Company: PLSAY
Filing Date: 2025-07-01
Form Type: 6-K/A
Source: 0001884082-25-000014
Chunk: 60

Company: Polestar Automotive Holding UK PLC
Filing Date: 2025-07-01
Form: 6-K/A
Chunk 60
---
 our previously issued 2021 and 2022 annual financial statements and 2023 interim financial statements. In these Unaudited Condensed Consolidated Financial Statements, the Unaudited Condensed Consolidated Statement of Loss and Comprehensive Loss (as restated) and the Unaudited Condensed Consolidated Statement of Cash Flows (as restated) for the six months ended June 30, 2023, have been restated to align to the revisions during 2023 to correct for the carryforward impacts of the misstatements in our previously issued 2021 and 2022 annual financial statements. The errors relate to the following categories of misstatements:

(i) Inventories

The errors identified in the Inventories category encompass errors relating to incorrect valuation, classification, recognition, and allocation of costs associated with inventory. The most significant errors in this category include the incorrect treatment of certain launch costs, capitalization of inventory cost allocation, failed sale/lease transactions, and vehicles with repurchase obligations. The impact to the Unaudited Condensed Consolidated Statement of Loss and Comprehensive Loss (as restated) of the inventory related error corrections was an increase in the loss by $ 23,662.

(ii) Accruals and Deferrals

The errors identified in the Accruals and Deferrals category encompass errors relating to the recognition and measurement of accruals and deferrals. These errors include both the understatement and overstatement of accruals and deferrals before the issuance of the financial statements, despite the availability of accurate information. The most significant transactions in this category include incorrect warranty accrual release, over accrual of operating expenses in North America and timing of revenue recognition and deferred revenue related to vehicle subscription services. The impact to the Unaudited Condensed Consolidated Statement of Loss and Comprehensive Loss (as restated) of the accrual and deferral related error corrections was an increase in the loss by $ 10,711.

(iii) Capitalization of expenses

The errors identified in the Capitalization of Expenses category encompass errors relating to expenses that were erroneously capitalized as an asset and vice-versa. The most significant transactions in this category include incorrect recognition of certain assets in China, and the incorrect capitalization of manufacturing engineering expenses as an intangible asset related to services provided to certain contract manufacturing facilities. The impact to the Unaudited Condensed Consolidated Statement of Loss and Comprehensive Loss (as restated) of the capitalization related error corrections was a reduction of the loss of $ 10,