Polestar Automotive Holding UK ADR Financials

PLSAY

Source SEC Filings (10-K/10-Q) Updated Jun 30, 2025 Currency USD FYE December

This page shows Polestar Automotive Holding UK ADR (PLSAY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI PLSAY FY2024 2026-04-22

PLSAY is relying on external financing while cash burn, weak liquidity, and heavier inventory soak up the business.

Across FY2022-FY2024, financing inflows of $5.6B more than covered operating cash outflow of -$4.0B, which means the business has been funded mainly from outside rather than from its own operations. That dependence now sits on top of negative equity of -$3.33B in FY2024, so the balance sheet is acting more like a funding bridge than a reserve buffer.

FY2024's net loss widened to -$2.05B even as operating cash burn improved to -$991M. When the accounting loss worsens while cash outflow eases, the income statement is likely being hit by sizable non-cash charges rather than an equally sharp deterioration in day-to-day cash economics.

Only $47.9M of long-term debt sits inside $7.38B of total liabilities, implying the strain comes more from operating and other obligations than from classic term borrowing. At the same time, inventory reached $1.08B as revenue slipped to $2.03B, a sign that working capital is tying up cash instead of releasing it.

Financial Health Signals

Financial Profile 20/100

Based on FY2024 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Polestar Automotive Holding UK ADR's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Polestar Automotive Holding UK ADR's revenue declined 14.1% year-over-year, from $2.4B to $2.0B. This contraction results in a growth score of 19/100.

Leverage

Polestar Automotive Holding UK ADR carries a low D/E ratio of -0.01, meaning only $-0.01 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 95/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Polestar Automotive Holding UK ADR's current ratio of 0.48 is below the typical benchmark, resulting in a score of 4/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

While Polestar Automotive Holding UK ADR generated -$991.2M in operating cash flow, capex of $147.9M consumed most of it, leaving -$1.1B in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Weak

2/9

Polestar Automotive Holding UK ADR passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

0.48x

For every $1 of reported earnings, Polestar Automotive Holding UK ADR generates $0.48 in operating cash flow (-$991.2M OCF vs -$2.0B net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$2.0B

YoY-14.1%

Polestar Automotive Holding UK ADR generated $2.0B in revenue in fiscal year 2024. This represents a decrease of 14.1% from the prior year.

EBITDA

N/A

Net Income

-$2.0B

YoY-73.4%

Polestar Automotive Holding UK ADR reported -$2.0B in net income in fiscal year 2024. This represents a decrease of 73.4% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$1.1B

YoY+43.9%

Polestar Automotive Holding UK ADR generated -$1.1B in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 43.9% from the prior year.

Cash & Debt

$739.2M

YoY-3.8%

Polestar Automotive Holding UK ADR held $739.2M in cash against $47.9M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

-100.8%

YoY-50.9pp

Polestar Automotive Holding UK ADR's net profit margin was -100.8% in fiscal year 2024, showing the share of revenue converted to profit. This is down 50.9 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$147.9M

YoY+7.6%

Polestar Automotive Holding UK ADR invested $147.9M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 7.6% from the prior year.

PLSAY Income Statement

Metric	FY24	FY23	FY22	FY21	FY20
Revenue	$2.0B-14.1%	$2.4B-3.0%	$2.4B+81.7%	$1.3B+120.2%	$610.2M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A
Interest Expense	$7.4M+48.2%	$5.0M-19.2%	$6.2M+160.9%	$2.4M+12.0%	$2.1M
Income Tax	-$9.2M+3.0%	-$9.5M-131.8%	$29.8M+1067.4%	-$3.1M-122.7%	$13.5M
Net Income	-$2.0B-73.4%	-$1.2B-146.7%	-$479.0M+50.6%	-$969.8M-100.0%	-$484.9M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A

Metric	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21
Revenue	N/A	N/A	N/A	N/A	$685.2M	N/A	$589.1M	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	$1.1M	N/A	$1.1M	N/A
Income Tax	N/A	N/A	N/A	N/A	$2.6M	N/A	$2.7M	N/A
Net Income	N/A	N/A	N/A	N/A	-$304.1M	N/A	-$228.2M	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PLSAY Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20
Total Assets	$4.1B-5.5%	$4.3B+7.0%	$4.0B+21.2%	$3.3B	N/A
Current Assets	$2.3B+1.1%	$2.3B+5.9%	$2.1B+33.6%	$1.6B	N/A
Cash & Equivalents	$739.2M-3.8%	$768.3M-21.1%	$973.9M+28.7%	$756.7M+139.1%	$316.4M
Inventory	$1.1B+16.3%	$927.7M+47.2%	$630.2M+15.5%	$545.7M	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A
Goodwill	$1.0B-26.6%	$1.4B+1.8%	$1.4B+1.8%	$1.4B	N/A
Total Liabilities	$7.4B+33.2%	$5.5B+35.2%	$4.1B+28.6%	$3.2B	N/A
Current Liabilities	$4.7B+30.9%	$3.6B+13.7%	$3.2B+4.8%	$3.0B	N/A
Long-Term Debt	$47.9M-12.0%	$54.4M+73.8%	$31.3M-52.9%	$66.6M	N/A
Total Equity	-$3.3B-166.1%	-$1.3B-1491.1%	$89.9M+149.0%	-$183.5M+69.6%	-$603.2M
Retained Earnings	-$6.9B	N/A	-$3.7B-111.5%	-$1.8B	N/A

Metric	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21
Total Assets	$3.6B-10.2%	$4.1B+1.2%	$4.0B-6.7%	$4.3B+0.9%	$4.3B+6.1%	$4.0B	N/A	$3.3B
Current Assets	$2.2B-3.7%	$2.3B+24.5%	$1.8B-18.8%	$2.3B-5.6%	$2.4B+12.1%	$2.1B	N/A	$1.6B
Cash & Equivalents	$718.6M-2.8%	$739.2M+10.5%	$668.9M-12.9%	$768.3M-27.3%	$1.1B+8.6%	$973.9M-29.5%	$1.4B+82.6%	$756.7M
Inventory	$805.7M-25.4%	$1.1B+51.2%	$714.0M-23.0%	$927.7M+6.9%	$867.5M+37.7%	$630.2M	N/A	$545.7M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$837.7M-19.5%	$1.0B-29.0%	$1.5B+3.3%	$1.4B-3.2%	$1.5B+5.2%	$1.4B	N/A	$1.4B
Total Liabilities	$7.9B+7.1%	$7.4B+26.9%	$5.8B+4.9%	$5.5B+17.3%	$4.7B+15.3%	$4.1B	N/A	$3.2B
Current Liabilities	$5.2B+9.7%	$4.7B+47.8%	$3.2B-11.4%	$3.6B-11.0%	$4.1B+27.8%	$3.2B	N/A	$3.0B
Long-Term Debt	$4.1B+8374.5%	$47.9M+10.8%	$43.2M-20.6%	$54.4M-28.2%	$75.8M+141.9%	$31.3M	N/A	$66.6M
Total Equity	-$4.3B-28.2%	-$3.3B-83.7%	-$1.8B-44.8%	-$1.3B-174.1%	-$456.3M-607.4%	$89.9M+152.9%	-$170.0M+7.4%	-$183.5M
Retained Earnings	-$8.1B-17.3%	-$6.9B	N/A	N/A	-$4.0B-8.4%	-$3.7B	N/A	-$1.8B

PLSAY Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$991.2M+47.7%	-$1.9B-75.2%	-$1.1B-233.6%	-$324.1M-468.0%	-$57.0M
Capital Expenditures	$147.9M+7.6%	$137.4M+325.8%	$32.3M+30.6%	$24.7M-50.2%	$49.6M
Free Cash Flow	-$1.1B+43.9%	-$2.0B-82.5%	-$1.1B-219.2%	-$348.8M-227.0%	-$106.6M
Investing Cash Flow	-$412.6M+1.2%	-$417.6M+41.1%	-$709.0M-458.6%	-$126.9M+47.9%	-$243.7M
Financing Cash Flow	$1.4B-32.3%	$2.1B+1.5%	$2.1B+125.8%	$918.7M+155.5%	$359.6M
Dividends Paid	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A

Metric	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PLSAY Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A
Net Margin	-100.8%-50.9pp	-49.9%-30.3pp	-19.6%+52.5pp	-72.2%+7.3pp	-79.5%
Return on Equity	N/A	N/A	-532.6%	N/A	N/A
Return on Assets	-50.6%-23.0pp	-27.5%-15.6pp	-11.9%+17.3pp	-29.3%	N/A
Current Ratio	0.48-0.1	0.63-0.0	0.67+0.1	0.53	N/A
Debt-to-Equity	-0.01+0.0	-0.04-0.4	0.35+0.7	-0.36	N/A
FCF Margin	-56.0%+29.8pp	-85.8%-40.2pp	-45.6%-19.7pp	-26.0%-8.5pp	-17.5%

Metric	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	-44.4%	N/A	-38.8%	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	-7.1%	N/A	N/A	N/A
Current Ratio	0.43-0.1	0.48-0.1	0.58-0.1	0.63+0.0	0.59-0.1	0.67	N/A	0.53
Debt-to-Equity	-0.95-0.9	-0.010.0	-0.02+0.0	-0.04+0.1	-0.17-0.5	0.35	N/A	-0.36
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: Shareholder equity is negative (-$3.3B), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.48), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Frequently Asked Questions

What is Polestar Automotive Holding UK ADR's annual revenue?

Polestar Automotive Holding UK ADR (PLSAY) reported $2.0B in total revenue for fiscal year 2024. This represents a -14.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Polestar Automotive Holding UK ADR's revenue growing?

Polestar Automotive Holding UK ADR (PLSAY) revenue declined by 14.1% year-over-year, from $2.4B to $2.0B in fiscal year 2024.

Is Polestar Automotive Holding UK ADR profitable?

No, Polestar Automotive Holding UK ADR (PLSAY) reported a net income of -$2.0B in fiscal year 2024, with a net profit margin of -100.8%.

How much debt does Polestar Automotive Holding UK ADR have?

As of fiscal year 2024, Polestar Automotive Holding UK ADR (PLSAY) had $739.2M in cash and equivalents against $47.9M in long-term debt.

What is Polestar Automotive Holding UK ADR's net profit margin?

Polestar Automotive Holding UK ADR (PLSAY) had a net profit margin of -100.8% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Polestar Automotive Holding UK ADR's free cash flow?

Polestar Automotive Holding UK ADR (PLSAY) generated -$1.1B in free cash flow during fiscal year 2024. This represents a 43.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Polestar Automotive Holding UK ADR's operating cash flow?

Polestar Automotive Holding UK ADR (PLSAY) generated -$991.2M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Polestar Automotive Holding UK ADR's total assets?

Polestar Automotive Holding UK ADR (PLSAY) had $4.1B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Polestar Automotive Holding UK ADR's capital expenditures?

Polestar Automotive Holding UK ADR (PLSAY) invested $147.9M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

What is Polestar Automotive Holding UK ADR's current ratio?

Polestar Automotive Holding UK ADR (PLSAY) had a current ratio of 0.48 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

What is Polestar Automotive Holding UK ADR's debt-to-equity ratio?

Polestar Automotive Holding UK ADR (PLSAY) had a debt-to-equity ratio of -0.01 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Polestar Automotive Holding UK ADR's return on assets (ROA)?

Polestar Automotive Holding UK ADR (PLSAY) had a return on assets of -50.6% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Polestar Automotive Holding UK ADR's cash runway?

Based on fiscal year 2024 data, Polestar Automotive Holding UK ADR (PLSAY) had $739.2M in cash against an annual operating cash burn of $991.2M. This gives an estimated cash runway of approximately 9 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is Polestar Automotive Holding UK ADR's debt-to-equity ratio negative or unusual?

Polestar Automotive Holding UK ADR (PLSAY) has negative shareholder equity of -$3.3B as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Polestar Automotive Holding UK ADR's Piotroski F-Score?

Polestar Automotive Holding UK ADR (PLSAY) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Polestar Automotive Holding UK ADR's earnings high quality?

Polestar Automotive Holding UK ADR (PLSAY) has an earnings quality ratio of 0.48x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Polestar Automotive Holding UK ADR?

Polestar Automotive Holding UK ADR (PLSAY) scores 20 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.