Polestar Investor Presentation
Appendix
Summary P&L
$mn
2021E
2022E
2023E
2024E
2025E
Total volume (number vehicles sold)
29k
65k
124k
225k
290k
% growth
NA
124%
90%
82%
29%
Total revenue
1,590
3,170
6,690
13,250
17,780
% growth
NA
99%
111%
98%
34%
COGS
(1,450)
(2,660)
(5,240)
(10,590)
(13,880)
Gross profit
140
510
1,440
2,660
3,910
EBIT
(960)
(600)
30
690
1,590
EBITDA
(700)
(430)
340
1,160
2,140
Capex
(670)
(590)
(550)
(700)
(660)
% of revenue
(42%)
(18%)
(8%)
(5%)
(4%)
Adjusted Free Cash Flow 1
(1,590)
(1,170)
(440)
40
1,340
1. Free Cash Flow = EBITDA-Tax - ANWC - Capex + Payables Equitisation
Note: EBIT, EBITDA and Free Cash Flow are non-GAAP financial measures
and should not be considered in isolation or as alternatives to measures
derived in accordance with GAAP. Financials rounded to the closest $10mn.
Source: Management estimates
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