Polar Power Announces $2.9 Million in New Bookings During January 2024

Rhea-AI Summary

Polar Power, Inc. reports $2.9 million in net new bookings from Tier-1 customers in January 2024, showcasing growth potential and market demand for their unique DC backup power generation systems. The CEO highlights the company's success factors and diversification objectives, projecting confidence in financial recovery and improvement for 2024.

Insights

Market Research Analyst

The announcement of $2.9 million in net new bookings by Polar Power for January 2024, when compared to the $3.7 million in the first quarter of 2023, suggests a potential increase in demand for the company's products. This could indicate an overall positive trajectory for the company's sales performance. As a Market Research Analyst, it is noteworthy that the telecom sector is driving demand due to factors such as increased network upgrades and diminishing grid power availability. The emphasis on fuel efficiency and lower maintenance reflects a market shift towards sustainable and reliable energy solutions, which could give Polar Power a competitive edge.

Financial Analyst

From a financial perspective, the reported bookings represent a significant portion of revenue when compared to the previous year's quarter, demonstrating a strong start to the year. The repeat and expanded business in Puerto Rico highlights customer satisfaction and product reliability, which are critical for recurring revenue streams. The use of super capacitors over traditional 12 Vdc starter batteries is a strategic move that may reduce maintenance costs and improve the total cost of ownership for customers. This technological advantage could enhance the company's profitability and shareholder value in the long term.

Energy Sector Analyst

As an Energy Sector Analyst, the mention of increased broadband service to rural areas indicates a growing market for off-grid power solutions, a trend that is likely to continue as infrastructure development expands. Polar Power's success in extreme weather conditions emphasizes the importance of resilient energy solutions, especially in light of climate change and frequent natural disasters. The company's focus on diversification and its ability to adapt to sector-specific and geographic demands suggests strategic positioning to capitalize on emerging energy trends and markets.

Reliable and Unique Technology Platform Compels Selection of Polar Power to Provide DC Backup Power Generation Systems

GARDENA, CA, Feb. 20, 2024 (GLOBE NEWSWIRE) -- Polar Power, Inc. (“Polar Power” or the “Company”) (NASDAQ: POLA), a global provider of prime, backup, and solar hybrid power solutions, announces approximately $2.9 million in net new bookings from international and domestic Tier-1 customers for the month of January 2024. This compares to $3.7 million in new bookings for the full first quarter in 2023.

Arthur Sams, CEO of Polar Power commented, “Our telecom market business is being driven by four factors: increased power demand for network upgrades, diminishing power availability from utility grids, increasing cost of diesel fuel, and providing increased broadband service to rural areas. A substantial portion of the $2.9 million in new orders in January represents repeat and expanded business in Puerto Rico. Over the past 6 years, our products deployed there have consistently performed exceptionally well in extreme weather conditions which routinely causes interruption in grid power for extended periods of time. A major factor in our product’s success is our use of super capacitors in our generator sets as opposed to 12 Vdc starter batteries used by our competitors.

“The January bookings, our growing sales pipeline and backlog give us confidence that we will continue to see recovery and improvement in our financial results throughout 2024. We also experienced substantial progress towards our diversification objectives from both sector and geographic market standpoints. Our customers are placing a new emphasis on fuel efficiency and lower maintenance with longer run times, which have been key competitive advantages of our equipment for the past 30 years,” concluded Mr. Sams.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements regarding us and our business, financial condition, results of operations and prospects. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this press release. Additionally, statements concerning future matters such as revenue projections, projected profitability, growth strategies, and other statements regarding matters that are not historical are forward-looking statements.

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About Polar Power, Inc.

Polar Power (NASDAQ: POLA) is a leading provider of DC advanced power and cooling systems, pioneering innovations across diverse industrial applications. Our product portfolio, known for innovation, durability, and efficiency, presently includes standard products for telecom, military, renewable energy, marine, automotive, residential, commercial, oil field and mining applications. Polar’s systems can be configured to operate on any energy source including photovoltaics, diesel, LPG (propane and butane), and renewable fuels.

Our telecom power solutions offer significant cost savings with installation, permitting, site leases, and operation. Our military solutions provide compact, lightweight, fuel efficient, reliable power solutions for robotics, drone, communications, hybrid propulsion, and other applications.

Our mobile rapid battery charging technology enables on-demand roadside charging for electric vehicles. Our combined heat and power (CHP) residential systems offer innovative vehicle charging and integrated home power systems via natural gas or propane feedstocks, optimizing performance and system costs.

Our micro / nano grid solutions provide lower cost energy in “bad-grid or no-grid” environments. Our commitment to technological advancement extends to hybrid propulsion systems for marine and specialty vehicles, ensuring efficiency, comfort, reliability, and cost savings.

Polar Power is pioneering technological changes that radically change the production, consumption, and environmental impact of power generation.For more information, please visit www.polarpower.com. or follow us on www.linkedin.com/company/polar-power-inc/.

Investor Relations Contact:

At CORE IR

Peter Seltzberg, SVP Investor Relations and Corporate Advisory
516-419-9915
peters@coreir.com

At Polar Power Inc.

IR@PolarPowerinc.com

FAQ

How much did Polar Power announce in net new bookings from international and domestic Tier-1 customers for January 2024?

Polar Power announced approximately $2.9 million in net new bookings from international and domestic Tier-1 customers for January 2024.

What were the key factors driving Polar Power's telecom market business according to CEO Arthur Sams?

CEO Arthur Sams mentioned that the key factors driving Polar Power's telecom market business were increased power demand for network upgrades, diminishing power availability from utility grids, increasing cost of diesel fuel, and providing increased broadband service to rural areas.

What has been a major factor contributing to the success of Polar Power's products in Puerto Rico?

A major factor contributing to the success of Polar Power's products in Puerto Rico has been the use of super capacitors in their generator sets instead of 12 Vdc starter batteries used by competitors.

What competitive advantages have been key for Polar Power's equipment over the past 30 years according to CEO Arthur Sams?

CEO Arthur Sams mentioned that key competitive advantages of Polar Power's equipment over the past 30 years have been fuel efficiency, lower maintenance, and longer run times.

What progress did Polar Power make towards their diversification objectives?

Polar Power experienced substantial progress towards their diversification objectives from both sector and geographic market standpoints.