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
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
6/30/2022
Q2
3/31/2022
Q1
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments2921192113632,6564,186
Cash and cash equivalents2921192113632,6564,186
Receivables4,5054,0033,0172,0034,7814,403
Inventory, net of allowances, customer advances and progress billings17,68916,87515,46015,62511,98510,485
Inventory17,68916,87515,46015,62511,98510,485
Prepaid expense1,0501,8522,6294,3284,3863,264
Other undisclosed current assets2,0002,0002,0002,0002,0002,000
Total current assets:25,53624,84923,31724,31925,80824,338
Noncurrent Assets
Operating lease, right-of-use asset2,1782,436240411580748
Property, plant and equipment505421538657770893
Other undisclosed noncurrent assets939393939393
Total noncurrent assets:2,7762,9508711,1611,4431,734
TOTAL ASSETS:28,31227,79924,18825,48027,25126,072
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities1,4291,024230425135544
Accounts payable1,4291,024230425135544
Debt5,0623,1822,095248248245
Other undisclosed current liabilities3,6544,7633,6255,2015,2872,825
Total current liabilities:10,1458,9695,9505,8745,6703,614
Noncurrent Liabilities
Long-term debt and lease obligation, including: 833578147123
Long-term debt, excluding current maturities 8335781143205
Other undisclosed long-term debt and lease obligation     (143)(205)
Liabilities, other than long-term debt1,5271,729    
Operating lease, liability1,5271,729  47123
Other undisclosed noncurrent liabilities     9682
Total noncurrent liabilities:1,5351,7625781190328
Total liabilities:11,68010,7316,0075,9555,8603,942
Equity
Equity, attributable to parent16,63217,06818,18119,52521,39122,130
Common stock111111
Treasury stock, value(40)(40)(40)(40)(40)(40)
Additional paid in capital37,33137,33137,33137,33136,81636,816
Accumulated deficit(20,660)(20,224)(19,111)(17,767)(15,386)(14,647)
Total equity:16,63217,06818,18119,52521,39122,130
TOTAL LIABILITIES AND EQUITY:28,31227,79924,18825,48027,25126,072

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

9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
6/30/2022
Q2
3/31/2022
Q1
Revenues5,5874,1906,3661,7074,2743,709
Cost of revenue
(Cost of Goods and Services Sold)
(4,112)(3,435)(5,960)(1,954)(3,213)(2,804)
Gross profit:1,475755406(247)1,061905
Operating expenses(1,785)(1,790)(1,731)(2,129)(1,786)(2,012)
Operating loss:(310)(1,035)(1,325)(2,376)(725)(1,107)
Nonoperating expense(126)(78)(19)(5)(14)(13)
Other nonoperating income    7  
Interest and debt expense(126)(78)(19)(12)(14)(13)
Loss from continuing operations:(562)(1,191)(1,363)(2,393)(753)(1,133)
Loss before gain (loss) on sale of properties:(2,393)(753)(1,133)
Net loss:(562)(1,191)(1,363)(2,393)(753)(1,133)
Other undisclosed net income attributable to parent1267819121413
Net loss available to common stockholders, diluted:(436)(1,113)(1,344)(2,381)(739)(1,120)

Comprehensive Income ($ in thousands)

9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
6/30/2022
Q2
3/31/2022
Q1
Net loss:(562)(1,191)(1,363)(2,393)(753)(1,133)
Comprehensive loss, net of tax, attributable to parent:(562)(1,191)(1,363)(2,393)(753)(1,133)

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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