Welcome to our dedicated page for Polar Pwr news (Ticker: POLA), a resource for investors and traders seeking the latest updates and insights on Polar Pwr stock.
Polar Power Inc (NASDAQ: POLA) delivers DC power solutions and cooling systems for mission-critical applications across telecommunications, defense, and industrial markets. This news hub provides investors and industry professionals with essential updates about the company's technological advancements and market position.
Access real-time announcements including product launches, financial results, and strategic partnerships. Our curated collection features official press releases alongside verified third-party analysis, offering complete visibility into POLA's operational developments and industry impact.
Key content focuses on energy innovation with updates about hybrid power systems, engineering milestones, and international market expansions. Track the company's progress in renewable integration and specialized cooling solutions through primary source documentation.
Bookmark this page for streamlined access to POLA's evolving story in power generation technology. Regular updates ensure you maintain current awareness of the company's contributions to reliable energy solutions across global industries.
Polar Power (NASDAQ: POLA) reported its full year and fourth quarter 2024 financial results, showing mixed performance. Sales declined 6.7% to $14 million in 2024, while gross profit increased 89% to $1.3 million. The company reduced operating expenses by $1 million to $5.7 million and narrowed its net loss to $4.6 million from $6.5 million in 2023.
Notable achievements include doubling military/government revenues to $1.5 million and successful implementation of a hybrid power solution for the UN High Commissioner for Refugees in Lagos, Nigeria, delivering up to 70% reduction in diesel costs. The company maintained profitability in two quarters of 2024 and reduced inventory by $3.5 million through existing stock utilization.
The company plans to launch mobile electric vehicle chargers in 2025 and is implementing new sales and marketing protocols to expand product penetration in both traditional and new markets.
Polar Power (NASDAQ: POLA) has successfully regained compliance with Nasdaq's minimum bid price requirement under Listing Rule 5550(a)(2). As a result, the company will maintain its Nasdaq listing, and the previously scheduled hearing before the hearings panel on January 23, 2025, has been canceled. The company's CEO, Arthur Sams, emphasized the importance of maintaining the Nasdaq listing for the company's growth and stability, affirming their commitment to building shareholder value.
Polar Power (NASDAQ: POLA) has announced a 1-for-7 reverse stock split effective November 19, 2024. This strategic move aims to regain compliance with Nasdaq's $1.00 minimum bid price requirement. The company's stockholders previously approved the Board's authority to implement a reverse split ratio between 1-for-3 and 1-for-20 before December 31, 2024. The split will affect all outstanding shares, equity incentive plans, and stock options, with fractional shares rounded up to the next whole share. Trading will continue under the symbol 'POLA' with a new CUSIP number 73102V204.
Polar Power (NASDAQ: POLA) reported strong Q3 2024 financial results with net sales of $4.9 million, marking a 157% year-over-year increase and third consecutive quarter of sequential growth. The company achieved a gross profit of $1.4 million (29% of sales), compared to a loss last year. Operating expenses decreased to $1.4 million from $1.6 million in Q3 2023. The company reported net income of $13,000, a significant improvement from a $1.84 million loss in Q3 2023. Working capital stood at $10.1 million, including $15.0 million in inventory, with a backlog of $3.1 million. The company is expanding internationally in telecommunications and military markets while planning a reverse stock split to maintain Nasdaq compliance.
Polar Power (NASDAQ: POLA) announces preliminary Q3 2024 financial results with expected net sales between $4.7-$5.2 million, representing 147-174% growth, and gross margin of 26-32% with breakeven net earnings. The company reports recovering sales across diesel and natural gas-powered products, with new customers accounting for 18% and 12% of total sales respectively. The improved gross margin is attributed to higher revenues, lower labor costs, and better factory overhead absorption. The company cites benefits from its new ERP system implementation and highlights inventory optimization and reduced R&D costs.
Polar Power (NASDAQ: POLA), a global provider of prime, backup, solar hybrid power, and microgrid solutions, has announced its participation in the 17th annual LD Micro Main Event. The company's CEO, Arthur Sams, will be presenting on Tuesday, October 29th at 4:30 PM PT at the Luxe Sunset Boulevard Hotel in Los Angeles.
The event, running from October 28th to 30th, will feature approximately 150 companies presenting in half-hour increments and attending private meetings with investors. Mr. Sams will be available for one-on-one meetings with registered investors. Interested parties can schedule meetings through CORE IR or the LD Micro Conference online platform.
Chris Lahiji, Founder of LD Micro, emphasized the importance of the event for the industry and its role in shaping the future of small and micro-cap companies. The conference will include keynotes, presentations, and networking opportunities for attendees.
Polar Power (NASDAQ: POLA) has successfully completed the installation of a microgrid system at a United Nations High Command for Refugees (UNHCR) facility in Nigeria. The system integrates Polar Power's DC generator, solar PV inverters, batteries, and controls, with contributions from Leonics and Biohenry This installation is expected to reduce fuel costs by up to 70% and provide continuous power during blackouts.
The microgrid solution offers several advantages, including cost-effectiveness, protection from grid fluctuations, and efficient solar PV array operation. CEO Arthur Sams highlighted that Polar Power's solution was delivered at around half the cost of competing bids. The company sees potential for similar installations at other UN sites and believes this technology could benefit organizations like FEMA during disasters by addressing fuel resupply, generator maintenance, and remote monitoring challenges.
Polar Power (NASDAQ: POLA) reported improved financial results for Q2 2024. Highlights include:
- Net sales of $4.6 million, up 163% from Q1 2024
- Gross margin improved to 39.3%
- Net income of $501,000 ($0.03 per share), compared to a loss in Q2 2023
- Working capital of $10.1 million, including $15.8 million in inventory
- Backlog of $5.7 million as of June 30, 2024
The company saw normalized order levels from top telco customers and increased international sales. Polar Power also appointed Mike Field as a new Director and received approximately $3.0 million in tax refunds and Employee Retention Credits.
Polar Power (NASDAQ: POLA) has appointed Michael Field as an independent director and compensation committee chair. Mr. Field brings four decades of experience in global manufacturing and equipment, including roles at UTC Carrier , PRI Automation, and Brooks Automation. He is currently the President and CEO of The Raymond
Mr. Field's expertise spans engineering, lean manufacturing, factory integration, product management, and channel development. He holds a BS in Mechanical Engineering, an MS in Manufacturing Engineering, and an MBA in International Operations.
CEO Arthur Sams welcomed Mr. Field, highlighting his leadership in the heavy equipment industry and expertise in distribution and talent management. The appointment fills a vacant board seat, bringing the number of independent directors to three.
Polar Power anticipates second-quarter 2024 revenues between $4.5 million and $5 million, with a backlog of around $5.5 million as of June 30, 2024. The company received nearly $3 million in tax refunds and Employee Retention Credits (ERC). The backlog is largely driven by telecom clients, comprising about 62% of it. Polar Power aims to diversify its revenue by exploring new markets, such as electric vehicles and solar hybrid DC power generation. The funds obtained will bolster the balance sheet and support growth initiatives. The full quarterly report will be filed before August 15, 2024.
