Overview

* Polestar's 9-month revenue grows 49% to $2.17 bln, driven by higher volumes and model mix

* Company reports negative gross margin of 34.5% due to non-cash impairment expense

* Polestar achieves $123 mln in carbon credits sales, surpassing targets

* Company plans reverse stock split to keep Nasdaq listing

Outlook

* Company did not provide specific guidance for future quarters

Result Drivers

* MODEL MIX - Revenue growth supported by increased sales of higher-priced models Polestar 3 and Polestar 4

* CARBON CREDITS - Achieved target of three-digit million-dollar carbon credits sales ahead of plan at USD 123 million

* COST REDUCTION - Continuing reduction of materials costs and fixed costs

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Gross -6.10%

Margin

Analyst Coverage

* The current average analyst rating on the shares is "sell" and the breakdown of recommendations is no "strong buy" or "buy", 2 "hold" and 3 "sell" or "strong sell"

* The average consensus recommendation for the auto & truck manufacturers peer group is "buy."

* Wall Street's median 12-month price target for Polestar Automotive Holding UK PLC is $1.00, about 20.4% above its November 11 closing price of $0.80

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)