- Reverse stock split planned to help retain Nasdaq listing after shares stayed under the $1 minimum bid price. Details on the ADS-to-ordinary-share ratio change will follow from the company. 1
- Q3 2025 results: revenue rose 36% YoY to $748M, but net loss widened to $365M on pricing pressure, tariffs and residual value guarantees tied to U.S. leases. 1
- Nine-month 2025 snapshot: revenue +48.8% to $2.17B; reported gross margin (34.5%) for 9M due to earlier impairment; Q3 gross margin (6.1%). 2
- Liquidity & support: Company highlights $200M PIPE from a Li Shufu–controlled entity and $3.2B total in renewed/new facilities YTD, with covenants in compliance as of Sept. 30. 2
- Nasdaq notice timeline: Polestar has until April 29, 2026 to regain the $1 minimum (ten consecutive trading days). 3
What happened today (Nov 12, 2025)
Polestar Automotive reported third‑quarter results and said it will execute a reverse stock split to address Nasdaq’s minimum bid requirement. Shares fell in early U.S. trading after the update, with Reuters noting an intraday drop of up to 17% as investors digested the combination of stronger revenue but deeper losses. 1
On the operations and finance side, Polestar’s press release shows Q3 revenue of $748M (+36% YoY) and a net loss of $365M, as higher costs (including tariffs) and weaker used‑EV values increased residual‑value guarantee charges in North America. For the first nine months of 2025, revenue climbed to $2.171B (+48.8%). The company reported a (34.5%) gross margin for 9M (reflecting a Q2 impairment on Polestar 3) and (6.1%) in Q3. Management underscored ongoing retail network expansion and cost‑efficiency measures. 2
Today’s market check (PSNYW & PSNY)
- PSNYW (Polestar warrants):$0.2261 as of 14:46 UTC.
- PSNY (common ADS):$0.6353 as of 15:37 UTC.
Prices are real‑time snapshots and will move as trading continues.
Reverse stock split: what warrant holders (PSNYW) should know
Polestar said it plans to change the ADS-to-ordinary‑share ratio via a reverse stock split; specifics (ratio, effective date, treatment of fractional shares) are “to be announced shortly.” In corporate actions like this, warrants are typically adjusted according to the terms of the warrant agreement (exercise price and/or warrant‑to‑share ratio) so that holders are neither advantaged nor disadvantaged purely by the split. Polestar has not yet published the warrant adjustment mechanics for PSNYW—watch for the company’s detailed notice and the depositary’s corporate action bulletin. 2
Why it matters
- Listing compliance: Nasdaq’s $1 bid price rule is binary. A reverse split can mechanically lift the per‑share price and restart the compliance clock. Polestar has until April 29, 2026 to get back above $1 for ten consecutive sessions (with a potential second 180‑day window thereafter). 3
- Profit path vs. volume growth: Revenue is growing on higher volumes and a broader lineup, but margins remain negative, pressured by tariffs, pricing, and lease residuals—key variables to watch through 2026. 1
- Funding and support: The $200M PIPE and renewed credit lines signal continued backing from the Geely ecosystem, helping Polestar manage liquidity while it pursues a dealer‑led commercial model and production diversification. 2
Numbers at a glance (Q3 & YTD 2025)
- Q3 2025 revenue:$748M (↑36% YoY)
- Q3 2025 net loss:$365M (vs. $323M loss a year ago)
- Q3 2025 gross margin:(6.1%)
- 9M 2025 revenue:$2.171B (↑48.8% YoY)
- 9M 2025 gross margin:(34.5%) (impairment‑driven)
- Conference call:14:00 CET today (investor webcast link via IR). 2
What’s next
- Formal reverse‑split details (ratio, record date, effective date) and any PSNYW warrant adjustments are expected from Polestar. 2
- Execution on margins: Watch tariff exposure, mix, discounting, residual‑value trends, and further cost‑out steps. Management characterized Q3 results as “disappointing,” highlighting the need for margin repair. 1
- Listing clock: Progress toward sustained $1+ on the ADS will be critical before the April 29, 2026 compliance deadline. 3
FAQs
What is a reverse stock split?
A corporate action that reduces the number of outstanding shares while proportionally increasing the share price; it does not change a shareholder’s total economic stake. Polestar aims to use it to help retain Nasdaq listing. 1
Will PSNYW be affected?
Companies usually adjust warrant terms (exercise price/share count) to keep warrant economics neutral after a split. Polestar hasn’t yet disclosed the PSNYW specifics—monitor the official notice. 2
When is the earnings call?
2:00 p.m. CET today (Nov 12); details are posted on Polestar’s Investor Relations site. 2
Sources & further reading
- Polestar Q3/9M 2025 update & reverse‑split plan (press release) — financials, liquidity, conference‑call details. 2
- Reuters coverage of the results, reverse split, and early share move. 1
- Nasdaq minimum bid‑price notice timeline (deadline April 29, 2026). 3
- Live pricing: PSNYW and PSNY real‑time snapshots.
