PSNY
Same old EV drama, new numbers
Polestar just dropped its fiscal 2025 results, and the headline is not exactly a Hallmark moment: a $2.4 billion net loss, up from $2.05 billion a year ago. The culprit was a chunky impairment expense, net of reversals, of about $1.05 billion — which is finance-speak for “we had to mark some stuff down, and it hurt.”
The one semi-bright spot
Before you toss your phone across the room, there is a bit of progress here. Adjusted EBITDA loss came in at $783 million, which is a 27.5% improvement year over year. In other words, Polestar is still burning cash, but the burn rate is at least trying to behave itself.
Why investors should care
For EV names, the story is never just about deliveries anymore — it’s about whether the company can shrink losses fast enough to survive the cash grind. A bigger net loss can spook investors, but an improving EBITDA trend suggests management is still trying to tighten the screws and get closer to an actual business model that works.
Big picture
Polestar is in that awkward phase where every quarter feels like a mix of hope and a balance-sheet reality check. If the company keeps improving operating losses, the market may squint a little less hard. But until the red ink starts fading for real, this stock is still living dangerously.