Polar Power, Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsPolar Power, Inc. designs and manufactures DC power generators, renewable energy and cooling systems, primarily for telecommunications customers, and is currently operating under substantial going-concern doubt.
What they do
Polar Power builds DC power systems with output from 5 kW to 50 kW, sold as base, hybrid, DC solar hybrid and mobile configurations for telecom, military, electric vehicle charging, marine and industrial applications. The systems run on diesel, natural gas, LPG/propane or renewable fuels and are assembled at two facilities in Gardena, California. The company serves applications without utility grid access (prime power) or needing backup power, and also targets battery charging for EV and renewable storage uses.
Revenue drivers
- U.S. Tier-1 telecommunications DC power systems — In 2025, 88% of net sales came from the telecommunications market, and 66% of net sales were DC power systems supporting 5G networks for Tier-1 U.S. telecom customers, up from 50% in 2024. The largest customer, a U.S. Tier-1 telecom, represented 65% of total net sales in 2025.
- International telecommunications sales — Sales to international customers were 7% of total net sales in 2025 and 13% in 2024, with several telecom customers in the South Pacific region purchasing DC generators. For the three months ended June 30, 2026, international customers accounted for 26% of net sales.
- Military market — Military customers represented 8% of total net sales in both 2025 and 2024, and 3% of net sales for the three months ended June 30, 2026. The company markets DC generators for military robotics, drones and field computerization.
- Marine and other non-telecom markets — Marine sales were 1% of 2025 net sales and 3% in 2024, while other markets were 1% in 2024 and 3% in 2025. These smaller categories are part of the stated customer diversification strategy.
Recent performance
Annual revenue declined from $16.9M in 2021 to $14.0M in 2024 and then to $6.3M in 2025, with a 2025 net loss of $9.1M and diluted EPS of $-3.59. Quarterly revenue was $1.3M in 2025-09-30, $600,000 in 2025-12-31, $1.7M in 2026-03-31 and $1.0M in 2026-06-30. At June 30, 2026, total assets were $10.2M, total liabilities $9.3M, shareholder equity $857,000 and cash and equivalents $183,000. The 2025 10-K states the company used $1,061 thousand of cash in operating activities in 2025.
Strategy
Management says it is diversifying its customer base and selling into non-telecommunications markets at an increasing rate. It launched prime power DC generators using Toyota 1KS engines optimized for propane and natural gas, citing EPA restrictions on small diesel engines as a driver for LPG and natural gas adoption. The company is upgrading its mobile CHAdeMO EV chargers to the universal combined charging system standard for the mobile EV charging market. It also continues to market DC generators to military, advanced mobility and marine customers, and points to 5G buildout and rural telecom infrastructure programs as long-term growth drivers.
Risks
- Going concern — The 2025 10-K states the company recorded a $9,133 net loss and used $1,061 of cash in operating activities in 2025, raising substantial doubt about its ability to continue as a going concern within one year.
- Customer concentration — The largest customer, a U.S. Tier-1 telecom, represented 65% of total net sales in 2025, and purchase orders from U.S. Tier-1 telecom customers were 74% of total sales backlog at December 31, 2025.
- Liquidity and rent delinquency — Cash and equivalents were $183,000 at June 30, 2026, and the company is delinquent on rent for its Gardena office and warehouse facilities, with a landlord having filed an eviction summons on October 24, 2025 that was stopped on February 23, 2026 pending resolution discussions.
- Listing and financing actions — The company received a delisting notice or listing-rule failure on July 6, 2026, and since July 2026 has entered multiple material agreements involving unregistered equity sales and new financial obligations.
Outlook
Management states that delays in international projects have temporarily impacted export markets but that it continues to focus on long-term diversification. It expects 5G network implementation and rural telecom infrastructure programs to fuel growth in the telecommunications market over the next five to ten years. The company also expects its LPG and natural gas generators to provide growth and diversification opportunities. The 2025 10-K includes no assurance that these efforts will resolve the going-concern doubt.