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LUMINAR STOCK FORECAST UPDATE

Variances for Q4 2022 versus Q4 2021 largely followed the trends outlined for 2022 versus 2021, with the following notable exceptions: The below table summarises key financial results for the quarter ended December 31, 2022.

Adjusted operating loss decreased USD 80.8 million, or 8%, benefiting from higher gross profit and active cost management.

Operating loss increased USD 291.5 million, or 29%, impacted by a Q2 2022 one-time share-based listing charge of USD 372.3 million.

This decrease was partially offset by continued investments in future vehicles and technologies.

Research and development expenses decreased USD 62.0 million, or 27% due to the absence of Polestar 1 amortisation.

This increase primarily reflects Polestar’s international business expansion partially offset by active cost management.

Selling, general and administrative expenses increased USD 149.9 million, or 21%.

This growth was partially offset by foreign exchange rates which led to higher cost of sales, and product and market mix.

Gross profit increased USD 118.5 million, as the result of higher Polestar 2 sales and lower fixed manufacturing costs.

Revenue increased USD 1,124.7 million, or 84%, mainly driven by higher Polestar 2 vehicle sales with continued commercial expansion across markets.

See Appendix B for details and a reconciliation of adjusted metrics to the nearest GAAP measure. The listing expense represents a non-recurring, non-cash, share-based listing charge, incurred in connection with the business combination with Gores Guggenheim, Inc (GGI). Selling, general and administrative expenses The below table summarises key financial results for the year ended December 31, 2022. Our business will continue to gain momentum through the year as we start producing Polestar 3 - and with Polestar 4 in the starting blocks.”

LUMINAR STOCK FORECAST UPDATE

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. Thomas Ingenlath, Polestar CEO, comments: “We left 2022 having exceeded our 50,000 delivery target, grown revenue over 80 percent and with strengthened liquidity. Polestar 3 with LiDAR from Luminar (Photo: Business Wire)