Polestar(US:PSNY)2024-09-30 20:28Financial Performance - Revenue for the six months ended June 30, 2024, was $905.8 million, a decrease of 27% compared to $1,237.6 million for the same period in 2023[3] - Gross loss for the six months ended June 30, 2024, was $27.3 million, compared to a gross profit of $21.6 million in the same period of 2023[3] - Operating loss for the six months ended June 30, 2024, was $464.4 million, slightly improved from a loss of $497.5 million in 2023[3] - Net loss for the six months ended June 30, 2024, was $539.5 million, compared to a net loss of $340.8 million in 2023, representing a 58% increase in losses[3] - Polestar reported a net loss of $539,485 thousand for the six months ended June 30, 2024, compared to a net loss of $340,830 thousand for the same period in 2023, indicating a 58.3% increase in losses year-over-year[13] - Negative operating and investing cash flows for the six months ended June 30, 2024, were $524,747 thousand, a decrease from $939,410 thousand in the same period of 2023, reflecting improved cash flow management[13] Assets and Liabilities - Total assets as of June 30, 2024, were $3.98 billion, down from $4.12 billion as of December 31, 2023[5] - Total equity increased to $1.82 billion as of June 30, 2024, from $1.26 billion at the end of 2023[5] - Cash and cash equivalents decreased to $668.9 million as of June 30, 2024, from $768.9 million at the end of 2023[5] - Current and non-current liabilities to credit institutions rose to $2,484,108 as of June 30, 2024, compared to $2,023,582 as of December 31, 2023, an increase of approximately 22.8%[53] - Total financial liabilities measured at amortized cost increased to $5,284,537 as of June 30, 2024, up from $4,684,997 as of December 31, 2023, reflecting a rise of about 12.8%[53] - The Group's total liabilities as of June 30, 2024, were $5,284,537,000, compared to $2,861,824,000 as of December 31, 2023, marking an increase of approximately 85%[54] Research and Development - Research and development expenses for the six months ended June 30, 2024, were $23.3 million, significantly reduced from $83.1 million in 2023[3] - The recognized asset associated with R&D agreements as of June 30, 2024, was $1,044,527, with acquisitions attributable to 2024 being approximately $60,768[73] Market Presence and Product Development - As of June 30, 2024, Polestar's vehicle lineup includes the PS2, PS3, and PS4 in production, while the PS5 and PS6 are under development, indicating ongoing product expansion[11] - The company operates in 27 markets across Europe, North America, and Asia, highlighting its global market presence[11] Financing and Liquidity - Polestar has secured long-term financing support from credit institutions and entered into multiple short-term working capital loan arrangements to meet liquidity targets[13] - The Group's total outstanding debt could lead to immediate calls from banks if certain covenants are breached, which are currently under discussion for waivers[64][66] - Polestar entered into an 11-month working capital loan for $196,000 with an interest rate of 7.8% per annum on August 2, 2024[81] Inventory and Sales - Vehicle sales amounted to $883,621 for the six months ended June 30, 2024, down from $1,208,791 in the prior year, reflecting a significant decline[27] - The Group's inventory as of June 30, 2024, was valued at $726,017,000, a decrease from $939,359,000 as of December 31, 2023, representing a decline of about 22.7%[58] - Inventories recognized as an expense during the six months ended June 30, 2024, totaled $969,844,000, compared to $1,155,622,000 in the same period of 2023, showing a decrease of approximately 16.1%[59] Related Party Transactions - Total revenue from related parties for the six months ended June 30, 2024, was $162,334, representing 17.9% of total revenue, compared to $78,310 (6.3%) for the same period in 2023[71] - Total purchases of goods, services, and other from related parties for the six months ended June 30, 2024, amounted to $640,893, down from $1,321,988 in 2023[72] Restatements and Adjustments - The restatement of financial statements revealed an increase in loss by $23,662 due to inventory-related errors[82] - The total revenue for the six months ended June 30, 2023, was restated to $1,237,635, reflecting an adjustment of $6,370[84] - The operating loss for the same period was restated to $(497,483), an increase of $23,732[84] - The net loss for the six months ended June 30, 2023, was adjusted to $(340,830), reflecting an increase of $27,795[86]