Struggling EV maker Polestar reported on Wednesday its third quarter financial results, with revenue missing the Wall Street consensus estimate by about 12%.
Additionally, and as its shares trade below 80cents, the Geely-backed brand said it plans to execute a reverse stock split with details “expected to be announced shortly.”
Polestar has recently received a formal notice from Nasdaq, as its shares fell below the exchange’s minimum $1 bid price requirement.
In the third quarter, Polestar sold “an estimated 14,192” vehicles, a 13.1% increase from a year ago.
Q3 Earnings Results
The company posted a 36% surge in revenue to $748 million for the July-September period. However, it remained $102 million below the consensus estimate of $850 million.
Polestar said the revenue was “predominantly driven by volumes and growing volumes of higher priced models (Polestar 3 and Polestar 4) in the sales mix with a further positive contribution from carbon credits sales offset by pricing pressure and residual value guarantee adjustments related to the North American markets.”
Carbon credits sales totalled $33 million.
Net loss increased sequentially by $42 million to $365 million in the third quarter
with the company citing a “higher gross loss” and “higher sales agency remuneration linked to growing sales volume” but also “lower other operating income partially offset by continued reduction of SG&A expenses.”
A conference call with the management is scheduled to start at 09:00 a.m. Eastern time, with the CEO Michael Lohscheller and the chief financial officer Jean-Francois Mady expected to provide a timeline for the shareholders’ approval of the reverse stock split.
The stock is currently trading just less than 20 cents above its all-time low of $0.61 set last year.
What is Ahead for the EV Maker
The company led by Michael Lohscheller said “external headwinds continue to impact profitability” and reaffirmed that it “continues to make progress towards securing new equity and debt funding,” supported by its parent company Geely Holding Group.
“We are making progress in our commercial transformation, expanding our dealer network and opening retail locations across our 28 markets, resulting in revenue growth of 49% in the first nine months of 2025,” Polestar‘s chief executive Michael Lohscheller siad in a statement.
“As market conditions remain challenging, we continue to take steps to make our organisation and operations more efficient,” he added.
US Sales
In the United States, Motor Intelligence said last week that Polestar sold 260 vehicles last month — its lowest result in two years.
The figures represent a 74% drop from the nearly 1,000 units recorded in October 2024.
