Polar Power Q1 net loss narrows on lower operating expenses

Polar Power, Inc.

Polar Power, Inc.

POLA

0.00


Overview

  • US DC power solutions provider's Q1 revenue was flat yr/yr, gross margin rose sharply

  • Net loss for Q1 narrowed 86% yr/yr, aided by lower operating expenses

  • Company reached reduced rent agreement for Gardena headquarters, aims to regain Nasdaq compliance


Outlook

  • Company anticipates fulfilling $3.8 mln sales backlog in coming months to reduce debt

  • Polar Power aims to regain Nasdaq listing compliance within the available cure period

  • Company expects operational efficiency improvements from partnership with Mammoth Crest Capital


Result Drivers

  • WARRANTY RESERVE ADJUSTMENT - Q1 gross margin included a one-time $450,000 favorable warranty reserve adjustment following a reserve study

  • LOWER OPERATING EXPENSES - Operating expenses fell 22% yr/yr, contributing to a narrower net loss

  • INTERNATIONAL TELECOM ORDERS - Expanded sales backlog driven by new orders, about 73% from international telecom customers


Company press release: ID:nGNX5bZWp0


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q1 Sales

$1.73 mln

Q1 Net Income

-$178,000

Q1 Gross Profit

$1.14 mln

Q1 Operating Expenses

$1.11 mln

Q1 Operating Income

$24,000


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


This page is machine-translated. Sahm tries to improve but does not guarantee the accuracy and reliability of the translation, and will not be liable for any loss or damage caused by any inaccuracy or omission of the translation. *Disclaimer: The above content only represents the author's personal position and opinion and does not represent any position of Sahm Capital Financial Company and Sahm cannot confirm the authenticity, accuracy, and originality of the above content. Investors should consider the risks of investment products in light of their circumstances before making any investment decisions. When necessary, please consult a professional investment advisor. Sahm does not provide any investment advice, nor does it make any commitments and guarantees.