Polestar Automotive Holding UK (A4N4) Q2 2026 Earnings Report

The call presented meaningful operational and strategic progress, including record first-half retail sales, a 39% expansion in the retail footprint, improved reported operating and net losses, new product launches and a strengthened capital structure. However, profitability remained weak, adjusted EBITDA losses increased, second-quarter sales and revenue declined, cash declined amid substantial operating outflow, full-year volume guidance was reduced to low to mid-single-digit growth, and the U.S. regulatory decision created an estimated USD 130 million restructuring impact and prevented model year 2027 vehicle sales in the U.S. Overall, the positive commercial and balance-sheet developments were balanced by significant financial and market challenges.

Polestar updated its full year volume outlook to low to mid-single-digit growth; Polestar 4 SUV customer deliveries will start in the fourth quarter and ramp up into next year, while carbon credit sales are expected to follow the same pattern with revenue weighted towards the second half of the year. For 2027, Polestar said more would come on precise volume numbers, with Polestar 4 with the 2 variants and Polestar 2 expected to be the dominant volume drivers, and Polestar 5 less important in terms of overall volume. Entering H2, the company said it should expect a significant reduction in terms of cash burn, having cut about 1/3 its CapEx spending, and it will sell model year '26 in the U.S. but is not able to sell model year '27.