10-Q · May 20, 2026
Polar Power, Inc. reported dismal Q4 2025 results with revenues of $600,000 and an EPS of -$1.35, continuing a downward trend. Management attributed the downturn to excess inventory and challenging economic conditions;…
Earnings analysis · 10-Q
POLA earnings analysis
Filed August 18, 2026 · Our reading of the company's report
The latest report
The filing excerpt does not include the income statement, balance sheet or cash-flow statements, so current-quarter revenue, margins, EPS and free cash flow cannot be assessed from the provided text. The company…
Read full summary
The filing excerpt does not include the income statement, balance sheet or cash-flow statements, so current-quarter revenue, margins, EPS and free cash flow cannot be assessed from the provided text. The company reported net losses of $1,831 in the quarter and $2,009 year to date, and continues to depend on financing and liquidity sources to fund operations. International sales rose to 26% of quarterly revenue from 3% a year earlier, but customer, supplier, inflation, tariff and dilution risks remain substantial.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Disclosure controls remained effective
Management concluded that disclosure controls and procedures were effective at the reasonable assurance level as of June 30, 2026, and reported no changes during the three and six months ended June 30, 2026 that materially affected internal control over financial reporting.
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International sales contribution increased
International customers represented 26% of revenue in the three months ended June 30, 2026, versus 3% in the prior-year period, indicating greater geographic diversification during the quarter.
What to watch
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Continued losses and financing dependence
The company reported net losses of $1,831 for the three months ended June 30, 2026 and $2,009 for the six months ended June 30, 2026. Management expects to rely on cash on hand, operating cash flow, borrowing availability and future financing proceeds to fund operations.
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Customer and supplier concentration
Customer concentration remains material: the company derives substantially all revenue from one Tier-1 telecommunications customer. Its DC power systems also relied on Yanmar for 100% of engines sold in the three months ended June 30, 2026, compared with 67% in the prior-year quarter.
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Inflation and tariff pressure
Inflation has affected the business in 2025 and 2026 through increased energy costs, higher material costs from tariffs and rising wages. The filing warns that these pressures may continue to pressure margins, while the company may be unable to pass cost increases to customers.
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Past-due suppliers threaten production
The company states that many key suppliers have past-due accounts and warns suppliers could stop providing components if accounts are not brought current or payment plans are not negotiated. It has no long-term contracts or commitments with key engine suppliers.
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Higher exposure to international risks
International-customer exposure increased to 26% of quarterly revenue from 3% a year earlier. The company warns that trade policy, tariffs and export/import restrictions could increase material costs or reduce revenue; the impact of 2025 tariffs beyond 2026 remains difficult to determine.
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Potential preferred-stock and equity dilution
The company may issue up to 5,000,000 shares of preferred stock without further stockholder approval, and its 2016 equity plan permits awards covering up to 250,627 common shares. Preferred-stock issuance and future equity financing could dilute common holders or create senior economic rights.
Management's outlook
The filing does not provide numeric revenue or EPS guidance. Management states it anticipates revenue growth in the near future, but no quantitative outlook is disclosed.
Earlier filings 4
10-K · April 15, 2026
Polar Power remains a highly telecom-focused designer and manufacturer of DC power systems (88% of 2025 net sales) with growing exposure to 5G (66% of 2025 net sales tied to 5G Tier‑1 U.S. customers). Financial distress…
10-Q · November 19, 2025
Polar Power reported Q3 net sales of $1,273,000 and a net loss of $4,085,000 (EPS $(1.63)), driven by a $1,967,000 inventory write-down and an operating impairment. Revenue fell sharply vs. Q3 2024 ($4,914,000), gross…
10-Q · August 14, 2025
Polar Power reported Q2 net sales of $2,708,000, down from $4,660,000 a year earlier, producing a net loss of $271,000 (EPS $(0.11)) and an operating loss of $110,000 versus operating income of $460,000 in Q2 2024.…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.