Polar Power Announces Strong Preliminary 2024 Third Quarter Financial Results

On October 29, 2024, Polar Power, Inc., a global provider of prime, backup, and solar hybrid power solutions, released preliminary financial results for the third quarter of 2024. The company reported expected net sales between $4.7 million and $5.2 million, with a gross margin anticipated to range from 26% to 32%, and reaching breakeven net earnings.

The substantial year-over-year growth in net sales was driven by the strength in both diesel- and natural gas-powered product lines, with new customers contributing significantly to total sales. Polar Power also noted a significant improvement in gross margin due to higher revenues, reduced labor costs, and enhanced factory overhead absorption.

CEO of Polar Power, Arthur Sams, highlighted the positive results, indicating that the company expects to report solid year-over-year improvements in both top- and bottom-line figures. Sales of approximately $5 million and recovering gross margins align with the company’s long-term goals. Sams attributed these achievements to investments made in business processes, customer diversification, and operational efficiencies.

The company anticipates filing its quarterly report on Form 10-Q and formally announcing its third-quarter results on or before November 14, 2024.

Polar Power (NASDAQ: POLA) offers innovative DC advanced power and cooling systems across various industrial applications, revolutionizing power generation with a focus on innovation, durability, and efficiency. Their product range spans across sectors such as telecom, military, renewable energy, marine, automotive, residential, commercial, oil fields, and mining, operating on diverse energy sources including photovoltaics, diesel, LPG, and renewable fuels.

The company’s progressive business outlook extends to cost-effective telecom and military power solutions, mobile rapid battery charging technology, combined heat and power residential systems, and micro/nano grid solutions for off-grid environments. Polar Power’s commitment to technological advancement also encompasses hybrid propulsion systems for marine and specialty vehicles.

Forward-looking statements in this press release regarding the company’s financial and operational performance are subject to risks and uncertainties. Investors are advised not to place undue reliance on these statements, which reflect management’s current assessment based on known facts and factors. The company does not guarantee the accuracy of the market data referenced and urges caution in decision-making based on this information.

For further information, interested parties can visit the company’s website at www.polarpower.com or follow them on LinkedIn at www.linkedin.com/company/polar-power-inc/.

Polar Power can be reached for Investor Relations at CORE IR through Peter Seltzberg, SVP Investor Relations and Corporate Advisory at peters@coreir.com, or directly at IR@PolarPowerinc.com.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Polar Power’s 8K filing here.

Polar Power Company Profile

Polar Power, Inc designs, manufactures, and sells direct current (DC) power generators, renewable energy, and cooling systems in the United States and internationally. The company offers DC base power systems, DC hybrid power systems, DC solar hybrid power systems, and mobile power systems. Its DC power systems are available in diesel, natural gas, LPG/propane, and renewable fuel formats.