Polestar Automotive Holding UK PLC
PSNY, PSNYW, PLSAY · Motor Vehicles & Passenger Car Bodies · EDGAR filings ↗
Grade
D44Cash-burning EV maker with negative gross margin, declining revenue and a short funding runway.
Strengths
- Volume growth ~34% and net income growth 96th pct (narrowing loss)
- Backing from Volvo/Geely and recent equity raises provide some liquidity
Risks
- Negative gross margin (-43%), FCF -$1.1bn, current ratio 0.48 and runway ~2.6 quarters
- Positive ROE is a negative-equity artifact; ongoing dilution and going-concern-adjacent funding need
Notable findings
- No interest coverageInterest coverage -4.60 (cannot cover interest)
- Net lossNet loss (net margin -100.8%)
- Cash burnNegative free cash flow (-1139.1M)
- Weak liquidityCurrent ratio 0.48 (<1)
- Revenue declineRevenue -14.1% YoY
Key metrics
Gross margin
-43.1%
Operating margin
-89.1%
Net margin
-100.8%
Return on equity
61.6%
Return on assets
-50.6%
Revenue growth (QoQ)
-14.1%
Interest coverage
-4.6×
Current ratio
0.5×
Free cash flow
-$1.1B
Tangible book value
-$3.3B
Cash & investments
$739M
Cash runway
3q
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-17 | 2025-12-31 | 0001884082-26-000006 ↗ |
| 20-F | 2025-05-09 | 2024-12-31 | 0001884082-25-000012 ↗ |
| 20-F | 2024-08-14 | 2023-12-31 | 0001884082-24-000008 ↗ |
| 20-F | 2023-04-14 | 2022-12-31 | 0001884082-23-000008 ↗ |
| 20-F | 2022-06-29 | 2022-06-23 | 0001193125-22-185122 ↗ |