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Polar Power Inc. (POLA+4.67%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations in designing, manufacturing, and selling DC power generators, renewable energy, and cooling systems primarily for telecommunications, military, electric vehicle charging, marine, and industrial markets.
The company reported net sales of $13,970,000 for 2024, a decrease from $15,293,000 in 2023. The decline in sales is attributed to reduced deliveries to its largest telecommunications customer in the U.S.
Polar Power's cost of sales decreased to $12,656,000 from $14,598,000 in 2023, resulting in a gross profit increase to $1,314,000 from $695,000 the previous year.
Operating expenses for 2024 were $5,689,000, down from $6,685,000 in 2023. The company attributes this decrease to reduced sales and marketing, research and development, and general and administrative expenses.
The company reported a net loss of $4,677,000 for 2024, compared to a net loss of $6,548,000 in 2023.
Polar Power's liquidity and capital resources include a working capital of $7,037,000 as of December 31, 2024, with a cash balance of $498,000.
The company has a revolving credit facility with Pinnacle Bank, with an outstanding balance of $4,797,000 as of December 31, 2024.
Polar Power continues to face challenges related to its ability to continue as a going concern, with substantial doubt raised due to net losses and negative cash flows from operations.
The filing also discusses the company's recent developments, including compliance with Nasdaq listing requirements and efforts to expand its market presence in telecommunications and other sectors.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Polar Power Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.