Polestar (NASDAQ: PSNY) reported strong momentum in the first half of 2025, with revenue climbing 56% year-over-year to $1.42 billion, driven by a 51% increase in vehicle deliveries. The growth reflects continued demand for its premium EV lineup and the expansion of its global retail network, which added five new sales points per month in Q2.
Despite reporting a $739 million non-cash impairment charge on the Polestar 3, which weighed on headline gross margins (–49.4%), the company achieved a positive adjusted gross margin of 1.4%, improving by four percentage points from the prior year. Adjusted EBITDA loss narrowed to $302 million, a 30% improvement, reflecting tighter cost discipline and better operating leverage.
Polestar also strengthened its balance sheet, raising $200 million in new equity from PSD Investment and ending the period with $719 million in cash, providing a solid liquidity position to support upcoming product launches and expansion plans.
CEO Michael Lohscheller emphasized that the company is executing well despite broader EV sector headwinds, highlighting the upcoming Polestar 5 debut at the IAA Auto Show as the next catalyst in its product roadmap.
Investor takeaway: Polestar’s results show a company balancing rapid top-line growth with improving margins and stronger liquidity. While near-term profitability remains a challenge, continued volume gains, disciplined cost management, and new model launches position Polestar to strengthen its standing in the premium EV market.
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