Polar Power Inc
NASDAQ:POLA
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Polar Power Inc
NASDAQ:POLA
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Polar Power Inc
Polar Power, Inc. engages in the design, manufacture, and sell of direct current (DC) power systems. The company is headquartered in Gardena, California and currently employs 104 full-time employees. The company went IPO on 2016-12-07. The company is also engaged in other markets, including military, electric vehicle, marine, and industrial. The company provides power generation equipment for the telecommunications markets. Within the various markets it service, its DC power systems provide DC power to service applications that do not have access to the utility grid (prime power and mobile applications) or have critical power needs and cannot be without power in the event of utility grid failure (back-up power applications). Serving these various markets, it offers the various configurations of its DC power systems, which include base power systems, hybrid power systems, DC solar hybrid power systems, and mobile power systems. Its DC power systems are available in diesel, natural gas, liquefied petroleum gas (LPG) / propane, and renewable fuel formats.
Polar Power, Inc. engages in the design, manufacture, and sell of direct current (DC) power systems. The company is headquartered in Gardena, California and currently employs 104 full-time employees. The company went IPO on 2016-12-07. The company is also engaged in other markets, including military, electric vehicle, marine, and industrial. The company provides power generation equipment for the telecommunications markets. Within the various markets it service, its DC power systems provide DC power to service applications that do not have access to the utility grid (prime power and mobile applications) or have critical power needs and cannot be without power in the event of utility grid failure (back-up power applications). Serving these various markets, it offers the various configurations of its DC power systems, which include base power systems, hybrid power systems, DC solar hybrid power systems, and mobile power systems. Its DC power systems are available in diesel, natural gas, liquefied petroleum gas (LPG) / propane, and renewable fuel formats.
Revenue Growth: Q3 2019 revenue was $6.9 million, up 30% from last year, driven by higher sales but with a notable decline in backlog.
Profitability: The company posted a small net income of $48,000 for the quarter, compared to a loss of $0.7 million in Q3 2018.
Backlog & Order Volatility: Backlog fell sharply to $3 million from $11.5 million a year ago, reflecting order timing and delays from Tier-1 telecom clients.
Tier-1 Telecom Slowdown: Tier-1 customer orders are being postponed into 2020 due to 5G rollouts, M&A, and shifting priorities; management expects this volatility to be temporary.
Customer Diversification: Polar is expanding into last mile carriers, residential, commercial, and international markets to reduce reliance on large telecom clients.
Product Launches: New propane and natural gas generators powered by Toyota engines are awaiting EPA certification, with launches planned for both US and international markets.
Inventory Build: Inventory increased significantly to support faster delivery and anticipated orders, but is mostly sellable across customer types.
Cash Management: Management believes they can remain cash-flow positive or near breakeven, even with current revenue levels, and are prepared to weather short-term market challenges.
