Polar Power Q3 net sales down 59% to $1.7M; net loss $2.3M vs income of $942K last year

Polar Power, Inc.

2022-Q3 EPS reported -$0.33 revenue$9,690,000

Net sales $1.7M in Q3 2022, down 59% from $4.1M in Q3 2021 due to supply chain constraints.
Net loss of $2.3M ($0.19 per share) vs net income of $942K ($0.07) in Q3 2021.
Gross loss of $247K vs gross profit of $966K in prior year; operating expenses rose to $2.1M.
Cash and equivalents $363K at Sep 30, 2022, down from $5.1M at Dec 31, 2021; working capital $18.4M.
Sales backlog $13.6M; $3.3M in new purchase orders received post-quarter.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Polar Power, Inc. reported the three months ended September 30, 2022 results: revenue $1.7 million, net income $2.3 million, EPS $(0.19) per basic and dilutive share.

Period: the three months ended September 30, 2022
Revenue: $1.7 million
Net income: $2.3 million
EPS: $(0.19) per basic and dilutive share
Result: reported results

Exact text from the filing

nine months ended September 30, 2022. Key Q3 2022 Results and Highlights: Financial Results for the Three and Nine Months Ended September 30, 2022 ● Net sales for Q3 2022 were $1.7 million, representing a 59% decrease, compared to $4.1 million during the same period last year. Net sales for the nine months ended September 30, 2022 were $9.6 million, representing a

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Polar Power, Inc. reported the nine months ended September 30, 2022 results: revenue $9.6 million, net income $4.2 million, EPS $(0.33) per basic and dilutive share.

Period: the nine months ended September 30, 2022
Revenue: $9.6 million
Net income: $4.2 million
EPS: $(0.33) per basic and dilutive share
Result: reported results

Exact text from the filing

Q3 2022 were $1.7 million, representing a 59% decrease, compared to $4.1 million during the same period last year. Net sales for the nine months ended September 30, 2022 were $9.6 million, representing a 21% decrease, compared to $12.2 million during the same period last year. Supply chain constraints during the last two quarters was the primary reason for the

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Source: SEC EDGAR

accession 0001493152-22-032069

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