Polar Power Q1 revenue up 13% to $4.1M, net loss flat at $1.1M; Toyota generator launched

Polar Power, Inc.

2024-Q1 EPS reported -$0.09 revenue$4,190,000

Net sales $4.1M (+13% YoY); net loss $1.1M ($0.09/share), identical to prior-year loss.
Gross profit fell to $755K from $905K due to higher labor/material costs and product mix.
Cash at $119K (down from $211K Dec 2022); inventory $16.8M; backlog $8.9M.
After 2.5-year delay, began shipments of Toyota 1KS generator line; expects production ramp.
September 2022 price increases expected to improve net sales and gross margins as supply chain eases.

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 0.9

Polar Power, Inc. reported the quarter ended March 31, 2023 results: revenue $4.1 million, net income $1.1 million, EPS $(0.09) per basic and dilutive share.

Period: the quarter ended March 31, 2023
Revenue: $4.1 million
Net income: $1.1 million
EPS: $(0.09) per basic and dilutive share
Result: reported results

Exact text from the filing

for the quarter ended March 31, 2023. Key Q1 2023 Results and Highlights: Financial Results for the Three Months Ended March 31, 2023 ● Net sales for Q1 2023 increased to $4.1 million, representing a 13% increase, compared to $3.7 million during the same period last year. ● We had a gross profit of $755,000 at the end of Q1 2023, as compared to a gross profit

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Source: SEC EDGAR

accession 0001493152-23-017400

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