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Polestar(PSNY) - 2023 Q3 - Quarterly Report
2023-11-15 16:00
Exhibit 99.2 The Polestar Group Unaudited Condensed Consolidated Financial Statements as of September 30, 2023 and for the Three and Nine months ended September 30, 2023 and 2022 1 INDEX TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | Unaudited Condensed Consolidated Statement of Income (Loss) and Comprehensive Income (Loss) for the Three and Nine months ended | Page | | --- | --- | | September 30, 2023 and 2022 | 3 | | Unaudited Condensed Consolidated Statement of Financial Position as of Septem ...
Polestar(PSNY) - 2023 Q3 - Earnings Call Transcript
2023-11-09 02:14
Polestar Automotive Holding UK PLC (NASDAQ:PSNY) Q3 2023 Earnings Conference Call November 8, 2023 5:00 PM ET Company Participants Bojana Flint - Head Investor Relations; Polestar Automotive Holding UK PLC Johan L. Malmqvist - Chief Financial Officer; Polestar Automotive Holding UK PLC Thomas Ingenlath - Chief Executive Officer & Director; Polestar Automotive Holding UK PLC Conference Call Participants Andres Sheppard - Cantor Fitzgerald Alexander Potter - Piper Sandler Dan Levy - Barclays Tobias Beith - Re ...
Polestar(PSNY) - 2023 Q2 - Earnings Call Transcript
2023-08-31 15:52
Polestar Automotive Holding UK PLC (NASDAQ:PSNY) Q2 2023 Earnings Conference Call August 31, 2023 8:00 AM ET Company Participants Bojana Flint - Head of Investor Relations Thomas Ingenlath - Chief Executive Officer Johan Malmqvist - Chief Financial Officer Conference Call Participants Alexander Potter - Piper Sandler Steven Fox - Fox Advisors Andres Sheppard - Cantor Fitzgerald Tobias Beith - Redburn Erik Golrang - SEB Dan Levy - Barclays Operator Good day and thank you for standing by. Welcome to the Poles ...
Polestar(PSNY) - 2023 Q1 - Earnings Call Transcript
2023-05-11 16:28
And I mentioned a bit about differences in reasons in beginning. Obviously, there are effects in the beginning of this year in Nordic countries where you see, people that knowing that the incentives in the beginning would not be in place anymore, obviously push their sales in December 2022, which of course helped us in '22 December a lot. But for that reason, of course, the first quarter was weaker there and for normalization, we expect this to become to normalize in the Nordic countries. Winnie Dong Winnie ...
Polestar(PSNY) - 2022 Q4 - Annual Report
2023-04-13 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF ...
Polestar(PSNY) - 2022 Q4 - Earnings Call Transcript
2023-03-02 19:31
Polestar Automotive Holding UK PLC (NASDAQ:PSNY) Q4 2022 Results Conference Call March 2, 2023 8:00 AM ET Company Participants Bojana Flint - Head of IR Thomas Ingenlath - CEO Johan Malmqvist - CFO Conference Call Participants Winnie Dong - Deutsche Bank Charles Coldicott - Redburn Dan Levy - Barclays Operator Good day, and thank you for standing by. Welcome to the Polestar Fourth Quarter and Full Year 2022 Results Conference Call. [Operator Instructions] Please be advised that today's conference is being r ...
Polestar(PSNY) - 2022 Q3 - Quarterly Report
2022-11-13 16:00
Unaudited Condensed Consolidated Financial Statements [Unaudited Condensed Consolidated Statement of Income (Loss) and Comprehensive Income (Loss)](index=3&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Income%20(Loss)%20and%20Comprehensive%20Income%20(Loss)) Revenue nearly doubled to $1.48 billion, gross profit increased, and net loss improved to $203.3 million despite a widened operating loss Consolidated Statement of Income (Loss) Highlights (in thousands of U.S. dollars) | Metric | For the nine months ended Sep 30, 2022 | For the nine months ended Sep 30, 2021 | | :--- | :--- | :--- | | **Revenue** | 1,476,746 | 747,674 | | **Gross profit** | 57,475 | 1,060 | | **Operating loss** | (1,081,581) | (657,544) | | **Listing expense** | (372,318) | — | | **Fair value change - Earn-out rights** | 965,668 | — | | **Net loss** | (203,347) | (670,668) | | **Basic and Diluted Net loss per share (in USD)** | (0.22) | (2.94) | [Unaudited Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) Total assets grew to $3.65 billion, liabilities increased to $3.51 billion, and total equity remained negative at -$136.7 million Consolidated Statement of Financial Position Highlights (in thousands of U.S. dollars) | Metric | As of Sep 30, 2022 | As of Dec 31, 2021 | | :--- | :--- | :--- | | **Total assets** | 3,649,462 | 3,309,693 | | Cash and cash equivalents | 988,259 | 756,677 | | Inventories | 686,572 | 545,743 | | Intangible assets and goodwill | 1,299,877 | 1,368,356 | | **Total liabilities** | (3,512,782) | (3,187,197) | | Trade payables - related parties | (817,780) | (1,427,678) | | Liabilities to credit institutions | (1,176,582) | (642,338) | | Earn-out liability | (534,970) | — | | **Total equity** | (136,680) | (122,496) | [Unaudited Condensed Consolidated Statement of Cash Flows](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) Operating cash outflow significantly increased to $1.02 billion, offset by $1.97 billion from financing activities, resulting in a $231.6 million net cash increase Consolidated Statement of Cash Flows Highlights (in thousands of U.S. dollars) | Metric | For the nine months ended Sep 30, 2022 | For the nine months ended Sep 30, 2021 | | :--- | :--- | :--- | | **Cash used for operating activities** | (1,023,425) | (155,078) | | **Cash used for investing activities** | (652,778) | (72,171) | | **Cash provided by financing activities** | 1,965,753 | 536,603 | | Net increase in cash and cash equivalents | 231,582 | 290,648 | | Cash and cash equivalents at end of period | 988,259 | 607,072 | - Financing activities were primarily driven by **$1.42 billion** in proceeds from the issuance of share capital and other contributed capital, net of transaction costs[12](index=12&type=chunk) [Unaudited Condensed Consolidated Statement of Changes in Equity](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) Total equity increased to $136.7 million, driven by a $193.8 million contribution from the Gores Guggenheim Inc. merger, despite a $203.3 million net loss Changes in Equity for the Nine Months Ended Sep 30, 2022 (in thousands of U.S. dollars) | Description | Amount | | :--- | :--- | | Balance as of December 31, 2021 | 122,496 | | Net loss | (203,347) | | Other comprehensive loss | 15,347 | | Merger with Gores Guggenheim Inc. | 193,774 | | Equity-settled share-based payment | 6,898 | | **Balance as of September 30, 2022** | **136,680** | Notes to Unaudited Condensed Consolidated Financial Statements [Note 1 - Significant accounting policies and judgements](index=8&type=section&id=Note%201%20-%20Significant%20accounting%20policies%20and%20judgements) This note details the GGI merger, IAS 34 basis, and management's substantial doubt about going concern due to losses and financing needs - On June 23, 2022, the company completed a reverse recapitalization with GGI, raising net cash proceeds of **$1.42 billion** and began trading on Nasdaq under the ticker PSNY[20](index=20&type=chunk)[21](index=21&type=chunk)[22](index=22&type=chunk) - Management has determined there is substantial doubt about the Group's ability to continue as a going concern due to recurring operating losses, negative cash flows, and the need for additional financing to fund its 2022-2025 business plan[29](index=29&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk) - The financial statements are prepared in accordance with International Accounting Standards (IAS) 34, Interim Financial Reporting[23](index=23&type=chunk) [Note 2 - Revenue](index=17&type=section&id=Note%202%20-%20Revenue) Revenue nearly doubled to $1.48 billion, primarily from vehicle sales, with USA, Sweden, and UK as top markets Revenue by Category (in thousands of U.S. dollars) | Category | For the nine months ended Sep 30, 2022 | For the nine months ended Sep 30, 2021 | | :--- | :--- | :--- | | Sales of vehicles and related services | 1,442,116 | 722,152 | | Sales of software and performance engineered kits | 15,313 | 19,817 | | Vehicle leasing revenue | 12,493 | 2,155 | | **Total** | **1,476,746** | **747,674** | Revenue by Geographical Location (Top 5) (in thousands of U.S. dollars) | Region | For the nine months ended Sep 30, 2022 | For the nine months ended Sep 30, 2021 | | :--- | :--- | :--- | | USA | 317,251 | 80,844 | | Sweden | 222,838 | 110,024 | | United Kingdom | 187,209 | 127,427 | | Germany | 154,391 | 81,683 | | Norway | 142,121 | 167,340 | [Note 3 - Leases](index=19&type=section&id=Note%203%20-%20Leases) Right-of-use assets totaled $76.0 million, lease liabilities were $78.9 million, and vehicle leasing revenue significantly increased to $12.5 million Lease Liabilities (in thousands of U.S. dollars) | Liability Type | As of Sep 30, 2022 | As of Dec 31, 2021 | | :--- | :--- | :--- | | Current lease liability | 16,936 | 10,250 | | Non-current lease liability | 61,992 | 66,575 | | **Total** | **78,928** | **76,825** | - Vehicle leasing revenue as a lessor increased significantly to **$12.5 million** for the nine months ended Sep 30, 2022, compared to **$2.2 million** in the prior year period[66](index=66&type=chunk) [Note 4 - Net income (loss) per share](index=21&type=section&id=Note%204%20-%20Net%20income%20(loss)%20per%20share) Basic and diluted net loss per share improved to $0.22, based on a $203.3 million net loss and 913.1 million shares outstanding Net Loss Per Share Calculation | Metric | For the nine months ended Sep 30, 2022 | For the nine months ended Sep 30, 2021 | | :--- | :--- | :--- | | Net loss attributable to common shareholders (in thousands) | (203,347) | (670,668) | | Weighted-average shares outstanding | 913,056,665 | 228,309,237 | | **Net loss per share (in USD)** | **(0.22)** | **(2.94)** | [Note 5 - Intangible assets and goodwill](index=23&type=section&id=Note%205%20-%20Intangible%20assets%20and%20goodwill) Intangible assets and goodwill totaled $1.30 billion, with $275.4 million in additions primarily for IP related to Polestar 2, 3, and 4 models - The carrying amount of intangible assets was **$1.25 billion** as of September 30, 2022[73](index=73&type=chunk) - Additions to intangible assets in the first nine months of 2022 totaled **$275.4 million**, primarily for IP related to the Polestar 2, Polestar 3, and Polestar 4 models acquired from related parties Volvo Cars and Geely[73](index=73&type=chunk)[74](index=74&type=chunk) [Note 6 - Equity](index=24&type=section&id=Note%206%20-%20Equity) Polestar's equity structure includes Class A and Class B shares, with Class B shares holding ten votes per share, granting significant control - The company has a dual-class share structure: Class A shares have one vote per share, and Class B shares have ten votes per share[78](index=78&type=chunk) Shares Issued and Outstanding as of Sep 30, 2022 | Share Class | Number of Shares | | :--- | :--- | | Class A | 467,144,972 | | Class B | 1,642,233,575 | | Class C-1 | 15,999,965 | | Class C-2 | 9,000,000 | [Note 7 - Liabilities to credit institutions](index=25&type=section&id=Note%207%20-%20Liabilities%20to%20credit%20institutions) Total liabilities to credit institutions significantly increased to $1.18 billion, primarily due to a rise in working capital loans Liabilities to Credit Institutions (in thousands of U.S. dollars) | Facility Type | As of Sep 30, 2022 | As of Dec 31, 2021 | | :--- | :--- | :--- | | Working capital loans from banks | 1,143,011 | 609,209 | | Floorplan facilities | 18,759 | 18,664 | | Sale-leaseback facilities | 14,812 | 14,465 | | **Total** | **1,176,582** | **642,338** | [Note 8 - Related party transactions](index=26&type=section&id=Note%208%20-%20Related%20party%20transactions) Polestar has extensive related party transactions with Volvo Cars and Geely, with purchases totaling $1.68 billion and amounts due at $1.06 billion - The Group has extensive agreements with Volvo Cars and Geely for product development (including IP for PS4), procurement, manufacturing, sales, and IT services[88](index=88&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk) Purchases from Related Parties (in thousands of U.S. dollars) | Related Party | For the nine months ended Sep 30, 2022 | For the nine months ended Sep 30, 2021 | | :--- | :--- | :--- | | Volvo Cars | 1,485,201 | 271,647 | | Geely | 193,482 | 739,960 | | **Total** | **1,679,126** | **1,011,976** | Amounts Due to Related Parties (in thousands of U.S. dollars) | Related Party | As of Sep 30, 2022 | As of Dec 31, 2021 | | :--- | :--- | :--- | | Volvo Cars | 1,018,148 | 1,507,308 | | Geely | 38,639 | 235,622 | | **Total** | **1,056,787** | **1,743,434** | [Note 9 - Reverse recapitalization](index=31&type=section&id=Note%209%20-%20Reverse%20recapitalization) The GGI merger was a reverse recapitalization, resulting in a **$372.3 million** listing expense and a combined fair value gain of over **$1 billion** on derivative liabilities - The merger with GGI was accounted for as a reverse recapitalization, resulting in a one-time, non-cash IFRS 2 listing expense of **$372.3 million**[116](index=116&type=chunk)[119](index=119&type=chunk) - Class C Shares (warrants) and contingent earn-out rights are accounted for as derivative liabilities at fair value through profit and loss (FVTPL)[122](index=122&type=chunk)[127](index=127&type=chunk) Fair Value Changes of Derivative Liabilities (in thousands of U.S. dollars) | Liability | Fair Value at Closing (June 23, 2022) | Fair Value at Sep 30, 2022 | Gain on Fair Value Change (9 months) | | :--- | :--- | :--- | :--- | | Earn-out rights | 1,500,638 | 534,970 | 965,668 | | Class C Shares | 63,090 | 27,500 | 35,590 | [Note 10 - Financial instruments](index=38&type=section&id=Note%2010%20-%20Financial%20instruments) Financial instruments measured at fair value include **$562.5 million** in derivative liabilities and a **$2.5 million** Level 3 investment in StoreDot Financial Liabilities at Fair Value (FVTPL) as of Sep 30, 2022 (in thousands of U.S. dollars) | Instrument | Fair Value Level | Carrying Amount | | :--- | :--- | :--- | | Earn out rights | Level 3 | 534,970 | | Class C-1 Shares | Level 1 | 17,600 | | Class C-2 Shares | Level 2 | 9,900 | | **Total** | | **562,470** | - In the first nine months of 2022, Polestar invested **$2.48 million** in the fast-charging innovator, StoreDot. This investment is measured at fair value using Level 3 inputs[133](index=133&type=chunk) [Note 11 - Share-based payments](index=38&type=section&id=Note%2011%20-%20Share-based%20payments) Polestar implemented new equity-settled share-based payment plans, granting 1.82 million shares, resulting in a **$6.9 million** compensation expense - The company introduced new share-based payment plans in 2022: At-listing, Post-listing, and Free Share Plan, granting a total of **1,823,114 shares** (PSUs, RSUs, and free shares)[134](index=134&type=chunk) - Vesting for the Post-listing plan PSUs is tied to conditions including relative total shareholder return (rTSR), cash flow targets, ESG goals, and operational milestones[137](index=137&type=chunk)[138](index=138&type=chunk)[139](index=139&type=chunk) Share-Based Compensation Expense (in thousands of U.S. dollars) | Expense Category | For the nine months ended Sep 30, 2022 | For the nine months ended Sep 30, 2021 | | :--- | :--- | :--- | | Selling, general and administrative | 6,776 | 0 | | Research and development | 122 | 0 | | **Total** | **6,898** | **—** | [Note 12 - Commitments and contingencies](index=40&type=section&id=Note%2012%20-%20Commitments%20and%20contingencies) Polestar had significant investment commitments totaling **$192.2 million** for PPE and **$323.7 million** for intangible assets, primarily for Polestar 3 and 4 production Commitments as of Sep 30, 2022 (in thousands of U.S. dollars) | Commitment Type | Amount | | :--- | :--- | | To acquire PPE | 192,238 | | To acquire intangible assets | 323,704 | - These commitments are contractual obligations to invest in PPE and intangible assets for the production of the upcoming PS3 and PS4 vehicle models[144](index=144&type=chunk) [Note 13 - Subsequent events](index=41&type=section&id=Note%2013%20-%20Subsequent%20events) Subsequent events include the October 2022 reveal of Polestar 3 and a new **$800 million** credit facility from Volvo Cars in November 2022 - On October 12, 2022, Polestar officially revealed its first SUV, the Polestar 3, with production expected to begin in mid-2023[147](index=147&type=chunk) - On November 3, 2022, Polestar entered into an 18-month credit facility with Volvo Cars for up to **$800 million**, providing additional liquidity[148](index=148&type=chunk)
Polestar(PSNY) - 2022 Q3 - Earnings Call Transcript
2022-11-11 16:32
Polestar Automotive Holding UK PLC (NASDAQ:PSNY) Q3 2022 Earnings Conference Call November 11, 2022 8:00 AM ET Company Participants Bojana Flint - Head of IR Thomas Ingenlath - CEO Johan Malmqvist - CFO Conference Call Participants Winnie Dong - Deutsche Bank Charles Coldicott - Redburn Itay Michaeli - Citigroup Alex Potter - Piper Sandler Erik Golrang - SEB Operator Good day, and thank you for standing by. Welcome to the Polestar Third Quarter 2022 Results Conference Call. At this time, our participants ar ...