The Swedish electric-car company Polestar Automotive has decided to delay sharing its financial results for the fourth quarter of last year and for the entire year of 2023. This is the second time they’ve postponed it. They didn’t say when they’ll share the results, but they still plan to share the first-quarter financial results on May 23.
They need more time to finish working on their financial reports because they found some mistakes in the accounting for 2021 and 2022. They want to fix these mistakes in the 2023 report. This might lead to a slight decrease in their net loss for 2021 and a slight increase for 2022.
They also need extra time to make sure they’re following the rules of the Sarbanes-Oxley Act of 2002, which sets standards for how companies report their finances. This law was made after some big accounting scandals.
At first, Polestar was supposed to share their fourth-quarter results on February 29, but they moved it to April 30. Earlier this month, they reported a 40% drop in deliveries for the first quarter because people are spending less money due to economic uncertainty.
