Polestar: it’s all about the numbers

Thomas Ingenlath, Polestar’s Chief Executive, has a problem. Actually he has several problems. Not only has the company had to restate its accounts, its first full year set after its IPO, but its share price has tanked, having lost 95% of its IPO launch value. On top of this, although Q1/2024 unit sales were up 80% on the last quarter in 2023, its financials are not pretty. Revenue fell 36% in the year to 31 March 2024 vs a year earlier, although the company’s operating loss increased by just 5%. Accordingly the company, which claims it will be break-even in terms of cashflow by the end of 2025, will implement what it describes as “additional mitigating actions”, with guidance on this to follow later in the year.