Polar Power, Inc. POLA
design, manufacture, and sell DC power generators, renewable energy and cooling systems for applications primarily in the telecommunications
market and, to a lesser extent, in other markets, including military, electric vehicle, marine and industrial. We are continuously diversifying
our customer base and are selling our products into non-telecommunication markets and applications at an increasing rate. The changes
in customer diversity are reported in the financial section.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.3M | $14.0M | $15.3M | $16.1M | $16.9M | $9.0M | $24.8M | $24.0M | $14.4M | $22.8M |
| Cost of revenue | $9.5M | $12.7M | $14.6M | $13.9M | $13.5M | $14.7M | $19.9M | $16.6M | $9.7M | $12.6M |
| Gross profit | -$3.2M | $1.3M | $695.0K | $2.1M | $3.4M | -$5.6M | $4.9M | $7.4M | $4.8M | $10.2M |
| R&D | $646.0K | $771.0K | $1.2M | $1.5M | $2.0M | $1.7M | $2.3M | $1.9M | $1.3M | $213.9K |
| SG&A | $3.4M | $3.9M | $4.3M | $4.7M | $3.1M | $4.1M | $4.0M | $4.0M | $2.9M | $2.1M |
| Total operating expenses | $5.3M | $5.7M | $6.7M | $7.7M | $6.5M | $7.3M | $8.9M | $8.5M | $5.6M | $2.8M |
| Operating income | -$8.4M | -$4.4M | -$6.0M | -$5.5M | -$3.1M | -$13.0M | -$4.0M | -$1.1M | -$802.0K | $7.4M |
| Interest expense | $720.0K | $649.0K | $559.0K | $58.0K | $60.0K | $60.0K | $103.0K | $20.2K | $17.8K | $112.5K |
| Pre-tax income | — | — | — | — | -$1.4M | -$13.0M | -$4.0M | -$1.1M | -$757.4K | $7.3M |
| Income tax | — | — | — | — | — | $2.1M | — | $215.0K | — | $2.9M |
| Net income | -$9.1M | -$4.7M | -$6.5M | -$5.6M | -$1.4M | -$10.9M | -$4.0M | -$848.3K | -$757.4K | $4.4M |
| EPS, basic | -3.59 | -1.86 | -3.45 | -0.43 | -0.11 | — | — | — | — | — |
| EPS, diluted | -3.59 | -1.86 | -3.45 | -0.43 | -0.11 | -1.01 | -0.40 | -0.08 | -0.07 | 0.58 |
| Shares, diluted (wtd. avg.) | $2.5M | $2.5M | $1.9M | $12.9M | $12.7M | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $200.0K | $498.0K | $549.0K | $211.0K | $5.1M | $1.6M | $2.8M | $5.6M | $14.2M | $16.2M |
| Receivables | $330.0K | $2.2M | $1.7M | $2.2M | $4.2M | $1.2M | $934.0K | $7.7M | $3.1M | $4.4M |
| Inventory | $9.4M | $12.9M | $16.5M | $15.5M | $9.0M | $9.1M | $13.9M | $8.5M | $5.5M | $4.8M |
| Total current assets | $10.0M | $15.6M | $22.0M | $23.3M | $25.2M | $14.6M | $19.2M | $23.0M | $23.6M | $25.7M |
| Property, plant and equipment | $128.0K | $196.0K | $344.0K | $538.0K | $1.0M | $1.5M | $2.1M | $2.1M | $824.1K | $737.6K |
| Total assets | $10.4M | $17.5M | $25.3M | $24.2M | $27.2M | $17.8M | $23.6M | $25.2M | $24.5M | $26.6M |
| Accounts payable | $2.5M | $408.0K | $1.8M | $230.0K | $328.0K | $311.0K | $575.0K | $1.1M | $757.8K | $659.4K |
| Total current liabilities | $10.3M | $8.6M | $10.2M | $6.0M | $3.4M | $4.5M | $2.7M | $1.9M | $1.5M | $2.7M |
| Long-term debt | — | — | $64.0K | $268.0K | $510.0K | $777.0K | $1.1M | $1.2M | $237.1K | — |
| Total liabilities | $10.3M | $9.0M | $12.1M | $6.0M | $3.9M | $6.3M | $5.2M | $2.9M | $1.6M | $3.0M |
| Retained earnings | -$39.5M | -$30.3M | -$25.7M | -$19.1M | -$13.5M | -$12.1M | -$1.2M | $2.8M | $3.7M | $4.4M |
| Total equity | $144.0K | $8.5M | $13.2M | $18.2M | $23.2M | $11.5M | $18.4M | $22.4M | $22.9M | $23.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$1.1M | -$536.0K | -$3.4M | -$6.5M | -$9.4M | -$6.5M | -$2.2M | -$7.8M | -$1.6M | $627.1K |
| Depreciation and amortisation | $67.0K | $167.0K | $387.0K | $507.0K | $549.0K | $622.0K | $628.0K | $385.6K | $255.6K | $207.9K |
| Stock-based compensation | — | — | — | $515.0K | — | — | $78.9K | $327.5K | $8.2K | — |
| Capital expenditure | — | $19.0K | $194.0K | $25.0K | $71.0K | $19.0K | $338.0K | $575.0K | $342.1K | $165.1K |
| Investing cash flow | — | -$19.0K | -$194.0K | -$25.0K | -$71.0K | -$19.0K | -$338.0K | -$575.0K | -$342.1K | -$296.3K |
| Financing cash flow | $763.0K | $504.0K | $4.0M | $1.6M | $12.9M | $5.4M | -$295.0K | -$138.4K | -$111.7K | $15.6M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001493152-26-016671.
Others in SIC 3690
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| ENS | EnerSys | $6.56B | 23.6x | 3.7% |
| NOVT | NOVANTA INC | $5.61B | 100.9x | 3.3% |
| QS | QuantumScape Corp | $3.38B | — | — |
| ATKR | Atkore Inc. | $3.17B | — | -11.0% |
| RUN | Sunrun Inc. | $2.14B | 5.2x | 45.1% |
| SPB | Spectrum Brands Holdings, Inc. | $2.04B | 22.9x | -5.2% |
| EMAT | Evolution Metals & Technologies Corp. | $1.88B | — | — |
| ENR | ENERGIZER HOLDINGS, INC. | $1.45B | 6.4x | 2.3% |