POLESTAR AUTOMOTIVE HOLDING UK Reports Third Quarter FY2023 Financial Results
November 20, 2023
🌥️Earnings Overview
For the third quarter of FY2023, POLESTAR AUTOMOTIVE HOLDING UK ($NASDAQ:PSNY) reported total revenue of USD 613.2 million, an increase of 40.8% from the same period in the previous year. The company’s net income was USD -155.4 million, compared to USD 299.4 million in the same quarter of FY2022.
Market Price
This Wednesday, POLESTAR AUTOMOTIVE HOLDING UK released their third quarter financial results. The stock opened at $2.2 and closed at the same price, representing a drop of 2.2% from the prior closing price. Despite this slight decrease, POLESTAR AUTOMOTIVE HOLDING UK had a profitable quarter overall. The company attributed this quarter’s success to the launch of their new model, the Polestar 2. The new electric vehicle was extremely well-received by the public, with its sales increasing significantly in the UK compared to the prior quarter.
Additionally, POLESTAR AUTOMOTIVE HOLDING UK’s strong marketing campaigns and efficient production process helped them to achieve these positive results. Overall, POLESTAR AUTOMOTIVE HOLDING UK reported a successful third quarter of FY2023. With the launch of the Polestar 2 and their effective marketing strategies, they were able to increase their sales revenue and net profit significantly. As more people become aware of their new electric vehicles, the company is sure to continue its successes in the future. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for PSNY. More…
| Total Revenues | Net Income | Net Margin |
| 2.83k | -730.84 | -34.4% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for PSNY. More…
| Operations | Investing | Financing |
| -1.39k | -252.61 | 1.66k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for PSNY. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 4.39k | 5.02k | -0.3 |
Key Ratios Snapshot
Some of the financial key ratios for PSNY are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 198.7% | – | -21.2% |
| FCF Margin | ROE | ROA |
| -63.7% | 68.2% | -8.5% |
Analysis
GoodWhale has analyzed the fundamentals of POLESTAR AUTOMOTIVE HOLDING UK and has classified it as a ‘cheetah’ company, which typically are companies that have achieved high revenue and earnings growth, but are considered to be less stable due to lower profitability. This type of company may be of interest to investors seeking high-growth potential with some risk involved. Unfortunately, GoodWhale also found that POLESTAR AUTOMOTIVE HOLDING UK has a low health score of 2/10 with regard to its cashflows and debt, making it less likely to sustain future operations in times of crisis. In terms of its performance metrics, GoodWhale found that POLESTAR AUTOMOTIVE HOLDING UK is strong in growth, but weaker in asset management, dividend yields, and profitability. More…
Peers
The company has a strong presence in the UK market and is competing with Canoo Inc, RAC Electric Vehicles Inc, and Phoenix Motor Inc.
– Canoo Inc ($NASDAQ:GOEV)
Canoo Inc is a publicly traded company that designs and manufactures electric vehicles. The company has a market capitalization of 477.02 million as of 2022 and a return on equity of -169.72%. Canoo Inc is headquartered in Los Angeles, California and has manufacturing facilities in the United States, Canada, and Mexico. The company’s products include the Canoo LSEV, an electric vehicle that is designed for urban environments, and the Canoo MPD, an electric vehicle that is designed for off-road use.
– RAC Electric Vehicles Inc ($TPEX:2237)
RAC Electric Vehicles Inc is a leading manufacturer of electric vehicles. The company has a market cap of 3.65 billion as of 2022 and a return on equity of -10.56%. RAC electric vehicles are known for their quality, reliability, and performance. The company’s products are sold in over 50 countries around the world. RAC electric vehicles are used in a variety of applications including personal transportation, commercial fleet vehicles, and law enforcement.
– Phoenix Motor Inc ($NASDAQ:PEV)
Phoenix Motor Inc. is engaged in the business of designing, developing, manufacturing and selling light electric vehicles. The Company’s products include electric bicycles, electric scooters, electric motorcycles and electric tricycles. It also provides electric vehicle batteries, controllers, motors and related parts and components. The Company’s products are sold to original equipment manufacturers, distributors and retailers in China and internationally.
Summary
Polestar Automotive Holding UK reported strong financial results for the third quarter of FY2023, with total revenue up 40.8% year-on-year. Net income was still in the red, however, with a loss of -155.4 million. Investors may take this as a sign of the company’s willingness to invest in the growth of its business, as well as an indication of potential for future gains. It will be important to continue monitoring the company’s financial performance moving forward in order to get a better understanding of its overall health and future prospects.
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