Polar Power swings to Q2 profit with $501K net income; sales up 163% sequentially

Polar Power, Inc.

2024-Q2 EPS reported -$0.09 revenue$6,434,000

Net sales $4.6M, up 163% sequentially from Q1; gross margin improved to 39.3% from 26.4%.
Net income $501K ($0.03 EPS) vs net loss of $436K in Q2 2023; first profitable quarter in over two years.
Backlog $5.7M as of June 30, 2024, including $2.0M in new Q2 bookings; working capital $10.1M.
Received approximately $3.0M in tax refunds and Employee Retention Credits from prior years.
Appointed Mike Field as new Director and Compensation Committee Chairman.

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