Research Alert: Psny: Revenue Well Short Of Expectations; Cash Burn Accelerates
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Polestar Automotive (PSNY) posted Q1 net income of -$383M, down from -$166M in Q1 2025. Revenue was flat at $633M ($116M below consensus) as lower prices offset a 7% increase in total vehicle sales to 13,126 units and gross margin came in at -3.2%, down sharply from 10.3% in the year-ago quarter. Despite recent equity and debt-to-equity conversions, PSNY's cash declined to $676M at the end of Q1, vs. $1,159M at the end of 2025. The company said its focus remains on expanding its retail network, especially in Europe, with plans to reach 250 sales points globally by year-end (up from 230 at quarter-end). Management did not provide an update regarding prior 2026 global retail sales volume guidance, which it previously said would increase by a low-double-digit rate vs. 2025 sales of 60,119 vehicles (+34% Y/Y). In our view, risks surrounding PSNY remain very high, noting the number of measures it has recently taken to secure additional liquidity and its significant cash burn.