Polar Power Announces Preliminary 2024 Third Quarter Financial Results: Expected Net Sales of $4.7 - $5.2 Million and Gross Margin of 26%-32%
29 Octobre 2024 - 12:30PM
Polar Power, Inc. (“Polar Power” or the “Company”) (NASDAQ: POLA),
a global provider of prime, backup, and solar hybrid power
solutions, today announces preliminary third quarter net sales
between $4.7 million and $5.2 million, representing growth of 147%
to 174%, gross margin in the range of 26% to 32%, and breakeven net
earnings.
- Recovering net
sales benefitting from strength across both diesel- and natural
gas-powered product lines, with new customers accounting for 18%
and 12% of total sales, respectively
- Substantial
year-over-year improvement in gross margin attributable to higher
revenues, lower labor costs and improved factory overhead
absorption
- Substantial
improvement in net income from operations attributed to a
combination of higher sales, improved gross margins, reduced
R&D expenditures and lower general and administrative
costs
Arthur Sams, CEO of Polar Power, commented, “We
expect to report third quarter results that will reflect another
solid quarter of year-over-year top- and bottom-line improvements,
with sales of about $5 million and gross margins that are
recovering and tracking towards our long-term target. Investments
made in our newly implemented ERP system and other initiatives have
resulted in both continued diversification of our customer base and
more efficient business processes, which have enabled inventory
optimization, reduction of certain R&D costs and faster
reaction time to meet evolving needs in our core telecom sector and
beyond. We have made very good progress in the past twelve months,
and there remain plenty of opportunities for us to take advantage
of and generate sustainably profitable growth for our
shareholders.”
Polar Power expects to file its quarterly report
on form 10-Q and announce its third quarter results on or before
November 14, 2024.
About Polar Power, Inc.
Polar Power (NASDAQ: POLA), an innovative
provider of DC advanced power and cooling systems across diverse
industrial applications, is pioneering technological changes that
radically change the production, consumption, and environmental
impact of power generation. Its product portfolio, known for
innovation, durability, and efficiency, presently includes standard
products for telecom, military, renewable energy, marine,
automotive, residential, commercial, oil field and mining
applications. Polar’s systems can be configured to operate on any
energy source including photovoltaics, diesel, LPG (propane and
butane), and renewable fuels.
The Company’s telecom power solutions offer
significant cost savings with installation, permitting, site
leases, and operation. Its military solutions provide compact,
lightweight, fuel efficient, reliable power solutions for robotics,
drone, communications, hybrid propulsion, and other
applications.
The Company’s mobile rapid battery charging
technology enables on-demand roadside charging for electric
vehicles. Its combined heat and power (CHP) residential systems
offer innovative vehicle charging and integrated home power systems
via natural gas or propane feedstocks, optimizing performance and
system costs.
The Company’s micro / nano grid solutions
provide lower cost energy in “bad-grid or no-grid” environments.
Its commitment to technological advancement extends to hybrid
propulsion systems for marine and specialty vehicles, ensuring
efficiency, comfort, reliability, and cost savings.
For more information, please visit
www.polarpower.com. or follow us on
www.linkedin.com/company/polar-power-inc/.
Safe Harbor Statement Under the Private Securities
Litigation Reform Act of 1995
This press release contains forward-looking
statements regarding Polar Power and its business, financial
condition, results of operations and prospects. Words such as
"expects," "anticipates," "intends," "plans," "believes," "seeks,"
"estimates" and similar expressions or variations of such words are
intended to identify forward-looking statements, but are not the
exclusive means of identifying forward-looking statements in this
press release. Additionally, statements concerning future matters
such as revenue projections, projected profitability, growth
strategies, and other statements regarding matters that are not
historical are forward-looking statements.
Forward-looking statements in this press release
reflect the good faith judgment of the Company’s management and the
statements are based on facts and factors as we currently know
them. Forward-looking statements are subject to risks and
uncertainties and actual results and outcomes may differ materially
from the results and outcomes discussed in the forward-looking
statements. Factors that could cause or contribute to such
differences in results and outcomes include, but are not limited
to, those discussed in this press release, and other risks,
including, but not limited to, those described in the Company's
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and
other filings and submissions with the SEC. Readers are urged not
to place undue reliance on these forward-looking statements which
speak only as of the date of this press release. The Company
undertakes no obligation to revise or update any forward-looking
statements in order to reflect any event or circumstance that may
arise after the date of this press release.
This press release contains market data and
industry statistics and forecasts that are based on independent
industry publications and other publicly-available information.
Although the Company believes these sources are reliable, it does
not guarantee the accuracy or completeness of this information and
it has not independently verified this information. Although the
Company is not aware of any misstatements regarding the market and
industry data presented in this press release, these estimates
involve risks and uncertainties and are subject to change based on
various factors, including those discussed in the section titled
“Risk Factors” in its filings and other documents that are
incorporated herein by reference. Accordingly, investors should not
place undue reliance on this information.
Investor Relations Contact:
At CORE IR
Peter Seltzberg, SVP Investor Relations and Corporate
Advisorypeters@coreir.com
At Polar Power Inc.
IR@PolarPowerinc.com
Polar Power (NASDAQ:POLA)
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