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 reported its Q1 2024 financial results, showing net sales of $1.8 million, a significant drop from $4.2 million in Q1 2023. The company incurred a net loss of $2.1 million, or $(0.12) per share, compared to a $1.1 million loss, or $(0.09) per share, in the same period last year. Operating expenses slightly decreased to $1.6 million from $1.7 million. As of March 31, 2024, Polar Power had a working capital of $9.6 million and $16.2 million in inventory. The company has a backlog of $7.7 million in orders, with $5.7 million worth of new bookings in Q1 2024. In April, the company received an additional $2 million in new orders.
CEO Arthur Sams noted delays in international shipments and order pushouts from telecom customers, but highlighted increased bookings and diversification of revenue sources, including military orders. The company is focusing on broadening its distribution and leveraging large international opportunities for future growth.
