Polar Power Announces Preliminary 2024 Third Quarter Financial Results: Expected Net Sales of $4.7 - $5.2 Million and Gross Margin of 26%-32%
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) annuncia i risultati finanziari preliminari del terzo trimestre 2024, con vendite nette previste tra 4,7-5,2 milioni di dollari, rappresentando una crescita del 147-174%, e un margine lordo del 26-32% con utili netti in pareggio. L'azienda riporta un recupero delle vendite nei prodotti alimentati a diesel e gas naturale, con nuovi clienti che rappresentano il 18% e il 12% delle vendite totali rispettivamente. Il miglioramento del margine lordo è attribuito a ricavi più elevati, costi del lavoro ridotti e una migliore assorbimento dei costi generali di fabbrica. L'azienda sottolinea i vantaggi dall'implementazione del nuovo sistema ERP e mette in evidenza l'ottimizzazione dell'inventario e la riduzione dei costi di ricerca e sviluppo.
Polar Power (NASDAQ: POLA) anuncia resultados financieros preliminares para el tercer trimestre de 2024, con ventas netas esperadas entre $4.7-$5.2 millones, lo que representa un crecimiento del 147-174%, y un margen bruto del 26-32% con utilidades netas en equilibrio. La empresa informa sobre la recuperación de ventas en productos a base de diésel y gas natural, con nuevos clientes que representan el 18% y el 12% de las ventas totales, respectivamente. La mejora en el margen bruto se atribuye a mayores ingresos, menores costos laborales y una mejor absorción de costos generales en la fábrica. La empresa cita beneficios de la implementación de su nuevo sistema ERP y destaca la optimización de inventarios y la reducción de costos en I+D.
폴라 파워 (NASDAQ: POLA)는 2024년 3분기 예비 재무 결과를 발표하며 예상 순매출이 $4.7-$5.2백만 달러에 이를 것으로 보이며, 이는 147-174%의 성장을 의미하고, 26-32%의 총 마진으로 순 이익이 손익 분기점을 기록하였다고 전했습니다. 회사는 디젤 및 천연가스를 기반으로 한 제품의 판매 회복 소식을 전하며, 새로운 고객이 각각 총 판매의 18%와 12%를 차지하고 있다고 밝혔습니다. 개선된 총 마진은 더 높은 수익, 낮은 인건비, 그리고 공장 간접비용의 더 나은 흡수에 기인합니다. 이 회사는 새로운 ERP 시스템 도입에서 혜택을 보고하며 재고 최적화와 R&D 비용 절감을 강조합니다.
Polar Power (NASDAQ: POLA) annonce des résultats financiers préliminaires pour le troisième trimestre 2024, avec des ventes nettes attendues entre 4,7 et 5,2 millions de dollars, représentant une croissance de 147 à 174%, et une marge brute de 26-32% avec un résultat net atteint à l'équilibre. L'entreprise rapporte une reprise des ventes pour les produits alimentés au diesel et au gaz naturel, avec de nouveaux clients représentant respectivement 18 % et 12 % des ventes totales. L'amélioration de la marge brute est attribuée à des revenus plus élevés, à des coûts de main-d'œuvre réduits et à une meilleure absorption des coûts indirects de fabrication. L'entreprise cite les avantages de la mise en œuvre de son nouveau système ERP et met en évidence l'optimisation des stocks ainsi que la réduction des coûts de recherche et développement.
Polar Power (NASDAQ: POLA) gibt die vorläufigen finanziellen Ergebnisse für das dritte Quartal 2024 bekannt, wobei die erwarteten Nettoumsätze zwischen 4,7-5,2 Millionen Dollar liegen, was einem Wachstum von 147-174% entspricht, und eine Bruttomarge von 26-32% mit ausgeglichenen Nettoergebnissen. Das Unternehmen berichtet von einer Erholung der Verkäufe bei Diesel- und Erdgas-betriebenen Produkten, wobei neue Kunden jeweils 18% und 12% des Gesamtumsatzes ausmachen. Die verbesserte Bruttomarge wird auf höhere Einnahmen, geringere Arbeitskosten und eine bessere Übertragung der Gemeinkosten in der Fabrik zurückgeführt. Das Unternehmen verweist auf die Vorteile der Implementierung seines neuen ERP-Systems und hebt die Optimierung des Bestands sowie die reduzierten F&E-Kosten hervor.
- Significant revenue growth of 147-174% year-over-year
- Gross margin improvement to 26-32%
- Achievement of breakeven net earnings
- New customer acquisition contributing 30% of total sales
- Reduced operational costs through improved efficiency
- Still at breakeven earnings despite significant revenue growth
Insights
The preliminary Q3 results show remarkable improvement with
- Customer base diversification with new customers contributing
30% of total sales - Improved operational efficiency through ERP implementation
- Breakeven net earnings, showing progress toward profitability
- Reduced R&D and administrative costs indicating better cost management
While the market cap of
GARDENA, CA, Oct. 29, 2024 (GLOBE NEWSWIRE) -- Polar Power, Inc. (“Polar Power” or the “Company”) (NASDAQ: POLA), a global provider of prime, backup, and solar hybrid power solutions, today announces preliminary third quarter net sales between
- Recovering net sales benefitting from strength across both diesel- and natural gas-powered product lines, with new customers accounting for
18% and12% of total sales, respectively - Substantial year-over-year improvement in gross margin attributable to higher revenues, lower labor costs and improved factory overhead absorption
- Substantial improvement in net income from operations attributed to a combination of higher sales, improved gross margins, reduced R&D expenditures and lower general and administrative costs
Arthur Sams, CEO of Polar Power, commented, “We expect to report third quarter results that will reflect another solid quarter of year-over-year top- and bottom-line improvements, with sales of about
Polar Power expects to file its quarterly report on form 10-Q and announce its third quarter results on or before November 14, 2024.
About Polar Power, Inc.
Polar Power (NASDAQ: POLA), an innovative provider of DC advanced power and cooling systems across diverse industrial applications, is pioneering technological changes that radically change the production, consumption, and environmental impact of power generation. Its 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.
The Company’s telecom power solutions offer significant cost savings with installation, permitting, site leases, and operation. Its military solutions provide compact, lightweight, fuel efficient, reliable power solutions for robotics, drone, communications, hybrid propulsion, and other applications.
The Company’s mobile rapid battery charging technology enables on-demand roadside charging for electric vehicles. Its 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.
The Company’s micro / nano grid solutions provide lower cost energy in “bad-grid or no-grid” environments. Its commitment to technological advancement extends to hybrid propulsion systems for marine and specialty vehicles, ensuring efficiency, comfort, reliability, and cost savings.
For more information, please visit www.polarpower.com. or follow us on www.linkedin.com/company/polar-power-inc/.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements regarding Polar Power and its 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.
Forward-looking statements in this press release reflect the good faith judgment of the Company’s management and the statements are based on facts and factors as we currently know them. Forward-looking statements are subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, but are not limited to, those discussed in this press release, and other risks, including, but not limited to, those described in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings and submissions with the SEC. Readers are urged not to place undue reliance on these forward-looking statements which speak only as of the date of this press release. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this press release.
This press release contains market data and industry statistics and forecasts that are based on independent industry publications and other publicly-available information. Although the Company believes these sources are reliable, it does not guarantee the accuracy or completeness of this information and it has not independently verified this information. Although the Company is not aware of any misstatements regarding the market and industry data presented in this press release, these estimates involve risks and uncertainties and are subject to change based on various factors, including those discussed in the section titled “Risk Factors” in its filings and other documents that are incorporated herein by reference. Accordingly, investors should not place undue reliance on this information.
Investor Relations Contact:
At CORE IR
Peter Seltzberg, SVP Investor Relations and Corporate Advisory
peters@coreir.com
At Polar Power Inc.
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