Polar Power, Inc. (POLA) Financial Statements (2024 and earlier)

Company Profile

Business Address 249 E. GARDENA BOULEVARD
GARDENA, CA 90248
State of Incorp. DE
Fiscal Year End December 31
Industry (SIC) 369 - Miscellaneous Electrical Machinery, Equipment, and Supplies (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

9/30/2023
MRQ
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments2115,1011,6462,8405,64014,201
Cash and cash equivalents2115,1011,6462,8405,64014,201
Receivables3,0175,0303,5471,1658,4433,688
Inventory, net of allowances, customer advances and progress billings15,4609,0179,09413,9128,4725,487
Inventory15,4609,0179,09413,9128,4725,487
Prepaid expense2,6294,0063581,265469237
Other undisclosed current assets2,0002,000    
Total current assets:23,31725,15414,64519,18223,02323,612
Noncurrent Assets
Operating lease, right-of-use asset2409141,5632,187
Property, plant and equipment5381,0191,4972,1002,123824
Other undisclosed noncurrent assets939394949487
Total noncurrent assets:8712,0263,1544,3812,217912
TOTAL ASSETS:24,18827,18017,79923,56325,24024,524
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities2303283115751,066758
Accounts payable2303283115751,066758
Debt2,0952421,696946283110
Customer advances and deposits40
Other undisclosed current liabilities3,6252,8242,5151,229584586
Total current liabilities:5,9503,3944,5222,7501,9341,494
Noncurrent Liabilities
Long-term debt and lease obligation 575361,7862,437925127
Long-term debt, excluding current maturities 57268796778925127
Liabilities, other than long-term debt      
Operating lease, liability 2689901,660
Other undisclosed noncurrent liabilities  (268)(990)   
Total noncurrent liabilities:575361,7862,437925127
Total liabilities:6,0073,9306,3085,1872,8581,621
Equity
Equity, attributable to parent18,18123,25011,49118,37622,38222,903
Common stock111111
Treasury stock, value(40)(40)(40)(40)  
Additional paid in capital37,33136,81623,64319,65719,57819,251
Retained earnings (accumulated deficit)(19,111)(13,527)(12,113)(1,242)2,8033,651
Total equity:18,18123,25011,49118,37622,38222,903
TOTAL LIABILITIES AND EQUITY:24,18827,18017,79923,56325,24024,524

Income Statement (P&L) ($ in thousands)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Revenues16,05616,8969,03124,80124,04614,419
Revenue, net14,419
Cost of revenue(13,931)(13,451)(14,654)(19,882)(16,615)(9,658)
Cost of goods and services sold(13,931)(13,451)(14,654)  (9,658)
Gross profit:2,1253,445(5,623)4,9197,4324,761
Operating expenses(7,658)(6,543)(7,341)(8,901)(8,531)(5,563)
Operating loss:(5,533)(3,098)(12,964)(3,981)(1,099)(802)
Nonoperating income (expense)(51)1,684(46)(63)3645
Investment income, nonoperating     56 
Other nonoperating income 72914   
Interest and debt expense(58)(60)(60)(103)(20)(18)
Other undisclosed income from continuing operations before equity method investments, income taxes     2018
Loss from continuing operations before equity method investments, income taxes:(5,642)(1,474)(13,070)(4,148)(1,063)(757)
Other undisclosed income from continuing operations before income taxes  6060103  
Loss from continuing operations before income taxes:(5,642)(1,414)(13,010)(4,045)(1,063)(757)
Income tax benefit   2,139 215 
Loss from continuing operations:(5,642)(1,414)(10,871)(4,045)(848)(757)
Loss before gain (loss) on sale of properties:(1,414)(10,871)(4,045)(848)(757)
Net loss:(5,642)(1,414)(10,871)(4,045)(848)(757)
Other undisclosed net income attributable to parent58     
Net loss available to common stockholders, diluted:(5,584)(1,414)(10,871)(4,045)(848)(757)

Comprehensive Income ($ in thousands)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Net loss:(5,642)(1,414)(10,871)(4,045)(848)(757)
Comprehensive loss, net of tax, attributable to parent:(5,642)(1,414)(10,871)(4,045)(848)(757)

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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