Polestar Automotive postpones Q4 earnings report after finding accounting errors

In a regulatory filing, Polestar Automotive stated: “Polestar Automotive Holding UK PLC has determined that it is unable, without unreasonable effort or expense, to file its Annual Report on Form 20-F for the year ended December 31, 2023 by the prescribed filing deadline of April 30, 2024. Additional time is needed for the company to close its books and records, complete its financial statement preparation and finalize its review process for the year ended December 31, 2023. The additional time required to close the company’s books and records includes the evaluation and quantification of certain errors in historical 2021 and 2022 annual and interim financial statements. It is the company’s preliminary view that the historical errors identified as of the date hereof are expected to: (i) positively impact net loss by less than five percent for 2021, and (ii) negatively impact net loss by less than five percent for 2022. Additional time is also required by the company to complete the additional work required for management’s assessment of internal control over financial reporting for the year ended December 31, 2023, as this is the first year that the company is subject to this requirement. The company is working to file the Form 20-F as soon as practicable.”