Polar Power Q1 net sales drop 57% to $1.8M; net loss widens to $2.1M

Polar Power, Inc.

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

Net sales of $1.8M vs $4.2M in Q1 2023; net loss of $2.1M ($0.12 per share) vs $1.1M ($0.09) a year ago.
Operating expenses were $1.6M vs $1.7M; working capital $9.6M, inventory $16.2M as of March 31.
Backlog of $7.7M includes $5.7M in new Q1 bookings; $2.0M additional orders received in April.
CEO cites delayed international shipments and pushout from top telecom customers to H2 2024.
Diversification: 40% of net sales from non-tier-1 telecom; military orders rose to 25% of revenues vs 5% in Q1 2023.

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 0.9

Polar Power, Inc. reported first quarter of 2024 results: revenue $1.8 million, net income $2.1 million, EPS $(0.12) per basic and diluted share.

Period: first quarter of 2024
Revenue: $1.8 million
Net income: $2.1 million
EPS: $(0.12) per basic and diluted share
Result: reported results

Exact text from the filing

Q1 2024 Financial Highlights ● Net sales of $1.8 million compared to $4.2 million in the same period in 2023 ● Operating expenses of $1.6 million compared to $1.7 million in the same period in 2023 ● Net loss was $2.1 million, or $(0.12) per basic and diluted share, compared to a net loss of $1.1 million, or $(0.09) per basic and diluted share in the same period in 2023

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Source: SEC EDGAR

accession 0001493152-24-019855

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