Polestar Automotive Holding UK Ltd Financials

PSNY

Source SEC Filings (10-K/10-Q) Updated Apr 17, 2026 Currency USD FYE April

This page shows Polestar Automotive Holding UK Ltd (PSNY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 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 PSNY FY2025 2026-04-22

Polestar’s revenue rebound is still being financed externally because cash burn and near-term obligations remain heavy.

Financing inflows of $1.69B in FY2025 exceeded the year’s cash burn, yet cash rose only to $1.16B; most fresh capital was therefore absorbed by keeping operations and investment going, not by rebuilding a large liquidity cushion. That matters because the current ratio slid from 0.7x in FY2022 to 0.4x in FY2025, so even a higher cash balance sits against a growing wall of short-term claims.

The top-line recovery to $3.06B in FY2025 reversed the prior two-year decline, but the net loss still equaled 77.1% of sales, showing that more volume has not yet fixed the cost structure. The rebound looks more like activity returning than like a business that has become self-funding.

Balance-sheet pressure is coming less from classic borrowing than from the sheer size of obligations: long-term debt was only $93.5M against total liabilities of $9.05B. In other words, short-term obligations are doing much of the financing work, which is a less flexible footing than retained equity.

Financial Health Signals

Financial Profile 26/100

Based on FY2025 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 Ltd'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 Ltd's revenue surged 50.3% year-over-year to $3.1B, reflecting rapid business expansion. This strong growth earns a score of 56/100.

Leverage

Polestar Automotive Holding UK Ltd carries a low D/E ratio of -0.02, meaning only $-0.02 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 Ltd's current ratio of 0.43 is below the typical benchmark, resulting in a score of 3/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

While Polestar Automotive Holding UK Ltd generated -$915.0M in operating cash flow, capex of $158.7M 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 Ltd passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Low Quality

0.39x

For every $1 of reported earnings, Polestar Automotive Holding UK Ltd generates $0.39 in operating cash flow (-$915.0M OCF vs -$2.4B 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

$3.1B

YoY+50.3%

5Y CAGR+38.0%

Polestar Automotive Holding UK Ltd generated $3.1B in revenue in fiscal year 2025. This represents an increase of 50.3% from the prior year.

EBITDA

N/A

Net Income

-$2.4B

YoY-15.0%

Polestar Automotive Holding UK Ltd reported -$2.4B in net income in fiscal year 2025. This represents a decrease of 15.0% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$1.1B

YoY+5.7%

Polestar Automotive Holding UK Ltd generated -$1.1B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 5.7% from the prior year.

Cash & Debt

$1.2B

YoY+56.8%

5Y CAGR+29.7%

Polestar Automotive Holding UK Ltd held $1.2B in cash against $93.5M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

2.75B

Polestar Automotive Holding UK Ltd had 2.75B shares outstanding in fiscal year 2025.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

-77.1%

YoY+23.7pp

5Y CAGR+2.4pp

Polestar Automotive Holding UK Ltd's net profit margin was -77.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 23.7 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$158.7M

YoY+7.3%

5Y CAGR+26.2%

Polestar Automotive Holding UK Ltd invested $158.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 7.3% from the prior year.

PSNY Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$3.1B+50.3%	$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	N/A
Gross Profit	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
SG&A Expenses	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
Interest Expense	$4.6M-38.2%	$7.4M+48.2%	$5.0M-19.2%	$6.2M+160.9%	$2.4M+12.0%	$2.1M
Income Tax	-$3.7M+59.7%	-$9.2M+3.0%	-$9.5M-131.8%	$29.8M+1067.4%	-$3.1M-122.7%	$13.5M
Net Income	-$2.4B-15.0%	-$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	N/A

Metric	Q1'26	Q3'25	Q1'25	Q3'24	Q1'24	Q3'23	Q1'23	Q3'22
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

PSNY Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$3.9B-3.1%	$4.1B-5.5%	$4.3B+7.0%	$4.0B+21.2%	$3.3B	N/A
Current Assets	$2.7B+17.0%	$2.3B+1.1%	$2.3B+5.9%	$2.1B+33.6%	$1.6B	N/A
Cash & Equivalents	$1.2B+56.8%	$739.2M-3.8%	$768.3M-21.1%	$973.9M+28.7%	$756.7M+139.1%	$316.4M
Inventory	$853.1M-21.0%	$1.1B+16.3%	$927.7M+47.2%	$630.2M+15.5%	$545.7M	N/A
Accounts Receivable	$341.9M	N/A	N/A	N/A	N/A	N/A
Goodwill	$700.3M-32.7%	$1.0B-26.6%	$1.4B+1.8%	$1.4B+1.8%	$1.4B	N/A
Total Liabilities	$9.1B+22.6%	$7.4B+33.2%	$5.5B+35.2%	$4.1B+28.6%	$3.2B	N/A
Current Liabilities	$6.2B+31.0%	$4.7B+30.9%	$3.6B+13.7%	$3.2B+4.8%	$3.0B	N/A
Long-Term Debt	$93.5M+95.2%	$47.9M-12.0%	$54.4M+73.8%	$31.3M-52.9%	$66.6M	N/A
Total Equity	-$5.1B-53.9%	-$3.3B-166.1%	-$1.3B-1491.1%	$89.9M+149.0%	-$183.5M+69.6%	-$603.2M
Retained Earnings	N/A	-$6.9B	N/A	-$3.7B-111.5%	-$1.8B	N/A

Metric	Q1'26	Q3'25	Q1'25	Q3'24	Q1'24	Q3'23	Q1'23	Q3'22
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

PSNY Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$915.0M+7.7%	-$991.2M+47.7%	-$1.9B-75.2%	-$1.1B-233.6%	-$324.1M-468.0%	-$57.0M
Capital Expenditures	$158.7M+7.3%	$147.9M+7.6%	$137.4M+325.8%	$32.3M+30.6%	$24.7M-50.2%	$49.6M
Free Cash Flow	-$1.1B+5.7%	-$1.1B+43.9%	-$2.0B-82.5%	-$1.1B-219.2%	-$348.8M-227.0%	-$106.6M
Investing Cash Flow	-$520.7M-26.2%	-$412.6M+1.2%	-$417.6M+41.1%	-$709.0M-458.6%	-$126.9M+47.9%	-$243.7M
Financing Cash Flow	$1.7B+18.9%	$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	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q3'25	Q1'25	Q3'24	Q1'24	Q3'23	Q1'23	Q3'22
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

PSNY Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	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
Net Margin	-77.1%+23.7pp	-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	N/A	-532.6%	N/A	N/A
Return on Assets	-60.0%-9.4pp	-50.6%-23.0pp	-27.5%-15.6pp	-11.9%+17.3pp	-29.3%	N/A
Current Ratio	0.43-0.1	0.48-0.1	0.63-0.0	0.67+0.1	0.53	N/A
Debt-to-Equity	-0.020.0	-0.01+0.0	-0.04-0.4	0.35+0.7	-0.36	N/A
FCF Margin	-35.1%+20.9pp	-56.0%+29.8pp	-85.8%-40.2pp	-45.6%-19.7pp	-26.0%-8.5pp	-17.5%

Metric	Q1'26	Q3'25	Q1'25	Q3'24	Q1'24	Q3'23	Q1'23	Q3'22
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 (-$5.1B), 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 (0.43), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

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

Polestar Automotive Holding UK Ltd (PSNY) reported $3.1B in total revenue for fiscal year 2025. This represents a 50.3% 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 Ltd's revenue growing?

Polestar Automotive Holding UK Ltd (PSNY) revenue grew by 50.3% year-over-year, from $2.0B to $3.1B in fiscal year 2025.

Is Polestar Automotive Holding UK Ltd profitable?

No, Polestar Automotive Holding UK Ltd (PSNY) reported a net income of -$2.4B in fiscal year 2025, with a net profit margin of -77.1%.

How much debt does Polestar Automotive Holding UK Ltd have?

As of fiscal year 2025, Polestar Automotive Holding UK Ltd (PSNY) had $1.2B in cash and equivalents against $93.5M in long-term debt.

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

Polestar Automotive Holding UK Ltd (PSNY) had a net profit margin of -77.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

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

Polestar Automotive Holding UK Ltd (PSNY) generated -$1.1B in free cash flow during fiscal year 2025. This represents a 5.7% 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 Ltd's operating cash flow?

Polestar Automotive Holding UK Ltd (PSNY) generated -$915.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

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

Polestar Automotive Holding UK Ltd (PSNY) had $3.9B in total assets as of fiscal year 2025, including both current and long-term assets.

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

Polestar Automotive Holding UK Ltd (PSNY) invested $158.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Polestar Automotive Holding UK Ltd have outstanding?

Polestar Automotive Holding UK Ltd (PSNY) had 2.75B shares outstanding as of fiscal year 2025.

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

Polestar Automotive Holding UK Ltd (PSNY) had a current ratio of 0.43 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

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

Polestar Automotive Holding UK Ltd (PSNY) had a debt-to-equity ratio of -0.02 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

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

Polestar Automotive Holding UK Ltd (PSNY) had a return on assets of -60.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

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

Based on fiscal year 2025 data, Polestar Automotive Holding UK Ltd (PSNY) had $1.2B in cash against an annual operating cash burn of $915.0M. This gives an estimated cash runway of approximately 15 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 Ltd's debt-to-equity ratio negative or unusual?

Polestar Automotive Holding UK Ltd (PSNY) has negative shareholder equity of -$5.1B as of fiscal year 2025, 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 Ltd's Piotroski F-Score?

Polestar Automotive Holding UK Ltd (PSNY) 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 Ltd's earnings high quality?

Polestar Automotive Holding UK Ltd (PSNY) has an earnings quality ratio of 0.39x, 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 Ltd?

Polestar Automotive Holding UK Ltd (PSNY) scores 26 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.