Polar Power FY2023 net loss widens to $6.5M; Q4 revenue up 90% sequential, Q1 2024 bookings $5.1M

Polar Power, Inc.

2024-Q1 EPS reported -$0.12 revenue$1,775,000

FY2023 net sales $15.3M (down 5% YoY); net loss $6.5M (($0.49)/share) vs. $5.6M loss in FY2022.
Gross profit fell to $0.7M from $2.1M in FY2022; operating expenses reduced to $6.7M from $7.7M.
Q4 2023 revenue $3.6M, ~90% sequential growth from Q3; backlog $3.9M at Dec 31, 2023.
Announced $5.1M in new bookings in Q1 2024; current backlog $7.7M as of April 1, 2024.
Customer base diversification: top two customers decreased from 89% to 68% of sales; international sales >20% for second year.

item 2.02 item 7.01 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 three months and full year ended December 31, 2023 results: revenue $15.3 million, net income Net loss was $6.5 million, EPS $(0.49) per basic and diluted share.

Period: three months and full year ended December 31, 2023
Revenue: $15.3 million
Net income: Net loss was $6.5 million
EPS: $(0.49) per basic and diluted share
Result: reported results

Exact text from the filing

solar hybrid DC power solutions, reports its financial results for the three months and full year ended December 31, 2023. 2023 Financial Highlights ● Net sales in 2023 were $15.3 million compared to $16.1 million in 2022 ● Gross profit for 2023 was $0.7 million compared to $2.1 million in 2022 ● Operating expenses for 2023 were $6.7 million compared to $7.7

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Source: SEC EDGAR

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