Cantor Fitzgerald downgraded Polestar (NASDAQ: PSNY) to Underweight from Neutral, citing weaker-than-expected delivery forecasts and mounting capital concerns. The electric vehicle maker recently slashed its fiscal 2026 growth target to low double-digit volume growth, down from its prior 30%-35% compound annual growth projection through 2027.

Analyst Andres Sheppard called the revised guidance a material reset, projecting a 16% revenue cut for FY26 to approximately $3.7 billion from a previous $4.4 billion estimate. Cantor also lowered its delivery forecast to 66,720 vehicles from 80,720, reflecting diminished confidence in Polestar's ability to execute its growth strategy amid tariff pressures and geopolitical uncertainties.

The downgrade comes as Polestar faces multiple headwinds, including negative gross margins of 6.1% in Q3 2025 and an adjusted EBITDA loss of $259 million. Despite securing over $1 billion in financing since December and maintaining roughly $995 million in liquidity, Sheppard expects the company will need to raise more than $6 billion through mid-2030 to fund operations, given projected monthly cash burn of approximately $124 million.