Polar Power, Inc. - POLA STOCK NEWS

Polar Power, Inc. announces the delivery of its newly introduced Summit Series, 27 kW diesel fueled DC generators to the U.S. telecom market. The company anticipates robust demand for this product, estimating 25% annual growth, potentially exceeding previous annual peak DC generator sales of $20M within the next two to three years.

Polar Power, a global provider of power solutions, has retained CORE IR to assist with investor relations and shareholder communications. The strategic partnership aims to generate meaningful value for the company and its shareholders by expanding market awareness and communicating growth strategies.

Polar Power, Inc. reported its Q1 2023 financial results, with net sales increasing by 13% to $4.1 million compared to the same period last year. Gross profit was $755,000, down from $905,000 in Q1 2022. Operating expenses decreased to $1.7 million. The net loss for Q1 2023 was $1.1 million. Cash and cash equivalents were $119,000, and working capital was $15.8 million. Backlog at the end of Q1 2023 was $8.9 million, with 68% from US telecommunications customers.

Polar Power Inc. is now taking advance orders for its new line of mobile Combined Charging System Electric Vehicle chargers. The chargers are expected to be available before the end of Q1 2024. Polar is upgrading its mobile CHAdeMO chargers to the universal CCS standard. The company has sold its CHAdeMO chargers to major U.S. automakers since 2011. The Polar mobile EV charger technology is DC-based and less than half the weight and size of an AC generator coupled to an AC to DC charger. The first sizes to ship will be 15 kW and 30 kW using either propane, natural gas, or diesel. Polar's 9000 series chargers with 50 kW charging output are expected to be available in Q2 2024.

Polar Power, Inc. (NASDAQ: POLA) reported disappointing financial results for Q3 2022, showing a 59% decrease in net sales, amounting to $1.7 million, compared to $4.1 million in Q3 2021. The net loss reached $2.3 million or $(0.19) per share. Supply chain constraints significantly impacted sales and gross profit, which resulted in a gross loss of $247,000. However, the company maintains a sales backlog of $13.6 million and has received new purchase orders worth $3.3 million. Management is optimistic about future improvements as supply constraints begin to ease.

Polar Power (NASDAQ: POLA) disclosed Q2 2022 financial results, reporting net sales of $4.2 million, down 12% year-over-year. For the six months ending June 30, 2022, net sales totaled $7.9 million, also a 12% decline. Despite these decreases, gross profit rose 10% to $1.0 million for Q2 and 116% to $1.9 million for the first half, aided by improved efficiencies. The sales backlog reached $14.0 million. Challenges included supply chain disruptions, labor shortages, and the lingering impacts of COVID-19, which affected production and shipments.

Polar Power reported Q1 2022 net sales of $3.7 million, a 13% increase year-over-year, with a gross profit of $905 thousand compared to a gross loss of $58 thousand in Q1 2021. Operating expenses rose to $2.0 million, while net loss decreased to $1.1 million from $1.9 million. Cash reserves stood at $4.1 million, while backlog increased to $13.0 million in April. The company highlighted growth in DC power demand, particularly from telecommunications for 5G infrastructure, despite ongoing supply chain challenges.

Polar Power, Inc. (NASDAQ: POLA) reported Q3 2021 net sales of $4.1 million, up 65% year-over-year, and $12.2 million for the nine-month period, representing an 89% increase. Backlog reached $11.4 million, a 72% increase from Q2 2021. Gross profit improved to $0.9 million compared to a loss last year. Q3 net income stood at $0.9 million, reversing a loss from Q3 2020. Key demand drivers include 5G network expansion and military applications. The company aims to diversify its customer base and enhance product offerings, including mobile EV charging solutions.