Polestar (NASDAQ:PSNY) stock is accelerating higher after the electric vehicle (EV) company reported its fourth quarter and full year 2022 earnings results. Yearly deliveries totaled 51,491 vehicles, beating Polestar’s internal guidance for 50,000 deliveries. In addition, deliveries grew 84% compared to last year’s deliveries of 28,677 vehicles.
Revenue for the year totaled $2.46 billion, up by an impressive 84% year-over-year (YOY) as well. Importantly, gross margins also increased to 4.9% from 0.1%. That demonstrates economies of scale as Polestar works to ramp production even more.
CEO Thomas Ingenlath had the following to say:
“We are focused on business execution and have had a busy start to this year with a major update to Polestar 2, excellent reception for Polestar 3, and welcomed additional sustainability partners for our ambitious Polestar 0 project. Our business will continue to gain momentum through the year as we start producing Polestar 3 – and with Polestar 4 in the starting blocks.”
On the other hand, Polestar is still unprofitable, although profitability is trending upwards on a non-GAAP basis. The company’s 2022 adjusted operating net loss tallied in at $914 million compared to a loss of $994.8 million a year ago. This was driven by a significant decline in research and development expenses, although selling, general and administrative expenses increased by 21%. Operating loss on a GAAP basis actually increased to $1.28 billion from $994.8 million last year.
For 2023, Polestar forecasts 80,000 deliveries, which would signal YOY growth of about 60%. The company also expects an in-line gross margin figure when compared to 2022.
5 Investors Betting Big on PSNY Stock in 2023
Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. During Q4, 82 13F filers disclosed a stake in PSNY stock, an increase of 14 filers from the prior quarter. In total, insiders own 51.45% of all shares outstanding, while institutional investors own 5.47%. Institutions also own 11.27% of shares in terms of public float. Meanwhile, the institutional put/call ratio sits at 0.91, down from 1.02 last quarter. That’s equivalent to 2.80 millions puts and 3.07 million calls, implying a somewhat neutral options stance.
With that in mind, let’s take a look at the five largest shareholders of Polestar:
- Volvo (OTCMKTS:VLVLY): 1.88 billion shares. Volvo sold 113.61 million shares during Q4.
- BNP Paribas Asset Management: 6.03 million shares. BNP acquired 1.68 million shares during Q4.
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AMF Tjänstepension AB: 4.40 million shares. AMF’s position remained unchanged during Q4.
- Saba Capital Management: 2.94 million shares. Saba sold 1.30 million shares during Q4.
- Invesco (NYSE:IVZ): 2.63 million shares. Invesco acquired 436,638 shares during Q4.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
