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Total: 60K vehicles
| Metric | FY2025 | FY2024 | Change |
|---|---|---|---|
| Revenue (USD M) | 3,058 | 2,034 | +50.3% |
| Retail deliveries (vehicles) | 60,119 | 44,851 | +34.0% |
| Reported gross margin | (35.4)% | (43.1)% | +7.7 ppts |
| Adjusted gross margin | (0.7)% | (12.5)% | +11.8 ppts |
| Net loss (USD M) | -2,357 | -2,050 | loss widened |
| Carbon credit sales (USD M) | 211 | 11 | +200 M |
| Year-end cash (USD M) | 1,159 | 739 | +420 M |
| Period | Reported Gross Margin | Adjusted Gross Margin | Driver |
|---|---|---|---|
| Q1 2025 | +7.0% | n/d | Reported GM positive on favorable Polestar 3/4 mix |
| Q2 2025 | n/d | (5.7)% | Adjusted GM dipped on more competitive pricing |
| 9M 2025 | n/d | (1.8)% | Mix, lower material cost, carbon credits |
| Q4 2025 | (37.8)% | +1.9% | Adjusted GM turns positive; USD 340M impairment in reported |
| FY 2025 | (35.4)% | (0.7)% | Adjusted GM near breakeven, up from (12.5)% in 2024 |
| FY 2024 | (43.1)% | (12.5)% | Prior-year baseline |