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
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- United States
- United Kingdom Europe And Middle East
- Other
| Region | FY2025 |
|---|---|
| United States | $5.9M |
| United Kingdom Europe And Middle East | $309.0K |
| Other | $106.0K |
As the company reported it, from the “SCHEDULE OF NET SALES BY GEOGRAPHICAL REGIONS (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $22.8M | $14.4M | $24.0M | $24.8M | $9.0M | $16.9M | $16.1M | $15.3M | $14.0M | $6.3M |
| Gross profit | $10.2M | $4.8M | $7.4M | $4.9M | -$5.6M | $3.4M | $2.1M | $695.0K | $1.3M | -$3.2M |
| Net income | $4.4M | -$757.4K | -$848.3K | -$4.0M | -$10.9M | -$1.4M | -$5.6M | -$6.5M | -$4.7M | -$9.1M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Officer or director change Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Material agreement signed Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Material agreement signed Item 1.01
- Material agreement signed Item 1.01
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
- New debt or obligation Item 2.03
- Unregistered share sale Item 3.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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