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Polestar Automotive Holding‘s (NASDAQ:PSNY) shares are trading lower on Monday despite the company reporting a first-quarter revenue jump of 84.2% year over year (Y/Y) to $608 million.
Revenue grew on higher volumes and a positive shift in the product mix.
Retail sales rose by 76.4% year over year to 12,304 cars in the quarter, led by the increased uptake of newer models.
Also Read: Polestar Secures New $450M Financing Deal To Boost Growth
Gross margin expanded 14.5 ppts Y/Y to 6.8%, aided by higher margin models.
The Gothenburg, Sweden-based car company reported an adjusted EBITDA loss of $115 million, vs. a loss of $212 million a year ago on gross margin improvement, cost savings, optimized marketing spending, and positive foreign exchange translation impacts.
Net loss came in at $190 million, vs. a loss of $276 million prior year quarter.
Polestar’s cash position stood at $732 million at the end of the quarter.
Michael Lohscheller, Polestar CEO, said, “We are selling more cars, at improved margins, resulting in revenue growth of 84%, a gross margin that is now positive, at 7%, and a narrowing net loss.”
”We have a strong and growing line-up of attractive cars, with an expanding network of retail partners across key markets. The geopolitical environment and market conditions are challenging, but we are on the right track and doing the right things.”
Investors can gain exposure to the stock via SPDR S&P Kensho Smart Mobility ETF (NYSE:HAIL).
Price Action: Polestar shares are down 2.11% at 16 cents at the last check on Monday.
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