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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): October 29, 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
8.01 Other Events
On
October 29, 2024, Polar Power, Inc. issued a press release. A copy of the press release is furnished as Exhibit 99.1 and is incorporated
herein by reference.
The
information in this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is intended to be furnished and shall not be
deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the
liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended,
except as expressly set forth by specific reference in such filing.
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:
October 30, 2024
|
POLAR
POWER, INC. |
|
|
|
|
By: |
/s/
Arthur D. Sams |
|
|
Arthur
D. Sams President, Chief Executive Officer and Secretary |
Exhibit 99.1
Polar
Power Announces Preliminary 2024 Third Quarter Financial Results:
Expected
Net Sales of $4.7 - $5.2 Million and Gross Margin of 26%-32%
GARDENA,
CA, Oct. 29, 2024 (GLOBE NEWSWIRE) — 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 Advisory
peters@coreir.com
At
Polar Power Inc.
IR@PolarPowerinc.com
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