Financial Performance - Net sales for Q1 2025 were $1.7 million, unchanged from the same period last year[6] - Gross profit increased to $320,000, representing 18.6% of sales, an improvement of 180% from a gross loss of $402,000 in Q1 2024[6] - Operating expenses declined by 10% to $1.4 million compared to $1.5 million in Q1 2024[6] - Net loss improved to $1.2 million, or $(0.50) per share, a 41% reduction from a net loss of $2.1 million, or $(0.85) per share in Q1 2024[6] - Cash used in operating activities was $584,000, down from $989,000 in the same period last year[6] Sales Performance - Sales to telecom customers represented 82% of total net sales in Q1 2025, up from 71% in Q1 2024[4] - Sales to international markets increased to 18% of total net sales in Q1 2025, compared to 6% in Q1 2024[4] Future Plans and Potential - The company plans to implement a remote monitoring system on over 5,000 legacy units in the next twelve months, expected to generate additional aftermarket revenue[4] - Approximately $13 million of raw materials in inventory will help reduce cash burn for the rest of the year[4] - The company has the potential to produce over $50 million in revenue per year with sufficient bookings due to improvements in manufacturing capacity[4]

GARDENA, CA, May 16, 2025 (GLOBE NEWSWIRE) -- Polar Power, Inc. (“Polar Power” or the “Company”) (NASDAQ: POLA), a global provider of prime, backup, and solar hybrid DC power solutions, reports its financial results for the three months ended March 31, 2025. Q1 2025 Financial Highlights ●Net sales were $1.7 million, compared to $1.7 million in the same period last year●Gross profit increased to $320,000, or 18.6% of sales, representing an improvement of 180% from a gross loss of $402,000, or (22.6)% of sale ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ Commission file number: 001-37960 POLAR POWER, INC. (Exact name of registrant as specified in its charter) | Delaware | 33-0479 ...

Financial Performance - Sales for 2024 were $14 million, representing a 6.7% decline from 2023[6] - Gross profit increased by 89% to $1.3 million, or 9.4% of sales, compared to $695,000, or 4.5% of sales in 2023[6] - Net loss for 2024 was $4.6 million, or $(1.86) per share, a decrease from a net loss of $6.5 million, or $(3.45) per share in 2023[6] - Operating expenses declined by $1 million to $5.7 million compared to $6.7 million in the prior year[6] Revenue Sources - Military/government revenues nearly doubled to approximately $1.5 million for the year[4] - The company expects follow-on orders from the UNHCR and other global customers due to successful hybrid solutions[4] Cash Flow and Liquidity - Cash used in operating activities was $536,000 in 2024, significantly reduced from $3.4 million in 2023[6] - Total net debt was $5.0 million, with total liquidity of $1.1 million as of December 31, 2024[6] Product Development - New product line for mobile electric vehicle chargers was successfully tested in 2024 and is planned for launch this year[4] - Inventories decreased by $3.5 million, primarily due to the utilization of existing inventory[6]

GARDENA, CA, April 01, 2025 (GLOBE NEWSWIRE) -- Polar Power, Inc. ("Polar Power" or the "Company") (NASDAQ:POLA), a global provider of prime, backup, and solar hybrid DC power solutions, reports its financial results for the three months and full year ended December 31, 2024. 2024 Financial Highlights Chairman and CEO of Polar Power, Arthur Sams commented, "We continue to spend time and resources educating the market on the unique benefits of our power platform to deliver solutions that reduce cost and harm ...

Core Points - Polar Power, Inc. has successfully regained compliance with Nasdaq's minimum bid price requirement, which is crucial for the company's growth and stability [1][8] - The company emphasizes its commitment to protecting and building shareholder value through corporate actions [6] - Polar Power's product portfolio includes innovative solutions for various sectors, including telecom, military, renewable energy, and residential applications [9][10] Company Overview - Polar Power specializes in prime, backup, solar hybrid power, and microgrid solutions, providing advanced power and cooling systems across diverse industrial applications [1][9] - The company offers mobile rapid battery charging technology for electric vehicles and combined heat and power (CHP) residential systems [3][9] - Its micro/nano grid solutions are designed to provide lower-cost energy in challenging grid environments [10] Market Position - Polar Power's telecom power solutions are noted for significant cost savings in installation, permitting, site leases, and operation [6] - The company is pioneering technological advancements that aim to change the production, consumption, and environmental impact of power generation [9]

Core Viewpoint - Polar Power, Inc. intends to execute a reverse stock split at a ratio of 1-for-7 to regain compliance with Nasdaq's minimum bid price requirement of $1.00, effective November 19, 2024 [1][2]. Group 1: Reverse Stock Split Details - The reverse stock split will combine every seven shares of common stock into one share, without changing the par value per share [3]. - The reverse stock split will affect all outstanding shares and the number of shares available under the equity incentive plan, as well as stock options, which will see a corresponding increase in exercise price [3]. - No fractional shares will be issued; stockholders entitled to fractional shares will receive an additional fraction to round up to the next whole share, with no cash paid for fractional shares [4]. Group 2: Company Overview - Polar Power is a global provider of prime, backup, solar hybrid power, and microgrid solutions, focusing on innovative power and cooling systems across various industrial applications [5]. - The company's product portfolio includes solutions for telecom, military, renewable energy, marine, automotive, residential, commercial, oil field, and mining applications, emphasizing efficiency and durability [5]. - Polar Power's technology includes mobile rapid battery charging for electric vehicles and combined heat and power systems for residential use, optimizing performance and costs [6].

Financial Performance - Net sales for the three months ended September 30, 2024, were $4,914,000, a significant increase from $1,911,000 in the same period of 2023, representing a growth of 157%[7] - Gross profit for the three months ended September 30, 2024, was $1,424,000, compared to a loss of $108,000 in the same period of 2023, indicating a turnaround in profitability[7] - The net income for the three months ended September 30, 2024, was $13,000, compared to a net loss of $1,844,000 in the same period of 2023, marking a significant improvement[7] - For the nine months ended September 30, 2024, net sales were $11,348, slightly down from $11,688 in 2023, reflecting a decrease of about 3%[28] - The net loss for the nine months ended September 30, 2024, was $1,628, an improvement from a net loss of $3,393 for the same period in 2023[97] Expenses and Cost Management - Total operating expenses for the three months ended September 30, 2024, were $1,384,000, down from $1,565,000 in the same period of 2023, reflecting a decrease of 12%[7] - Research and development expenses for the three months ended September 30, 2024, were $172,000, down from $299,000 in the same period of 2023, reflecting a decrease of 42.6%[7] - General and administrative expenses decreased by $239, or 7%, to $3,001 for the nine months ended September 30, 2024, compared to $3,240 for the same period in 2023[122] Cash Flow and Liquidity - Cash and cash equivalents at the end of the period were $498,000, a decrease from $549,000 at the beginning of the period[15] - The company reported a net cash used in operating activities of $400,000 for the three months ended September 30, 2024, compared to $3,084,000 for the same period in 2023, showing a reduction in cash outflow[15] - Working capital as of September 30, 2024, was $10,132, a decrease of $1,643 from $11,775 at December 31, 2023[125] Equity and Liabilities - Total stockholders' equity as of September 30, 2024, was $11,561,000, down from $13,189,000 as of December 31, 2023, indicating a decrease of 12.3%[6] - Total liabilities and stockholders' equity as of September 30, 2024, were $20,916,000, down from $25,259,000 as of December 31, 2023, indicating a decrease of 17%[6] Revenue Sources and Customer Concentration - Sales to telecommunications customers accounted for 91% of total revenues for the three months ended September 30, 2024, down from 96% in the same period of 2023[43] - The two largest customers generated 44% and 17% of total revenues for the nine months ended September 30, 2024, compared to 52% and 22% in the same period of 2023[44] - The company derives substantially all revenue from sales of DC base power systems to one customer, AT&T, which may affect revenue growth rates[153] Market and Operational Risks - The ongoing impacts of the COVID-19 pandemic and geopolitical events may continue to adversely affect the company's operations and financial condition[144] - The concentration of sales within the telecommunications market poses a risk, as a decline in demand could significantly affect sales and profitability[161] - The company is currently experiencing delays in sourcing and price increases for key components, with standard delivery times increasing from eight weeks to fourteen weeks due to the COVID-19 pandemic[165] Product Development and Innovation - The company launched prime power DC generators optimized for propane and natural gas in 2023, aiming to capitalize on the shift from diesel engines due to regulatory pressures[83] - The company plans to upgrade mobile EV chargers to the universal combined charging system standard by the end of Q4 2024, expanding its offerings in the mobile EV charging market[85] - The ability to respond to rapid technological changes is critical for maintaining competitive product offerings and market acceptance[170] Compliance and Regulatory Environment - The company is exposed to substantial government regulations that could impact operations and increase costs, potentially affecting revenue[190] - Compliance with the California Consumer Privacy Act (CCPA) and other data protection laws is critical, as non-compliance could lead to significant fines[203] International Operations - International sales accounted for 25% of total revenue in Q3 2024, down from 29% in Q3 2023, indicating a shift in revenue sources[197] - The company anticipates that a significant portion of future revenues will come from international markets, particularly in less developed countries[197]

Financial Performance - Net sales for Q3 2024 were $4.9 million, a 157% year-over-year increase[2] - Gross profit for Q3 2024 was $1.4 million, representing 29% of sales, a significant improvement from a gross loss of $108,000 in the same period last year[2] - Net income for Q3 2024 was $13,000, a $1.9 million improvement from a net loss of $1,844,000 in Q3 2023[2] - Net loss for the nine months ended September 30, 2024, was $1.6 million, an improvement from a net loss of $3.4 million in the same period in 2023[14] - Net loss decreased to $1.628 million in September 2024 from $3.393 million in September 2023, showing a significant improvement[15] Working Capital and Inventory - Working capital as of September 30, 2024, was $10.1 million, including $15.0 million in inventory[2] - Inventories increased by $1.492 million in September 2024, compared to a decrease of $3.695 million in September 2023[15] Sales and Backlog - Backlog as of September 30, 2024, was $3.1 million[2] - Military sales increased in Q3 2024, positively impacting margins[3] - The company is focusing on converting its sales pipeline into purchase orders, with opportunities from large overseas deals[4] Cash Flow and Financing - Net cash used in operating activities improved to $400 thousand in September 2024 from $3.084 million in September 2023[15] - Net cash used in investing activities decreased to $18 thousand in September 2024 from $194 thousand in September 2023[15] - Net cash provided by financing activities was $367 thousand in September 2024, down from $3.363 million in September 2023[15] - Cash and cash equivalents decreased by $51 thousand in September 2024, compared to an increase of $85 thousand in September 2023[15] - Cash and cash equivalents at the end of the period were $498 thousand in September 2024, up from $296 thousand in September 2023[15] Depreciation and Amortization - Depreciation and amortization expenses reduced to $146 thousand in September 2024 from $309 thousand in September 2023[15] Accounts Receivable - Accounts receivable decreased by $1.273 million in September 2024 compared to an increase of $648 thousand in September 2023[15] Employee Retention Credit - Employee retention credit contributed $2 million in September 2024, which was not present in September 2023[15] Total Assets - Total assets as of September 30, 2024, were $20.9 million, down from $25.3 million at the end of 2023[11] Nasdaq Compliance - Polar Power is taking steps to regain Nasdaq compliance, including a planned reverse stock split[5]

Core Insights - Polar Power, Inc. reported preliminary third quarter net sales between $4.7 million and $5.2 million, indicating a growth of 147% to 174% year-over-year, with gross margins ranging from 26% to 32% and breakeven net earnings [1][2] - The increase in net sales is attributed to strong performance across both diesel and natural gas-powered product lines, with new customers contributing 18% and 12% to total sales respectively [2] - The company has seen substantial year-over-year improvement in gross margins due to higher revenues, lower labor costs, and improved factory overhead absorption [2] - Net income from operations has improved significantly, driven by higher sales, better gross margins, reduced R&D expenditures, and lower general and administrative costs [2] - CEO Arthur Sams highlighted the positive trajectory of the company, emphasizing the benefits of investments in a new ERP system and other initiatives that have diversified the customer base and enhanced operational efficiency [2] Company Overview - Polar Power, Inc. is a global provider of prime, backup, and solar hybrid power solutions, with a product portfolio that includes systems for telecom, military, renewable energy, marine, automotive, residential, commercial, oil field, and mining applications [3] - The company’s products are designed to operate on various energy sources, including photovoltaics, diesel, LPG, and renewable fuels, showcasing its commitment to innovation and efficiency [3] - Polar Power's telecom power solutions offer significant cost savings in installation, permitting, site leases, and operation, while its military solutions provide compact and fuel-efficient power for various applications [4] Technological Advancements - The company has developed mobile rapid battery charging technology for on-demand roadside charging of electric vehicles, as well as combined heat and power (CHP) systems for residential use that optimize performance and costs [5] - Polar Power's micro/nano grid solutions are designed to provide lower-cost energy in challenging grid environments, reflecting the company's focus on technological advancement and efficiency [6]