▲ 1 r/wallstreetbets
Polestar ($PSNY) just dropped its Q1 2026 numbers and it’s a pretty mixed bag. Thought I’d break it down for anyone following the EV space.
📈 The good:
- Record Q1 deliveries: 13,126 cars (+7% YoY)
- Continued retail expansion (aiming ~250 locations globally)
- Strong performance in key markets like Europe
- Big product pipeline coming (Polestar 4, new Polestar 2, Polestar 7 SUV)
📉 The bad (and it’s pretty bad):
- Revenue basically flat: $633M vs $632M YoY
- Gross margin flipped negative: -3.2% (from +10.3%)
- Net loss widened massively: -$383M vs -$166M
- Adjusted EBITDA also worsened significantly
⚠️ What’s hurting them:
- Intense EV competition (no surprise)
- Tariffs (US + EU)
- FX headwinds
- Seasonality offsetting cost cuts
💰 Balance sheet:
- ~$676M cash at end of Q1
- Management says liquidity improved, but burn is still high
🧠 My take:
This is a classic “growing but not profitable” EV story.
They’re:
- Scaling deliveries ✔️
- Expanding distribution ✔️
- Building product lineup ✔️
…but:
- Losing more money ❌
- Margins deteriorating ❌
The key question is whether scale + new models can flip margins back positive before cash becomes an issue.
u/Icy_Possession_2794 — 8 days ago