Investor's Corner
Polestar’s Q3 revenue and gross profit skyrocket, operating loss trims by 33%
Polestar’s (NASDAQ: PSNY) position as one of two global, pure electric vehicle makers was solidified with a strong Q3 earnings report that featured skyrocketing revenue and gross profit figures and an operating loss that was reduced by one-third. The Swedish automaker reiterated its 50,000-vehicle delivery goal, expecting Q4 to be its strongest three-month showing in company history.
Polestar’s revenue skyrocketed in Q3 from $748 million in 2021 to $1.477 billion this year. The growth was mainly driven by higher Polestar 2 sales and continued commercial expansion across markets. Revenue per vehicle decreased slightly, Polestar said, attributing the slight reduction to product and market mix.
Polestar is currently recognizing its active markets as Australia, Austria, Belgium, Canada, China, Denmark, Finland, Germany, Hong Kong, Iceland, Ireland, South Korea, Kuwait, Israel, Italy, Luxembourg, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UAE, U.K., and the USA.
Gross profit also grew considerably compared to the same quarter in 2021. Polestar reported a $57 million gross profit in Q3 2022, up from just $1 million last year. This was a result of higher Polestar 2 sales and lower manufacturing costs, which come as companies scale the production of their vehicles. The gross profit growth was slightly offset by “the continued deterioration of the Swedish Krona versus Chinese Renminbi which led to higher cost of sales,” the automaker said.
Polestar accomplished five feats in Q3, including the launch of the Polestar 3, which was met with mixed reviews due to its stylish and competitive design that also features less-than-admirable efficiency. The event provided a spike to the company’s website, only succeeded by user visits following the Superbowl ad the company ran in February.
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- Credit: Polestar
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- Credit: Polestar
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- Credit: Polestar
Polestar is reaching its 100,000-vehicle production milestone for the Polestar 2 in the near future. The company expects to meet this threshold in Q4 as it expects to deliver at least 19,500 vehicles in 2022’s final quarter. Polestar said it expects Q4 to be its biggest quarter to date as manufacturing growth continues to help the company solidify itself as a major player in the market.
The company’s $1.48 billion in revenues through the first nine months of 2022 only transitions into the $2.4 billion that Polestar expects to deliver for the full year. This is an estimated increase of 80 percent compared to 2021. It also obtained an additional $1.6 billion in financing and liquidity packages from major shareholders, which will, in addition to other potential financing activities, provide Polestar will sufficient funds to operate through 2023.
Polestar reduced SG&A expenses by 10 percent compared to Q3 2021, from a loss of $199 million to $179 million, and R&D expenses by 51 percent, from a loss of $51 million to a loss of $25 million. It also trimmed its operating loss by one-third compared to Q3 2021. These numbers tell a different story from the first nine months of 2021 compared to the same period this year.
SG&A was up 31 percent for the first nine months of 2022 compared to the same period in 2021. This was due to “rapid commercial expansion and significantly increased global presence.” R&D expenses were down 22 percent due to lower amortization. Meanwhile, operating loss was up 64 percent, “reflecting investment in the business growth and a $372 million non-recurring, non-cash listing expense.”
Polestar has launched production of the Polestar 3 and plans to start deliveries sometime early next year. It will also launch the Polestar 4 in early 2023, it said.
Polestar shares were up nearly 20 percent at the time of publishing, trading at $5.44 per share.
Disclosure: Joey Klender is not a Polestar investor or shareholder.
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Elon Musk
SpaceX just filed for the IPO everyone was waiting for
SpaceX filed its public S-1, revealing $18.7 billion in revenue and billions in losses.
SpaceX publicly filed its S-1 registration statement with the Securities and Exchange Commission on May 20, 2026, making its financial details available to the public for the first time ahead of what could be the largest IPO in history.
An S-1 is the formal document a company must submit to the SEC before going public. It includes audited financials, risk factors, business descriptions, and how the company plans to use the money it raises. Companies are required to file one before selling shares to the public, and it must be published at least 15 days before the investor roadshow begins. SpaceX had already submitted a confidential draft to the SEC in April, which allowed regulators to review the filing privately before it went public.
The S-1 reveals that SpaceX generated $18.7 billion in consolidated revenue in 2025, driven largely by its Starlink satellite internet division, which posted $11.4 billion in revenue, growing nearly 50% year over year. Despite that growth, the company lost about $4.9 billion in 2025 and has burned through more than $37 billion since its founding.
SpaceX just forced Verizon, AT&T and T-Mobile to team up for the first time in history
A significant portion of those losses trace back to xAI, Elon Musk’s artificial intelligence company, which was recently merged into SpaceX. SpaceX directed roughly 60% of its capital spending in 2025 to its AI division, totaling around $20 billion, yet that division lost billions and grew revenue by only about 22%.
SpaceX plans to list its Class A common stock on Nasdaq under the ticker SPCX, with Goldman Sachs, Morgan Stanley, and Bank of America leading the offering. The dual-class share structure means going public will not meaningfully reduce Musk’s control, as Class B shares he holds carry 10 votes per share compared to one vote for public Class A shares.
The company is targeting a raise of around $75 billion at a valuation of roughly $1.75 trillion, which would make it the largest IPO ever. The investor roadshow is reportedly planned for June 5.
Elon Musk
Tesla ditches India after years of broken promises
Tesla has ditched its plans to build a factory in India after years of failed negotiations.
Tesla’s long-running effort to establish a manufacturing presence in India is officially over. India’s Minister of Heavy Industries H.D. Kumaraswamy confirmed on May 19, 2026 that Tesla has informed authorities it will not proceed with a manufacturing facility in the country.
Tesla first signaled serious interest in India around 2021, when it began hiring local staff and lobbying the Indian government for lower import tariffs. The ask was straightforward: reduce duties enough for Tesla to test the market with imported vehicles before committing capital to a local factory. India’s position was equally firm, with an ask of Tesla to commit to manufacturing first, then receive tariff relief. Neither side moved, and the talks quietly collapsed.
Tesla to open first India experience center in Mumbai on July 15
India had offered a policy that would reduce import duties from 110% down to 15% on EVs priced above $35,000, provided companies committed at least $500 million toward local manufacturing investment within three years. Tesla declined to participate. The tariff standoff was only part of the problem. Analysts pointed to significant gaps in India’s local supply chain, inadequate industrial infrastructure, and a mismatch between Tesla’s premium pricing and the purchasing power of India’s automotive market as additional factors that made the investment difficult to justify.
First signs of an unraveling relationship came in April 2024, when Musk abruptly cancelled a planned trip to India where he was set to meet Prime Minister Modi and announce Tesla’s market entry. By July 2024, Fortune reported that Tesla executives had stopped contacting Indian government officials entirely. The government at that point understood Tesla had capital constraints and no plans to invest.
The more fundamental issue is that Tesla’s existing factories are currently operating at approximately 60% capacity, making a commitment to building new manufacturing capacity in a new market difficult to defend to investors. Tesla will continue selling imported Model Y vehicles through its existing showrooms in Mumbai, Delhi, Gurugram, and Bengaluru, but local production is no longer part of the plan.
Elon Musk
SpaceX just forced Verizon, AT&T and T-Mobile to team up for the first time in history
AT&T, T-Mobile, and Verizon just joined forces for one reason: Starlink is winning.
America’s three largest wireless carriers, AT&T, T-Mobile, and Verizon, announced on On May 14, 2026 that they had agreed in principle to form a joint venture aimed at pooling their spectrum resources to expand satellite-based direct-to-device (D2D) connectivity across the United States in what can be seen as a direct response to SpaceX’s Starlink initiative. D2D, in plain terms, is technology that lets a standard smartphone connect directly to a satellite in orbit, the same way it connects to a cell tower, with no extra hardware required.
The alliance is widely seen as a means to slow Starlink’s rapid expansion in the satellite internet and mobile markets. SpaceX’s Starlink Mobile service launched commercially in July 2025 through a partnership with T-Mobile, starting with messaging before expanding to broadband data. SpaceX secured access to valuable wireless spectrum through its $17 billion deal with EchoStar, paving the way for significantly faster satellite-to-phone speeds.
SpaceX was not shy about its reaction. SpaceX president and COO Gwynne Shotwell responded on X: “Weeeelllll, I guess Starlink Mobile is doing something right! It’s David and Goliath (X3) all over again — I’m bettin’ on David.” SpaceX’s VP of Satellite Policy David Goldman went further, flagging potential antitrust concerns and asking whether the DOJ would even allow three dominant competitors to coordinate in a market where a new rival is actively entering.
Weeeelllll, I guess @Starlink Mobile is doing something right! It’s David and Goliath (X3) all over again — I’m bettin’ on David 🙂 https://t.co/5GzS752mxL
— Gwynne Shotwell (@Gwynne_Shotwell) May 14, 2026
Financial analysts at LightShed Partners were blunt, saying the announcement showed the three carriers are “nervous,” and pointed to the timing: “You announce an agreement in principle when the point is the announcement, not the deal. The timing, weeks ahead of the SpaceX roadshow, was the point.”
As Teslarati reported, SpaceX’s next generation Starlink V2 satellites will deliver up to 100 times the data density of the current system, with custom silicon and phased array antennas enabling around 20 times the throughput of the first generation. The carriers’ JV, which has no definitive agreement, no financial structure, and no deployment timeline yet, will need to move quickly to matter.
Elon Musk’s SpaceX is targeting a Nasdaq listing as early as June 12, aiming for what would be the largest IPO in history. With Starlink now serving over 9 million subscribers across 155 countries, holding 59 carrier partnerships globally, and now powering Air Force One, the carriers’ joint venture announcement landed at exactly the wrong time to look like anything other than a defensive move.
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