Swedish electric-vehicle maker Polestar Automotive will delay the publication of its fourth-quarter and full-year 2023 monetary outcomes for a second time, a spokesperson for the corporate stated on Tuesday.
Polestar didn’t present a date for the discharge however stated it nonetheless intends to publish first-quarter monetary outcomes on Might 23.
The delay is partly as a result of the corporate wants extra time to finalize its monetary statements over accounting misstatements in 2021 and 2022 that shall be rectified within the 2023 report.
Because of the restatements, the corporate expects its internet loss to lower by lower than 5% for 2021 and improve by lower than 5% for 2022.
Polestar additionally requires extra time to finish work associated to the inner management of its monetary reporting as per the Sarbanes-Oxley Act of 2002, the spokesperson stated.
Sarbanes-Oxley is a legislation which created enhanced accounting requirements for publicly traded U.S. corporations after a sequence of accounting scandals.
Polestar was initially set to report its fourth-quarter outcomes on Feb. 29, earlier than suspending it to April 30.
The corporate reported a 40% drop in first-quarter deliveries earlier this month as slowing demand as a consequence of unsure financial circumstances pinched client budgets and prompted them to chop again on big-ticket purchases.
