Cantor Fitzgerald Reiterates Underweight on Polestar

Cantor Fitzgerald analyst Andres Sheppard reiterated an Underweight rating on Polestar Automotive Holding Uk Plc (NASDAQ: PSNY).

“Latest on Polestar (PSNY, UW).

Last week on its Business update call, PSNY reported revenue of ~$3,058M (up ~50% YoY), above Visible Alpha consensus of ~$2,983.1M (and vs. ~$2,034M in FY24), driven by deliveries of 60,119 vehicles, which was in-line with our estimate of 60,221 (and above 44,851 vehicles in FY24).

Polestar also reported FY25 carbon credit sales of $211M.

Gross Margin Miss: Polestar recorded a 4Q25 gross margin of ~(37.8%), below consensus of ~(4.2%), and a FY25 gross margin of ~(35.4%), below our consensus of ~(14.3%). Net Loss Miss.

PSNY also reported a 4Q25 Net Loss of ~($799M), below consensus of ($383.5M), (and vs. ~($1,183M) in 4Q24).

For FY25, PSNY reported a Net Loss of ~($2,357M), below consensus of ($1,606.4M), (and vs. ~($2,050M) in FY24).”

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