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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): August 14, 2024
POLAR
POWER, INC.
(Exact
Name of Registrant as Specified in Charter)
Delaware |
|
001-37960 |
|
33-0479020 |
(State
or Other Jurisdiction
of
Incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
249
E. Gardena Boulevard, Gardena, California 90248
(Address
of Principal Executive Offices) (Zip Code)
(310)
830-9153
(Registrant’s
telephone number, including area code)
N/A
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, par value $0.0001 per share |
|
POLA |
|
The
NASDAQ Stock Market, LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
2.02 Results of Operations and Financial Condition.
On
August 14, 2024, Polar Power, Inc. (the “Company”) issued a press release announcing its financial results for the three
and six months ended June 30, 2024. A copy of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference.
Item
7.01 Regulation FD Disclosure.
The
information contained in Item 2.02 is incorporated herein by reference.
The
information contained in Items 2.02 and Item 7.01 (including Exhibit 99.1) is furnished pursuant to Items 2.02 and 7.01 and shall not
be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject
to the liabilities of that section.
The
Company does not have, and expressly disclaims, any obligation to release publicly any updates or any changes in the Company’s
expectations or any change in events, conditions, or circumstances on which any forward-looking statement is based, except as required
by law.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date:
August 14, 2024
|
POLAR
POWER, INC. |
|
|
|
|
By: |
/s/
Arthur D. Sams |
|
|
Arthur
D. Sams President, Chief Executive Officer and Secretary |
Exhibit
99.1
Polar
Power Reports Second Quarter 2024 Financial Results
Swing
to Quarterly Profit Led by Higher Net Sales
GARDENA,
CA – August 14, 2024 – 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 2023 |
● |
The
company’s gross margin improved to 39.3% compared to 26.4%, due in part to higher international sales |
● |
Operating
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 2023 |
● |
Net
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 2023 |
● |
Working
capital of $10.1 million as of June 30, 2024, including $15.8 million in inventory |
● |
Backlog
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 Chairman |
● |
Received
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. We believe increased revenues
combined with utilization of inventory will provide improved profits as we continue to see market conditions improve in our core telecom
market.”
“We
also appointed a new director to our Board, Michael Field, and we welcome him to the team and look forward to benefitting from his sales,
operational, and leadership experience,” concluded Mr. Sams.
About
Polar Power, Inc.
Polar
Power (NASDAQ: POLA) is pioneering technological changes that radically change the production, consumption, and environmental impact
of power generation and is a leading provider of DC advanced power and cooling systems, pioneering innovations across diverse industrial
applications. 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 Power’s systems
can be configured to operate on any energy source including photovoltaics, diesel, LPG (propane and butane), and renewable fuels.
Polar
Power’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. Its 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. Polar Power’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
news release contains certain statements of a forward-looking nature relating to future events or future business performance. Forward-looking
statements can be identified by the words “expects,” “anticipates,” “believes,” “intends,”
“estimates,” “plans,” “will,” “outlook” and similar expressions. Forward-looking statements
are based on management’s current plans, estimates, assumptions and projections, and speak only as of the date they are made. With
the exception of historical information, the matters discussed in this press release including, without limitation, Polar Power’s
belief that orders from its telecom customers will continue to materialize; Polar Power’s expectations that its planned investment
in sales and marketing will accelerate sales growth, and managing operating expenses should enable both top- and bottom-line improvements
throughout 2024 are forward-looking statements and considerations that involve a number of risks and uncertainties. The actual future
results of Polar Power could differ from those statements. Factors that could cause or contribute to such differences include, but are
not limited to, adverse domestic and foreign economic and market conditions, including demand for its Summit Series, 27 kW DC generator
product line; trade tariffs on raw materials; changes in domestic and foreign governmental regulations and policies; the impact of inflation
and changing prices on raw materials; supply chain constraints causing significant delays in sourcing raw materials; labor shortages
as a result of the pandemic, low unemployment rates, or other factors limiting the availability of qualified workers; and other events,
factors and risks. It undertakes no obligation to update any forward-looking statement in light of new information or future events,
except as otherwise required by law. Forward-looking statements involve inherent risks and uncertainties, most of which are difficult
to predict and are generally beyond Polar Power’s control. Actual results or outcomes may differ materially from those implied
by the forward-looking statements as a result of the impact of a number of factors, many of which are discussed in more detail in Polar
Power’s reports filed with the Securities and Exchange Commission.
Media
and Investor Relations:
CoreIR
Peter
Seltzberg, SVP Investor Relations and Corporate Advisory
+1
212-655-0924
ir@polarpowerinc.com
www.CoreIR.com
Company
Contact:
Polar
Power, Inc.
249
E. Gardena Blvd.
Gardena,
CA 90248
Tel:
310-830-9153
ir@polarpowerinc.com
www.polarpower.com
POLAR
POWER, INC.
CONDENSED
BALANCE SHEETS
(in
thousands, except share and per share data)
| |
June 30, 2024 | |
December 31, 2023 |
| |
(Unaudited) | |
|
ASSETS | |
| | | |
| | |
Current assets | |
| | | |
| | |
Cash and cash equivalents | |
$ | 1,119 | | |
$ | 549 | |
Accounts receivable | |
| 2,310 | | |
| 1,676 | |
Inventories | |
| 15,776 | | |
| 16,522 | |
Prepaid expenses | |
| 387 | | |
| 455 | |
Employee retention credit receivable | |
| — | | |
| 2,000 | |
Income taxes receivable | |
| — | | |
| 787 | |
Total current assets | |
| 19,592 | | |
| 21,989 | |
| |
| | | |
| | |
Other assets: | |
| | | |
| | |
Operating lease right-of-use assets, net | |
| 2,239 | | |
| 2,818 | |
Property and equipment, net | |
| 241 | | |
| 344 | |
Deposits | |
| 108 | | |
| 108 | |
| |
| | | |
| | |
Total assets | |
$ | 22,180 | | |
$ | 25,259 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable | |
$ | 597 | | |
$ | 1,762 | |
Customer deposits | |
| 1,469 | | |
| 1,618 | |
Accrued liabilities and other current liabilities | |
| 1,156 | | |
| 1,151 | |
Line of credit | |
| 4,683 | | |
| 4,238 | |
Notes payable-related party, current portion | |
| 258 | | |
| 257 | |
Notes payable, current portion | |
| 16 | | |
| 64 | |
Operating lease liabilities, current portion | |
| 1,260 | | |
| 1,124 | |
| |
| | | |
| | |
Total current liabilities | |
| 9,439 | | |
| 10,214 | |
| |
| | | |
| | |
Operating lease liabilities, net of current portion | |
| 1,193 | | |
| 1,856 | |
| |
| | | |
| | |
Total liabilities | |
| 10,632 | | |
| 12,070 | |
| |
| | | |
| | |
Commitments and Contingencies | |
| | | |
| | |
| |
| | | |
| | |
Stockholders’ Equity | |
| | | |
| | |
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding | |
| — | | |
| — | |
Common stock, $0.0001 par value, 50,000,000 shares authorized, 17,579,089 shares issued and 17,561,612 shares outstanding on June 30, 2024, and December 31, 2023 | |
| 2 | | |
| 2 | |
Additional paid-in capital | |
| 38,886 | | |
| 38,886 | |
Accumulated deficit | |
| (27,300 | ) | |
| (25,659 | ) |
Treasury Stock, at cost (17,477 shares) | |
| (40 | ) | |
| (40 | ) |
Total stockholders’ equity | |
| 11,548 | | |
| 13,189 | |
| |
| | | |
| | |
Total liabilities and stockholders’ equity | |
$ | 22,180 | | |
$ | 25,259 | |
POLAR
POWER, INC.
UNAUDITED
CONDENSED STATEMENTS OF OPERATIONS
(in
thousands, except share and per share data)
| |
Three Months Ended June 30, | |
Six Months Ended June 30, |
| |
2024 | |
2023 | |
2024 | |
2023 |
Net Sales | |
$ | 4,660 | | |
$ | 5,587 | | |
$ | 6,434 | | |
$ | 9,777 | |
Cost of Sales | |
| 2,828 | | |
| 4,112 | | |
| 5,005 | | |
| 7,548 | |
Gross profit | |
| 1,832 | | |
| 1,475 | | |
| 1,429 | | |
| 2,229 | |
| |
| | | |
| | | |
| | | |
| | |
Operating Expenses | |
| | | |
| | | |
| | | |
| | |
Sales and marketing | |
| 264 | | |
| 310 | | |
| 494 | | |
| 642 | |
Research and development | |
| 195 | | |
| 338 | | |
| 415 | | |
| 684 | |
General and administrative | |
| 913 | | |
| 1,137 | | |
| 2,040 | | |
| 2,248 | |
Total operating expenses | |
| 1,372 | | |
| 1,785 | | |
| 2,949 | | |
| 3,574 | |
| |
| | | |
| | | |
| | | |
| | |
Income (loss) from operations | |
| 460 | | |
| (310 | ) | |
| (1,520 | ) | |
| (1,345 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income (expenses) | |
| | | |
| | | |
| | | |
| | |
Interest expense and finance costs | |
| (179 | ) | |
| (126 | ) | |
| (342 | ) | |
| (204 | ) |
Interest Income | |
| 220 | | |
| — | | |
| 221 | | |
| | |
Total other income (expenses), net | |
| 41 | | |
| (126 | ) | |
| (121 | ) | |
| (204 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) | |
$ | 501 | | |
$ | (436 | ) | |
$ | (1,641 | ) | |
$ | (1,549 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) per share – basic and diluted | |
$ | 0.03 | | |
$ | (0.03 | ) | |
$ | (0.09 | ) | |
$ | (0.12 | ) |
Weighted average shares outstanding, basic and diluted | |
| 17,561,612 | | |
| 12,949,550 | | |
| 17,561,612 | | |
| 12,949,550 | |
POLAR
POWER, INC.
UNAUDITED
CONDENSED STATEMENTS OF CASH FLOW
(in
thousands)
| |
Six Months Ended June 30, |
| |
2024 | |
2023 |
Cash flows from operating activities: | |
| | | |
| | |
Net loss | |
$ | (1,641 | ) | |
$ | (1,549 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 121 | | |
| 226 | |
Changes in operating assets and liabilities | |
| | | |
| | |
Accounts receivable | |
| (634 | ) | |
| (1,488 | ) |
Employee retention credit | |
| 2,000 | | |
| — | |
Inventories | |
| 746 | | |
| (2,229 | ) |
Prepaid expenses | |
| 68 | | |
| 1,579 | |
Income tax receivable | |
| 787 | | |
| — | |
Operating lease right-of-use asset | |
| 579 | | |
| 454 | |
Accounts payable | |
| (1,165 | ) | |
| 1,199 | |
Customer deposits | |
| (149 | ) | |
| (591 | ) |
Accrued expenses and other current liabilities | |
| 5 | | |
| 11 | |
Operating lease liability | |
| (527 | ) | |
| (416 | ) |
Net cash provided by (used in) operating activities | |
| 190 | | |
| (2,804 | ) |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Acquisition of property and equipment | |
| (18 | ) | |
| (194 | ) |
Net cash used in investing activities | |
| (18 | ) | |
| (194 | ) |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Proceeds from advances from credit facility | |
| 445 | | |
| 3,044 | |
Proceeds from notes payable, related party | |
| — | | |
| 160 | |
Repayment of notes payable | |
| (47 | ) | |
| (125 | ) |
Net cash provided by financing activities | |
| 398 | | |
| 3,079 | |
| |
| | | |
| | |
Increase in cash and cash equivalents | |
| 570 | | |
| 81 | |
Cash and cash equivalents, beginning of period | |
| 549 | | |
| 211 | |
Cash and cash equivalents, end of period | |
$ | 1,119 | | |
$ | 292 | |
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Polar Power (NASDAQ:POLA)
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