Business
Polar Power Reports Second Quarter 2023 Financial Results
GARDENA, CA, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Polar Power, Inc. (“Polar Power” or the “Company”) (NASDAQ: POLA), a global provider of prime, backup and solar
About this update from Polar Power, Inc.
[{"type":"text","content":"GARDENA, CA, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Polar Power, Inc. (“Polar Power” or the “Company”) (NASDAQ: POLA), a global provider of prime, backup and solar hybrid DC power solutions, today reported its financial results for the three and six months ended June 30, 2023. Key Q2 2023 Results and Highlights: Financial Results for the Three and Six Months Ended June 30, 2023 • Net sales for Q2 2023 were $5.5 million, a 31% increase compared to $4.2 million in the same period last year. Net sales for the six months ended June 30, 2023 were $9.7 million, a 22% increase, as compared to $7.9 million in the same period last year. • Gross profit during the Q2 2023 increased 39%, to $1.4 million, as compared to $1.0 million in the same period in 2022. Gross margins during Q2 2023 increased to 26.4%, as compared to 24.8% during Q2 2022. Gross profit during the six months ended June 30, 2023, increased 13%, to $2.2 million, as compared to $1.9 million for the same period in 2022. The increases in gross profit during the three- and six-months periods ended June 30, 2023 were primarily a result of improved labor efficiencies in manufacturing and utilization of previously written off obsolete inventory of $173,000 during Q2 2023 and $195,000 during the six-month period ended June 30, 2023. • Operating expenses remained constant at $1.7 million during Q2 2023, as compared to $1.7 million for Q2 2022. Operating expenses for the six months ended June 30, 2023 decreased 6% to $3.5 million, as compared to $3.7 million for the same period in 2022. The decrease was primarily due to staff reductions in sales and engineering. • Net loss for Q2 2023 totaled $436,000, or $(0.03) per basic and diluted share, compared to a net loss of $739,000, or $(0.06) per basic and diluted share in Q2 2022. Net loss for the six months ended June 30, 2023 totaled $1.5 million, or $(0.12) per basic and diluted share, compared to a net loss of $1.8 million, or $(0.15) per basic and diluted share during the same period in 2022. • Cash and cash equivalents at June 30, 2023 were $292,000, as compared to $211,000 at December 31, 2022. We had $17.7 million in inventory at June 30, 2023, as compared to $15.4 million at December 31, 2022. Working capital was $15.4 million at June 30, 2023, as compared to $17.3 million at December 31, 2022 • Backlog as of the end of Q2 2023 was ...