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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): August 14, 2023
POLAR
POWER, INC.
(Exact
Name of Registrant as Specified in Charter)
Delaware |
|
001-37960 |
|
33-0479020 |
(State
or Other Jurisdiction
of
Incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
249
E. Gardena Boulevard, Gardena, California 90248
(Address
of Principal Executive Offices) (Zip Code)
(310)
830-9153
(Registrant’s
telephone number, including area code)
N/A
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
☐ |
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common Stock, par value
$0.0001 per share |
|
POLA |
|
The NASDAQ Stock Market,
LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
2.02 Results of Operations and Financial Condition.
On
August 14, 2023, Polar Power, Inc. issued a press release announcing its financial results for the three and six months ended June 30,
2023. A copy of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference.
The
information in this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is intended to be furnished and shall not be
deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the
liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended,
except as expressly set forth by specific reference in such filing.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date:
August 14, 2023
|
POLAR POWER, INC. |
|
|
|
|
By: |
/s/ Arthur
D. Sams |
|
|
Arthur D. Sams President, Chief Executive Officer and
Secretary |
Exhibit
99.1
Polar
Power Reports Second Quarter 2023 Financial Results
GARDENA,
CA – August 14, 2023 – Polar Power, Inc. (“Polar Power” or the “Company”) (NASDAQ: POLA), a global
provider of prime, backup and solar hybrid DC power solutions, today reported its financial results for the three and six months ended
June 30, 2023.
Key
Q2 2023 Results and Highlights:
Financial
Results for the Three and Six Months Ended June 30, 2023
● | Net
sales for Q2 2023 were $5.5 million, a 31% increase compared to $4.2 million in the same
period last year. Net sales for the six months ended June 30, 2023 were $9.7 million, a 22%
increase, as compared to $7.9 million in the same period last year. |
| |
● | Gross
profit during the Q2 2023 increased 39%, to $1.4 million, as compared to $1.0 million in
the same period in 2022. Gross margins during Q2 2023 increased to 26.4%, as compared to
24.8% during Q2 2022. Gross profit during the six months ended June 30, 2023, increased 13%,
to $2.2 million, as compared to $1.9 million for the same period in 2022. The increases in
gross profit during the three- and six-months periods ended June 30, 2023 were primarily
a result of improved labor efficiencies in manufacturing and utilization of previously written
off obsolete inventory of $173,000 during Q2 2023 and $195,000 during the six-month period
ended June 30, 2023. |
| |
● | Operating
expenses remained constant at $1.7 million during Q2 2023, as compared to $1.7 million for
Q2 2022. Operating expenses for the six months ended June 30, 2023 decreased 6% to $3.5 million,
as compared to $3.7 million for the same period in 2022. The decrease was primarily due to
staff reductions in sales and engineering. |
| |
● | Net
loss for Q2 2023 totaled $436,000, or $(0.03) per basic and diluted share, compared to a
net loss of $739,000, or $(0.06) per basic and diluted share in Q2 2022. Net loss for the
six months ended June 30, 2023 totaled $1.5 million, or $(0.12) per basic and diluted share,
compared to a net loss of $1.8 million, or $(0.15) per basic and diluted share during the
same period in 2022. |
| |
● | Cash
and cash equivalents at June 30, 2023 were $292,000, as compared to $211,000 at December
31, 2022. We had $17.7 million in inventory at June 30, 2023, as compared to $15.4 million
at December 31, 2022. Working capital was $15.4 million at June 30, 2023, as compared to
$17.3 million at December 31, 2022 |
| |
● | Backlog
as of the end of Q2 2023 was $5.9 million, of which 68% is from orders of the Company’s
DC power generators from telecommunications customers in the U.S., 23% from telecommunications
customers in international markets, 6% from customers in the military market, 2% from customers
in the marine market, and 3% from customers in other markets. |
Management
Commentary
The
Company’s net sales increased 31% in Q2 2023, as compared to Q2 2022, and gross profit increased 39% during Q2 2023 when compared
to Q2 2022. During Q2 2023, sales to telecommunications customers in the U.S. represented 68% of total net sales, sales to telecommunications
customers outside the U.S. represented 29%, sales to customers in the military market represented 2%, and sales to other markets represented
less than 1%. During Q2 2022, sales to telecommunications customers in the U.S. represented 97% of total net sales, sales to telecommunications
customers outside the U.S. represented 2%, and sales customers other markets represented less than 2%.
For
the six months ended June 30, 2023, the Company’s net sales increased 22% when compared to the same period in 2022, and gross profit
increased 13% for the six months ended June 30, 2023, as compared to the same period in 2022. During the six months ended
June 30, 2023, sales to telecommunications customers in the U.S. represented 68% of total net sales, sales to telecommunications customers
outside the U.S. represented 28%, sales to customers in the military market represented 3%, and sales to other markets represented less
than 1%. During the six-month period ended June 30, 2022, sales to telecommunications customers in the U.S. represented 98% of
total net sales, sales to telecommunications customers outside the U.S. represented 1%, and sales to customers in other markets represented
less than 1%.
The
Company’s ongoing sales and marketing efforts overseas resulted in an increase of approximately 2100% in sales of DC generators
to telecommunications customers in international markets during the three- and six-months ended June 30, 2023, as compared to the same
periods in 2022. The Company has several telecommunications customers in the south pacific region using the Company’s DC generators
to develop the telecommunications infrastructure in this region and supply rural areas with broadband services. As of June 30, 2023,
25% of the total backlog, or $1.5 million, represents
purchase orders of DC generators for customers in international markets.
Telecommunications
customers in international markets are primarily purchasing the Company’s DC generators for off-grid (i.e., areas where wireless
towers are not connected to an electrical grid) and bad-grid (i.e., areas where wireless towers are connected to an electrical grid that
loses power more than eight hours) applications. The Company’s solar hybrid power systems, which integrate solar energy storage
with natural gas/LPG powered generators, are ideal for off-grid and bad-grid applications. The Company’s backlog as of June 30,
2023, includes approximately $1.1 million in orders for solar hybrid power systems, which are expected to ship during the Q3 2023.
The
Company believes the implementation and ongoing development of 5G networks along with programs to develop the telecommunications infrastructure
in rural and underdeveloped countries will continue to fuel the Company’s growth in the telecommunications market over the next
five to ten years.
The
Company launched the Toyota 1KS during Q1 2023. The Company believes the Toyota prime power engines, when configured into generators,
will provide strong opportunities for growth and diversification in line with the Company’s long-term plan. This engine platform
is expected to easily facilitate the shift from diesel to natural gas and LPG (liquid petroleum gas, aka propane or butane). LPG and
natural gas fuel reduce carbon emissions between 16% to 27% and, when combined with the increased fuel efficiency of DC generators and
solar technologies, emissions become very minimal. The Toyota 1KS prime power engines have much lower maintenance requirements when compared
to diesel engines and the current LPG and natural gas backup generators from the major brands. The Toyota 1KS engine will be focused
on applications in telecommunications, microgrids, electric vehicle (“EV”) charging, and CHP (combined heat and power).
Company
has purchased a large number of Toyota engines over the last three years in anticipation of launching the Toyota engine, requiring significant
working capital, but believes it is well positioned to meet anticipated demand. This inventory is expected to convert back to cash as
product sales accelerate. As a hedge against the world supply chain problems, Polar Power has maintained large inventory levels on critical
items.
The
Company is in the process of upgrading its mobile EV charging systems to the universal combined charging system standard (CCS)
to reach the mobile EV charging market. The Company is taking orders for the Company’s new line of EV chargers and expects to have
them available before the end of the first quarter of 2024. Mobile EV chargers are used for emergency roadside service, providing a fast-charging
solution for EVs that have run out of charge before reaching a stationary charging facility.
About
Polar Power, Inc.
Gardena,
California-based Polar Power, Inc. (NASDAQ: POLA), designs, manufactures and sells direct current, or DC, power systems, lithium battery
powered hybrid solar systems for applications in the telecommunications market and, in other markets, including military, EV charging,
cogeneration, distributed power and uninterruptable power supply. Within the telecommunications market, Polar Power’s systems provide
reliable and low-cost energy for applications for off-grid and bad-grid applications with critical power needs that cannot be without
power in the event of utility grid failure. For more information, please visit www.polarpower.com. or follow us on www.linkedin.com/company/polar-power-inc/.
Safe
Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This
news release contains certain statements of a forward-looking nature relating to future events or future business performance. Forward-looking
statements can be identified by the words “expects,” “anticipates,” “believes,” “intends,”
“estimates,” “plans,” “will,” “outlook” and similar expressions. Forward-looking statements
are based on management’s current plans, estimates, assumptions and projections, and speak only as of the date they are made. With
the exception of historical information, the matters discussed in this press release including, without limitation, Polar Power’s
belief that the implementation and ongoing development of 5G networks along with programs to develop the telecommunications infrastructure
in rural and underdeveloped countries will continue to fuel the Company’s growth in the telecommunications market over the next
five to ten years; Polar Power’s belief that Toyota prime power engines will provide strong opportunities for growth and diversification;
Polar Power’s expectation that its line of EV chargers will be available in the year 2024; and Polar Power’s expectations
that it’s large investments in inventory, including engines, will convert back to cash as product sales accelerate are forward-looking
statements and considerations that involve a number of risks and uncertainties. The actual future results of Polar Power could differ
from those statements. Factors that could cause or contribute to such differences include, but are not limited to, adverse domestic and
foreign economic and market conditions, including demand for its solar hybrid power systems and mobile EV chargers; trade tariffs on
raw materials; changes in domestic and foreign governmental regulations and policies; the impact of inflation and changing prices on
raw materials; supply chain constraints causing significant delays in sourcing raw materials; labor shortages as a result of the pandemic,
low unemployment rates, or other factors limiting the availability of qualified workers; and other events, factors and risks. It undertakes
no obligation to update any forward-looking statement in light of new information or future events, except as otherwise required by law.
Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and are generally beyond
Polar Power’s control. Actual results or outcomes may differ materially from those implied by the forward-looking statements as
a result of the impact of a number of factors, many of which are discussed in more detail in Polar Power’s reports filed with the
Securities and Exchange Commission.
Company
Contact:
Polar
Power, Inc.
249
E. Gardena Blvd.
Gardena,
CA 90248
Tel:
310-830-9153
ir@polarpowerinc.com
www.polarpower.com
POLAR
POWER, INC.
CONDENSED
BALANCE SHEETS
(in
thousands, except share and per share data)
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
(Unaudited) | | |
| |
ASSETS | |
| | | |
| | |
Current assets | |
| | | |
| | |
Cash and cash equivalents | |
$ | 292 | | |
$ | 211 | |
Accounts receivable | |
| 3,718 | | |
| 2,230 | |
Inventories, net | |
| 17,689 | | |
| 15,460 | |
Prepaid expenses | |
| 1,050 | | |
| 2,629 | |
Employee retention credit receivable | |
| 2,000 | | |
| 2,000 | |
Income taxes receivable | |
| 787 | | |
| 787 | |
Total current assets | |
| 25,536 | | |
| 23,317 | |
| |
| | | |
| | |
Other assets: | |
| | | |
| | |
Operating lease right-of-use assets, net | |
| 2,178 | | |
| 240 | |
Property and equipment, net | |
| 505 | | |
| 538 | |
Deposits | |
| 93 | | |
| 93 | |
| |
| | | |
| | |
Total assets | |
$ | 28,312 | | |
$ | 24,188 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable | |
$ | 1,429 | | |
$ | 230 | |
Customer deposits | |
| 1,535 | | |
| 2,126 | |
Accrued liabilities and other current liabilities | |
| 1,242 | | |
| 1,231 | |
Operating lease liabilities, current portion | |
| 717 | | |
| 268 | |
Notes payable-related party, current portion | |
| 160 | | |
| — | |
Notes payable, current portion | |
| 135 | | |
| 211 | |
Line of credit | |
| 4,927 | | |
| 1,884 | |
| |
| | | |
| | |
Total current liabilities | |
| 10,145 | | |
| 5,950 | |
| |
| | | |
| | |
Notes payable, net of current portion | |
| 8 | | |
| 57 | |
Operating lease liabilities, net of current portion | |
| 1,527 | | |
| — | |
| |
| | | |
| | |
Total liabilities | |
| 11,680 | | |
| 6,007 | |
| |
| | | |
| | |
Commitments and Contingencies | |
| | | |
| | |
| |
| | | |
| | |
Stockholders’ Equity | |
| | | |
| | |
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding | |
| — | | |
| — | |
Common stock, $0.0001 par value, 50,000,000 shares authorized, 12,967,027 shares issued and 12,949,550 shares outstanding on June 30, 2023, and 12,967,027 shares issued and 12,949,550 shares outstanding on December 31, 2022 | |
| 1 | | |
| 1 | |
Additional paid-in capital | |
| 37,331 | | |
| 37,331 | |
Accumulated deficit | |
| (20,660 | ) | |
| (19,111 | ) |
Treasury Stock, at cost (17,477 shares) | |
| (40 | ) | |
| (40 | ) |
Total stockholders’ equity | |
| 16,632 | | |
| 18,181 | |
| |
| | | |
| | |
Total liabilities and stockholders’ equity | |
$ | 28,312 | | |
$ | 24,188 | |
POLAR
POWER, INC.
UNAUDITED
CONDENSED STATEMENTS OF OPERATIONS
(in
thousands, except share and per share data)
| |
Three Months Ended June 30, | | |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Net Sales | |
$ | 5,587 | | |
$ | 4,274 | | |
$ | 9,777 | | |
$ | 7,983 | |
Cost of Sales | |
| 4,112 | | |
| 3,213 | | |
| 7,548 | | |
| 6,017 | |
Gross profit | |
| 1,475 | | |
| 1,061 | | |
| 2,229 | | |
| 1,966 | |
| |
| | | |
| | | |
| | | |
| | |
Operating Expenses | |
| | | |
| | | |
| | | |
| | |
Sales and marketing | |
| 310 | | |
| 400 | | |
| 642 | | |
| 805 | |
Research and development | |
| 338 | | |
| 350 | | |
| 684 | | |
| 826 | |
General and administrative | |
| 1,137 | | |
| 1,036 | | |
| 2,248 | | |
| 2,167 | |
Total operating expenses | |
| 1,785 | | |
| 1,786 | | |
| 3,574 | | |
| 3,798 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| (310 | ) | |
| (725 | ) | |
| (1,345 | ) | |
| (1,832 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income (expenses) | |
| | | |
| | | |
| | | |
| | |
Interest expense and finance costs | |
| (126 | ) | |
| (14 | ) | |
| (204 | ) | |
| (27 | ) |
Total other income (expenses), net | |
| (126 | ) | |
| (14 | ) | |
| (204 | ) | |
| (27 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss | |
$ | (436 | ) | |
$ | (739 | ) | |
$ | (1,549 | ) | |
$ | (1,859 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss per share – basic and diluted | |
$ | (0.03 | ) | |
$ | (0.06 | ) | |
$ | (0.12 | ) | |
$ | (0.15 | ) |
Weighted average shares outstanding, basic and diluted | |
| 12,949,550 | | |
| 12,788,203 | | |
| 12,949,550 | | |
| 12,788,203 | |
POLAR
POWER, INC.
UNAUDITED
CONDENSED STATEMENTS OF CASH FLOW
(in
thousands)
| |
Six Months Ended June 30, | |
| |
2023 | | |
2022 | |
Cash flows from operating activities: | |
| | | |
| | |
Net loss | |
$ | (1,549 | ) | |
$ | (1,859 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 226 | | |
| 264 | |
Changes in operating assets and liabilities | |
| | | |
| | |
Accounts receivable | |
| (1,488 | ) | |
| 249 | |
Inventories | |
| (2,229 | ) | |
| (2,968 | ) |
Prepaid expenses | |
| 1,579 | | |
| (380 | ) |
Decrease in operating lease right-of-use asset | |
| 454 | | |
| 334 | |
Accounts payable | |
| 1,199 | | |
| (193 | ) |
Customer deposits | |
| (591 | ) | |
| 2,588 | |
Accrued expenses and other current liabilities | |
| 11 | | |
| 8 | |
Decrease in operating lease liability | |
| (416 | ) | |
| (354 | ) |
Net cash used in operating activities | |
| (2,804 | ) | |
| (2,311 | ) |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Acquisition of property and equipment | |
| (194 | ) | |
| (15 | ) |
Net cash used in investing activities | |
| (194 | ) | |
| (15 | ) |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Proceeds from advances from credit facility | |
| 3,044 | | |
| — | |
Proceeds from notes payable, related party | |
| 160 | | |
| — | |
Repayment of notes payable | |
| (125 | ) | |
| (119 | ) |
Net cash provided by (used in) financing activities | |
| 3,079 | | |
| (119 | ) |
| |
| | | |
| | |
Increase (decrease) in cash and cash equivalents | |
| 81 | | |
| (2,445 | ) |
Cash and cash equivalents, beginning of period | |
| 211 | | |
| 5,101 | |
Cash and cash equivalents, end of period | |
$ | 292 | | |
$ | 2,656 | |
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