P
Polar Power, Inc.
POLACIK 0001622345NasdaqNon-AcceleratedSmaller ReportingMiscellaneous Electrical Machinery, Equipment & SuppliesDelawareFY ends Dec 31
Period
FY 2025
Revenue
$6.30M
Net Income
$-9.13M
Total Assets
$10.44M
Equity
$144.0K
Shares Out
3.64M
Op. Cash Flow
$-1.06M
Business
Polar Power, Inc. designs, manufactures, and sells DC power generators, renewable energy integrations, and cooling systems primarily for telecommunications and also for military, electric vehicle, marine, and industrial applications. Its main products include DC base power systems, hybrid and DC solar hybrid systems, mobile power units, natural gas/LPG and diesel generator configurations, battery management and remote monitoring technologies, and aftermarket service and parts. Key business areas comprise product development and engineering, manufacturing and assembly, telematics-based global network management, and aftermarket service and support. The company sells directly to Tier-1 and regional telecommunications operators, military contractors and distributors, and supports international markets through regional offices and certified service partners.
Summary from filing dated 2025-03-31
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Net sales | 6 | 14 | 15 | 16 | 17 | |
| Cost of Sales (includes inventory write-downs of $1,967 and $900, respectively) | 9 | 13 | 15 | 14 | 13 | |
| Gross profit (loss) | −3 | 1 | 695,000 | 2 | 3 | |
| Sales and marketing | 807,000 | 1 | 1 | 1 | 1 | |
| Research and development | 646,000 | 771,000 | 1 | 1 | 2 | |
| General and administrative | 3 | 4 | 4 | 5 | 3 | |
| Impairment of right-of-use assets and lease deposits | 455,000 | — | — | — | — | |
| Total operating expenses | 5 | 6 | 7 | 8 | 7 | |
| Loss from operations | −8 | −4 | −6 | −6 | −3 | |
| Interest expense and finance costs | −720,000 | −649,000 | −559,000 | — | — | |
| Interest Income | — | 221,000 | — | — | — | |
| Other income (expenses), net | 10,000 | 126,000 | 1,000 | 7,000 | 29,000 | |
| Total other income (expenses), net | −710,000 | −302,000 | −558,000 | −51,000 | 2 | |
| Net Loss | −9 | −5 | −7 | −6 | −1 | |
| Net loss per share, basic | −3.59 | −1.86 | −3.45 | −0.43 | −0.11 | |
| Net loss per share, diluted | −3.59 | −1.86 | −3.45 | −0.43 | — | |
| Weighted average shares outstanding, basic | 3 | 3 | 2 | 13 | 13 | |
| Weighted average shares outstanding, diluted | 3 | 3 | 2 | 13 | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 200,000 | 498,000 | 549,000 | 211,000 | 5 | |
| Accounts receivable | 330,000 | 2 | 2 | 2 | 4 | |
| Inventories | 9 | 13 | 17 | 15 | 9 | |
| Prepaid expenses | 76,000 | 53,000 | 455,000 | 3 | 4 | |
| Total current assets | 10 | 16 | 22 | 23 | 25 | |
| Operating lease right-of-use assets, net | 278,000 | 2 | 3 | 240,000 | 914,000 | |
| Property and equipment, net | 128,000 | 196,000 | 344,000 | 538,000 | 1 | |
| Deposits | — | 108,000 | 108,000 | 93,000 | 93,000 | |
| Total assets | 10 | 18 | 25 | 24 | 27 | |
| Accounts payable | 3 | 408,000 | 2 | 230,000 | 328,000 | |
| Customer deposits | 764,000 | 607,000 | 2 | 2 | 897,000 | |
| Accrued liabilities and other current liabilities | 1 | 1 | 1 | 1 | 1 | |
| Line of credit | 4 | 5 | 4 | 2 | — | |
| Current portion of operating lease liabilities | 475,000 | 1 | 1 | 268,000 | 721,000 | |
| Total current liabilities | 10 | 9 | 10 | 6 | 3 | |
| Operating lease liabilities, net of current portion | — | 474,000 | 2 | — | 268,000 | |
| Total liabilities | 10 | 9 | 12 | 6 | 4 | |
| Commitments and Contingencies | — | — | — | — | — | |
| Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding | — | — | — | — | — | |
| Common stock, $0.0001 par value, 50,000,000 shares authorized, 2,680,156 shares issued and 2,677,659 shares outstanding on December 31, 2025 and 2,511,350 shares issued and 2,508,853 shares outstanding on December 31, 2024 | — | 2,000 | 2,000 | 1,000 | 1,000 | |
| Additional paid-in capital | 40 | 39 | 39 | 37 | 37 | |
| Accumulated deficit | −39 | −30 | −26 | −19 | −14 | |
| Treasury Stock, at cost (2,497 shares) | −40,000 | −40,000 | −40,000 | −40,000 | — | |
| Total stockholders equity | 144,000 | 9 | 13 | 18 | 23 | |
| Total liabilities and stockholders equity | 10 | 18 | 25 | 24 | 27 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Depreciation and amortization | 67,000 | 167,000 | 387,000 | 507,000 | 549,000 | |
| Issuance of common stock as compensation for services | 8,000 | — | — | — | — | |
| Impairment of right-of-use assets and lease deposits | 455,000 | — | — | — | — | |
| Accounts receivable | 2 | −477,000 | 554,000 | 2 | −3 | |
| Inventories | 2 | 3 | −2 | −6 | 77,000 | |
| Prepaid expenses | −23,000 | 402,000 | 2 | 1 | −4 | |
| Employee retention credit receivable | — | 2 | — | — | — | |
| Income taxes receivable | — | 787,000 | — | — | 2 | |
| Operating lease right-of-use asset | 1 | 1 | 1 | 674,000 | — | |
| Deposits | — | — | −15,000 | — | — | |
| Accounts payable | 2 | −1 | 2 | −98,000 | 16,000 | |
| Customer deposits | 158,000 | −1 | −508,000 | 1 | 194,000 | |
| Accrued expenses and other current liabilities | 362,000 | −51,000 | −80,000 | 25,000 | 65,000 | |
| Accrued interest added to notes payable-related party | 15,000 | — | — | — | — | |
| Operating lease liability | −804,000 | −1 | −864,000 | −722,000 | — | |
| Net cash used in operating activities | −1 | −536,000 | −3 | −7 | −9 | |
| Acquisition of property and equipment | — | −19,000 | −194,000 | −25,000 | −71,000 | |
| Net cash used in investing activities | — | −19,000 | −194,000 | −25,000 | −71,000 | |
| Net proceeds from issuance of common stock under ATM facility | 757,000 | — | 2 | — | — | |
| Proceeds from notes payable-related party | 330,000 | 9,000 | 257,000 | — | — | |
| Proceeds from notes payable | 437,000 | — | — | — | — | |
| Repayment of notes payable | — | −64,000 | −205,000 | −242,000 | −267,000 | |
| Advances from credit facility, net | — | 559,000 | 2 | 2 | — | |
| Repayment of advances from credit facility | −761,000 | — | — | — | — | |
| Net cash provided by financing activities | 763,000 | 504,000 | 4 | 2 | 13 | |
| Decrease in cash and cash equivalents | −298,000 | −51,000 | 338,000 | −5 | 3 | |
| Interest paid | 670,000 | 598,000 | — | — | — | |
| Taxes paid | — | — | — | — | — | |
| Reclass of lease obligation to Accounts Payable | 577,000 | — | — | — | — |
Filings
Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro
Material Events
Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro
Insiders
Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro
Institutional Holders
Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro