premarket on the last check Thursday.