Polar Power Q2 net sales $4.2M, down 12% YoY; net loss narrows to $739K

Polar Power, Inc.

2023-Q2 EPS reported $0.15 revenue$7,983,000

Net sales $4.2M vs $4.8M in Q2 2021, a 12% decline; 6-month sales $7.9M down 2%.
Net loss $739K ($0.06/share) vs $866K ($0.07) in Q2 2021; gross profit up 10% to $1.0M.
Sales backlog $14.0M at June 30, 2022; 97% from telecom customers; $9.9M in new orders during Q2.
Cash and equivalents $2.6M vs $5.1M at Dec 31, 2021; working capital $20.1M; credit line $2.8M.
Supply chain and labor shortages pushed ~12% of expected Q2 shipments into H2 2022.

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