Electric vehicle manufacturer Polestar reported first-quarter 2026 revenue in line with the previous year, while deliveries climbed 7 percent to record levels. Results were weighed down by intensifying competition, EU and US tariffs, foreign exchange headwinds, and seasonal variations.

Revenue amounted to 633 million dollars (632), representing an increase of 0.2 percent. Gross profit deteriorated to -20 million dollars (65), corresponding to a gross margin of -3.2 percent (10.3).

Adjusted EBITDA came in at -235 million dollars (-96), while the net loss widened to -383 million dollars (-166).

The company stated that implemented cost reductions were offset by more challenging market conditions.

Deliveries rose to 13,126 cars (12,263), which according to the company marks record volumes for a first quarter.

The cash position stood at 676 million dollars at the end of the quarter. Polestar also noted that its capital structure has been strengthened and its liquidity position improved.

CEO Michael Lohscheller stated that focus remains on scaling operations through an expanded retail network, particularly in Europe, with the goal of reaching 250 points of sale globally by the end of 2026.

Simultaneously, the company is launching its largest product offensive to date, with four new models planned over the next three years. Deliveries of an updated Polestar 4 are expected to commence later this year, followed by a new Polestar 2 in 2027 and subsequently the Polestar 7 SUV.

Key figures, MUSDQ1 2026Q1 2025Change
Revenue6336320.2%
Gross profit-2065
Gross margin-3.2%10.3%-13.5 percentage points
Net result-383-166
Adjusted EBITDA-235-96
Sales volume, units13,12612,2637.0%