Polar Power Reports Full Year and Fourth Quarter 2024 Financial Results
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) ha riportato i risultati finanziari per l'intero anno e il quarto trimestre del 2024, mostrando una performance mista. Le vendite sono diminuite del 6,7% a $14 milioni nel 2024, mentre il profitto lordo è aumentato dell'89% a $1,3 milioni. L'azienda ha ridotto le spese operative di $1 milione a $5,7 milioni e ha ristretto la sua perdita netta a $4,6 milioni rispetto ai $6,5 milioni del 2023.
Tra i risultati notevoli ci sono il raddoppio dei ricavi militari/governativi a $1,5 milioni e l'implementazione di successo di una soluzione ibrida per la Commissione dell'ONU per i Rifugiati a Lagos, Nigeria, che ha portato a una riduzione dei costi del diesel fino al 70%. L'azienda ha mantenuto la redditività in due trimestri del 2024 e ha ridotto l'inventario di $3,5 milioni attraverso l'utilizzo delle scorte esistenti.
L'azienda prevede di lanciare caricatori mobili per veicoli elettrici nel 2025 e sta implementando nuovi protocolli di vendita e marketing per espandere la penetrazione del prodotto sia nei mercati tradizionali che in quelli nuovi.
Polar Power (NASDAQ: POLA) informó sobre sus resultados financieros del año completo y del cuarto trimestre de 2024, mostrando un rendimiento mixto. Las ventas disminuyeron un 6,7% a $14 millones en 2024, mientras que la ganancia bruta aumentó un 89% a $1,3 millones. La empresa redujo los gastos operativos en $1 millón a $5,7 millones y acortó su pérdida neta a $4,6 millones desde $6,5 millones en 2023.
Entre los logros notables se incluye duplicar los ingresos militares/gubernamentales a $1,5 millones y la exitosa implementación de una solución de energía híbrida para el Alto Comisionado de las Naciones Unidas para los Refugiados en Lagos, Nigeria, logrando una reducción de hasta el 70% en los costos de diésel. La empresa mantuvo la rentabilidad en dos trimestres de 2024 y redujo el inventario en $3,5 millones mediante la utilización de existencias existentes.
La empresa planea lanzar cargadores móviles para vehículos eléctricos en 2025 y está implementando nuevos protocolos de ventas y marketing para expandir la penetración del producto en mercados tanto tradicionales como nuevos.
폴라 파워 (NASDAQ: POLA)는 2024년 전체 연도 및 4분기 재무 결과를 발표하며 혼합된 성과를 보였습니다. 2024년 매출은 $1400만으로 6.7% 감소했으며, 반면 총 이익은 $130만으로 89% 증가했습니다. 회사는 운영 비용을 $100만 줄여 $570만으로 감소시켰고, 2023년의 $650만에서 $460만으로 순손실을 줄였습니다.
주요 성과로는 군사/정부 수익을 $150만으로 두 배 증가시킨 것과 나이지리아 라고스에서 유엔 난민 고등판무관을 위한 하이브리드 전력 솔루션을 성공적으로 구현하여 디젤 비용을 최대 70% 절감한 것이 포함됩니다. 회사는 2024년 두 분기 동안 수익성을 유지했으며 기존 재고 활용을 통해 재고를 $350만 줄였습니다.
회사는 2025년에 모바일 전기차 충전기를 출시할 계획이며, 전통적인 시장과 새로운 시장 모두에서 제품 침투를 확장하기 위해 새로운 판매 및 마케팅 프로토콜을 구현하고 있습니다.
Polar Power (NASDAQ: POLA) a annoncé ses résultats financiers pour l'année complète et le quatrième trimestre de 2024, montrant une performance mitigée. Les ventes ont diminué de 6,7 % pour atteindre 14 millions de dollars en 2024, tandis que le bénéfice brut a augmenté de 89 % pour atteindre 1,3 million de dollars. L'entreprise a réduit ses dépenses d'exploitation de 1 million de dollars à 5,7 millions de dollars et a réduit sa perte nette à 4,6 millions de dollars contre 6,5 millions de dollars en 2023.
Parmi les réalisations notables, on trouve le doublement des revenus militaires/gouvernementaux à 1,5 million de dollars et la mise en œuvre réussie d'une solution énergétique hybride pour le Haut-Commissaire des Nations Unies pour les réfugiés à Lagos, au Nigeria, permettant une réduction des coûts de diesel allant jusqu'à 70 %. L'entreprise a maintenu sa rentabilité pendant deux trimestres de 2024 et a réduit son stock de 3,5 millions de dollars grâce à l'utilisation des stocks existants.
L'entreprise prévoit de lancer des chargeurs mobiles pour véhicules électriques en 2025 et met en œuvre de nouveaux protocoles de vente et de marketing pour accroître la pénétration des produits à la fois sur les marchés traditionnels et nouveaux.
Polar Power (NASDAQ: POLA) hat seine Finanzzahlen für das gesamte Jahr und das vierte Quartal 2024 veröffentlicht, die eine gemischte Leistung zeigen. Der Umsatz sank um 6,7% auf 14 Millionen US-Dollar im Jahr 2024, während der Bruttogewinn um 89% auf 1,3 Millionen US-Dollar anstieg. Das Unternehmen reduzierte die Betriebskosten um 1 Million US-Dollar auf 5,7 Millionen US-Dollar und verringerte den Nettoverlust auf 4,6 Millionen US-Dollar von 6,5 Millionen US-Dollar im Jahr 2023.
Zu den bemerkenswerten Erfolgen gehört die Verdopplung der Militär-/Regierungsumsätze auf 1,5 Millionen US-Dollar und die erfolgreiche Implementierung einer hybriden Energie-Lösung für den UN-Hochkommissar für Flüchtlinge in Lagos, Nigeria, die eine Reduzierung der Diesel-Kosten um bis zu 70% ermöglicht. Das Unternehmen hielt in zwei Quartalen des Jahres 2024 die Rentabilität aufrecht und reduzierte den Lagerbestand um 3,5 Millionen US-Dollar durch die Nutzung vorhandener Bestände.
Das Unternehmen plant, 2025 mobile Elektrofahrzeug-Ladegeräte einzuführen, und implementiert neue Verkaufs- und Marketingprotokolle, um die Produktdurchdringung sowohl in traditionellen als auch in neuen Märkten zu erweitern.
- Gross profit increased 89% to $1.3M
- Net loss reduced by $1.9M to $4.6M
- Military/government revenues doubled to $1.5M
- Operating expenses reduced by $1M
- Cash burn from operations improved from $3.4M to $536K
- Sales declined 6.7% to $14M
- Q4 gross loss of $1.54M compared to $1.43M loss in Q4 2023
- Net loss of $4.6M for the full year
- $900K inventory write-down for slow-moving stock
- Total net debt of $5.0M with liquidity of $1.1M
Insights
Polar Power's 2024 results demonstrate improved operational efficiency despite declining revenues. While sales dropped
The cash burn improvement is particularly noteworthy – operating cash outflow decreased to
The balance sheet shows
The planned expansion into mobile EV chargers could provide new revenue streams, but given the capital-intensive nature of manufacturing and the company's resources, execution risks remain substantial.
GARDENA, CA, April 01, 2025 (GLOBE NEWSWIRE) -- Polar Power, Inc. (“Polar Power” or the “Company”) (NASDAQ: POLA), a global provider of prime, backup, and solar hybrid DC power solutions, reports its financial results for the three months and full year ended December 31, 2024.
2024 Financial Highlights
- Sales of
$14 million represent a6.7% decline from 2023 - Gross profit increased
89% to$1.3 million , or9.4% of sales, compared with$695,000 , or4.5% of sales, in 2023 - Operating expenses declined
$1 million to$5.7 million compared to$6.7 million in the prior year - Net loss declined
$1.9 million to$4.6 million , or$(1.86) per basic and diluted share in 2024, compared to a net loss of$6.5 million , or$(3.45) per basic and diluted share in 2023 - Inventories were down
$3.5 million , driven primarily by utilization of existing inventory versus inventory acquisitions during the year, and also by$900,000 accounting adjustment for slow-moving inventory - Cash used in operating activities was
$536,000 in 2024 compared to$3.4 million in 2023 - Total net debt was
$5.0 million and total liquidity was$1.1 million , consisting of cash and availability under the line of credit as of December 31, 2024
Chairman and CEO of Polar Power, Arthur Sams commented, “We continue to spend time and resources educating the market on the unique benefits of our power platform to deliver solutions that reduce cost and harmful emissions while providing a source of reliable and virtually maintenance-free power. And although we experienced volatility in our bookings and sales during 2024, we were profitable in two of this year’s quarters, which involved production of our standard DC generators for both backup and prime power applications. Much of our raw material needs in 2024 were met by inventory we had purchased in prior years, which helped conserve cash and achieve manufacturing efficiencies during the year, mitigating the effect of lower sales. We’ve added an important new reference account, in the United Nations High Commissioner for Refugees (“UNHCR”), a United Nations organization, which has experienced exceptional results.”
“The hybrid solution that we provided with partners to the UNHCR in Lagos, Nigeria, has performed even better than originally anticipated, enabling significant total power generation savings compared to some of the outdated and stale technology platforms they had been using. Besides the huge fuel savings from up to a
“We have been successful in reducing our customer concentration in telecom business and reported the doubling in our military/government revenues to nearly
Polar Power, Inc.
Polar Power (NASDAQ: POLA) is pioneering technological changes that radically change the production, consumption, and environmental impact of power generation and is a provider of DC advanced power and cooling systems, pioneering innovations across diverse industrial applications. 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 Power’s systems can be configured to operate on any energy source including photovoltaics, diesel, LPG (propane and butane), and renewable fuels.
Polar Power’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. Its 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. Polar Power’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 Polar Power on www.linkedin.com/company/polar-power-inc/.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This news release contains certain statements of a forward-looking nature relating to future events or future business performance. Forward-looking statements can be identified by the words “expects,” “anticipates,” “believes,” “intends,” “estimates,” “plans,” “will,” “outlook” and similar expressions. Forward-looking statements are based on management’s current plans, estimates, assumptions and projections, and speak only as of the date they are made. With the exception of historical information, the matters discussed in this press release including, without limitation, Polar Power’s expectations to see follow-on orders from the UNHCR and from other customers around the world; that current discussions with customers will lead to new sales during 2025 or subsequent years are forward-looking statements and considerations that involve a number of risks and uncertainties. The actual future results of Polar Power could differ from those statements. Factors that could cause or contribute to such differences include, but are not limited to, adverse domestic and foreign economic and market conditions, including demand for its Summit Series, 27 kW DC generator product line; trade tariffs on raw materials; changes in domestic and foreign governmental regulations and policies; the impact of inflation and changing prices on raw materials; supply chain constraints causing significant delays in sourcing raw materials; labor shortages as a result of the pandemic, low unemployment rates, or other factors limiting the availability of qualified workers; and other events, factors and risks. The Company undertakes no obligation to update any forward-looking statement in light of new information or future events, except as otherwise required by law. Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and are generally beyond Polar Power’s control. Actual results or outcomes may differ materially from those implied by the forward-looking statements as a result of the impact of a number of factors, many of which are discussed in more detail in Polar Power’s reports filed with the Securities and Exchange Commission.
Company Contact:
Polar Power, Inc.
249 E. Gardena Blvd.
Gardena, CA 90248
Tel: 310-830-9153
ir@polarpowerinc.com
www.polarpower.com
POLAR POWER, INC.
BALANCE SHEETS
(in thousands, except share and per share data)
| December 31, 2024 | December 31, 2023 | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 498 | $ | 549 | ||||
| Accounts receivable | 2,153 | 1,676 | ||||||
| Inventories | 12,893 | 16,522 | ||||||
| Prepaid expenses | 53 | 455 | ||||||
| Employee retention credit receivable | — | 2,000 | ||||||
| Income taxes receivable | — | 787 | ||||||
| Total current assets | 15,597 | 21,989 | ||||||
| Other assets: | ||||||||
| Operating lease right-of-use assets, net | 1,645 | 2,818 | ||||||
| Property and equipment, net | 196 | 344 | ||||||
| Deposits | 108 | 108 | ||||||
| Total assets | $ | 17,546 | $ | 25,259 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 408 | $ | 1,762 | ||||
| Customer deposits | 607 | 1,618 | ||||||
| Accrued liabilities and other current liabilities | 1,100 | 1,151 | ||||||
| Line of credit | 4,797 | 4,238 | ||||||
| Notes payable-related party | 266 | 257 | ||||||
| Notes payable | — | 64 | ||||||
| Current portion of operating lease liabilities | 1,382 | 1,124 | ||||||
| Total current liabilities | 8,560 | 10,214 | ||||||
| Operating lease liabilities, net of current portion | 474 | 1,856 | ||||||
| Total liabilities | 9,034 | 12,070 | ||||||
| Commitments and Contingencies | ||||||||
| Stockholders’ Equity | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, | 2 | 2 | ||||||
| Additional paid-in capital | 38,886 | 38,886 | ||||||
| Accumulated deficit | (30,336 | ) | (25,659 | ) | ||||
| Treasury Stock, at cost (2,497 shares) | (40 | ) | (40 | ) | ||||
| Total stockholders’ equity | 8,512 | 13,189 | ||||||
| Total liabilities and stockholders’ equity | $ | 17,546 | $ | 25,259 | ||||
POLAR POWER, INC.
CONDENSED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net sales | $ | 2,622 | $ | 3,605 | $ | 13,970 | $ | 15,293 | |||||||
| Cost of Sales (includes inventory write-downs of | 4,162 | 5,032 | 12,656 | 14,598 | |||||||||||
| Gross profit (loss) | (1,540 | ) | (1,427 | ) | 1,314 | 695 | |||||||||
| Operating Expenses | |||||||||||||||
| Sales and marketing | 264 | 255 | 1,010 | 1,172 | |||||||||||
| Research and development | 185 | 239 | 771 | 1,222 | |||||||||||
| General and administrative | 907 | 1,051 | 3,908 | 4,291 | |||||||||||
| Total operating expenses | 1,356 | 1,545 | 5,689 | 6,685 | |||||||||||
| Loss from operations | (2,896 | ) | (2,972 | ) | (4,375 | ) | (5,990 | ) | |||||||
| Other income (expenses) | |||||||||||||||
| Interest expense and finance costs | (153 | ) | (184 | ) | (649 | ) | (559 | ) | |||||||
| Interest income | — | — | 221 | — | |||||||||||
| Other income (expenses), net | — | 1 | 126 | 1 | |||||||||||
| Total other income (expenses), net | (153 | ) | (183 | ) | (302 | ) | (558 | ) | |||||||
| Net Loss | $ | (3,049 | ) | $ | (3,155 | ) | $ | (4,677 | ) | $ | (6,548 | ) | |||
| Net loss per share, basic and diluted | $ | (1.22 | ) | $ | (1.66 | ) | $ | (1.86 | ) | $ | (3.45 | ) | |||
| Weighted average shares outstanding, basic and diluted | 2,508,853 | 1,898,800 | 2,508,853 | 1,898,800 | |||||||||||
POLAR POWER, INC.
STATEMENTS OF CASH FLOW
(in thousands)
| Years Ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (4,677 | ) | $ | (6,548 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 167 | 387 | ||||||
| Inventory write-down | 900 | 450 | ||||||
| Changes in operating assets and liabilities | ||||||||
| Accounts receivable | (477 | ) | 554 | |||||
| Inventories | 2,729 | (1,512 | ) | |||||
| Prepaid expenses | 402 | 2,174 | ||||||
| Employee retention credit receivable | 2,000 | — | ||||||
| Income taxes receivable | 787 | — | ||||||
| Operating lease right-of-use asset | 1,173 | 1,000 | ||||||
| Deposits | — | (15 | ) | |||||
| Accounts payable | (1,354 | ) | 1,532 | |||||
| Customer deposits | (1,011 | ) | (508 | ) | ||||
| Accrued expenses and other current liabilities | (51 | ) | (80 | ) | ||||
| Operating lease liability | (1,124 | ) | (864 | ) | ||||
| Net cash used in operating activities | (536 | ) | (3,430 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Acquisition of property and equipment | (19 | ) | (194 | ) | ||||
| Net cash used in investing activities | (19 | ) | (194 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Net proceeds from sale of common stock | — | 1,556 | ||||||
| Proceeds from notes payable-related party | 9 | 257 | ||||||
| Repayment of notes payable | (64 | ) | (205 | ) | ||||
| Advances from credit facility, net | 559 | 2,354 | ||||||
| Net cash provided by financing activities | 504 | 3,962 | ||||||
| Increase (decrease) in cash and cash equivalents | (51 | ) | 338 | |||||
| Cash and cash equivalents, beginning of period | 549 | 211 | ||||||
| Cash and cash equivalents, end of period | $ | 498 | $ | 549 | ||||
| Noncash investing and financing activities: | ||||||||
| Initial recognition of right-of-use asset and lease liabilities | $ | — | 3,578 | |||||
FAQ
What were Polar Power's (POLA) key financial metrics for 2024?
How much did POLA reduce its operating expenses in 2024?
What was the performance of POLA's military/government revenue in 2024?
What were the results of POLA's UNHCR project in Lagos, Nigeria?
What is POLA's total debt and liquidity position as of December 31, 2024?
