Polar Power Q3 net sales up 65% to $4.1M; net income $0.9M vs loss

Polar Power, Inc.

2021-Q3 EPS reported -$0.14 revenue$12,273,000

Net sales Q3 2021 $4.1M, up 65% YoY; nine-month $12.2M, up 89% YoY.
Backlog $11.4M at end Q3, up 72% from Q2; $7.5M for 5G DC power systems.
Net income Q3 $0.9M ($0.07 EPS) vs net loss $4.7M ($0.42 loss) in Q3 2020.
Gross profit $0.9M vs gross loss $2.6M last year; operating expenses down to $1.7M.
PPP loan forgiveness of $1.7M recognized as non-cash gain; cash $7.7M vs $1.6M year-end 2020.

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