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Polar Power(POLA) - 2024 Q4 - Annual Results
POLAPolar Power(POLA)2025-04-01 13:10

Financial Performance - Sales for 2024 were 14million,representinga6.714 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,or4.5695,000, or 4.5% of sales in 2023[6] - Net loss for 2024 was 4.6 million, or (1.86)pershare,adecreasefromanetlossof(1.86) per share, a decrease from a net loss of 6.5 million, or (3.45)persharein2023[6]−Operatingexpensesdeclinedby(3.45) per share in 2023[6] - Operating expenses declined by 1 million to 5.7millioncomparedto5.7 million compared to 6.7 million in the prior year[6] Revenue Sources - Military/government revenues nearly doubled to approximately 1.5millionfortheyear[4]−Thecompanyexpectsfollow−onordersfromtheUNHCRandotherglobalcustomersduetosuccessfulhybridsolutions[4]CashFlowandLiquidity−Cashusedinoperatingactivitieswas1.5 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 3.4millionin2023[6]−Totalnetdebtwas3.4 million in 2023[6] - Total net debt was 5.0 million, with total liquidity of 1.1millionasofDecember31,2024[6]ProductDevelopment−Newproductlineformobileelectricvehiclechargerswassuccessfullytestedin2024andisplannedforlaunchthisyear[4]−Inventoriesdecreasedby1.1 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]