Business
Polar Power Reports Second Quarter 2024 Financial Results
Swing to Quarterly Profit Led by Higher Net Sales GARDENA, CA, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Polar Power, Inc. (“Polar Power” or the “Company”) (NASDAQ:
About this update from Polar Power, Inc.
[{"type":"text","content":"Swing to Quarterly Profit Led by Higher Net Sales GARDENA, CA, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Polar Power, Inc. (“Polar Power” or the “Company”) (NASDAQ: POLA), a global provider of prime, backup, and solar hybrid DC power solutions, reports its financial results for the second quarter of 2024. Q2 2024 Financial Highlights Net sales were $4.6 million, a sequential improvement of 163% compared to $1.8 million in the first quarter of 2024, and compared to $5.6 million in the same period in 2023The company’s gross margin improved to 39.3% compared to 26.4%, due in part to higher international salesOperating expenses were $1.4 million, slightly lower compared to $1.6 million in the first quarter of 2024, and compared to $1.8 million in the same period in 2023Net income was $501,000, or $0.03 per basic and diluted share, compared to a net loss of $(436,000), or $(0.03) per basic and diluted share in the same period in 2023Working capital of $10.1 million as of June 30, 2024, including $15.8 million in inventoryBacklog at June 30, 2024 was $5.7 million, which includes $2.0 million in new bookings during the second quarter of 2024 Corporate Highlights: Appointed Mike Field as new Director and Compensation Committee ChairmanReceived approximately $3.0 million in tax refunds and Employee Retention Credits applied for in prior years Arthur Sams, CEO of Polar Power, commented, “Our financial results in the second quarter are a welcome improvement over the first quarter of the year. We have seen a reversion to more normalized order levels from our top telco customers throughout the year, with more consistent bookings that started in the back half of 2023, leading to higher sales in the current quarter, and a backlog that remains above $5 million. A positive swing in the bottom line of approximately $2.6 million compared to the prior quarter resulted in a profit of roughly $500,000, which importantly marks our first profitable quarter in over two years. “International sales represented approximately 20% of our second quarter revenues, highlighting a steady geographic diversification in our sales. Also, during the quarter, our gross margins improved due to utilization of inventory in products shipped to telecom customers, including both DC backup power systems and solar hybrid power systems to international customers in Asia and elsewhere....