Polar Power Announces Preliminary 2024 Third Quarter Financial Results: Expected Net Sales of $4.7 - $5.2 Million and Gross Margin of 26%-32%

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]