Polestar: Q4 Top-Line Beats Estimates, But Losses And Dilution Pile Up

Polestar reported Q4 revenues of $887M, up 54% YoY, beating estimates, but results continue to fall short of original growth targets. Gross margins remain very negative on a GAAP basis, with the Q4 net loss at nearly $800M despite improvement. Despite significant dilution so far in 2026, the debt-heavy balance sheet remains the biggest negative here.