$POLA

Polar Power, Inc.

CIK:0001622345|SEC Filings

Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net Sales	$ 1,019	$ 2,708	$ 2,747	$ 4,431
Cost of Sales	1,356	1,778	1,948	3,183
Gross profit (loss)	(337)	930	799	1,248
Operating Expenses
Sales and marketing	126	184	285	443
Research and development	128	146	297	305
General and administrative	1,080	710	1,863	1,711
Total operating expenses	1,334	1,040	2,445	2,459
Loss from operations	(1,671)	(110)	(1,646)	(1,211)
Other income (expenses)
Interest expense and finance costs	(447)	(171)	(650)	(335)
Change in derivative liability valuation	287		287
Other Income		10		10
Total other income (expenses), net	(160)	(161)	(363)	(325)
Net loss	$ (1,831)	$ (271)	$ (2,009)	$ (1,536)
Net loss per share, basic	$ (0.49)	$ (0.11)	$ (0.56)	$ (0.61)
Net loss per share, diluted	$ (0.49)	$ (0.11)	$ (0.56)	$ (0.61)
Weighted average shares outstanding, basic	3,721,209	2,511,103	3,580,977	2,511,103
Weighted average shares outstanding, diluted	3,721,209	2,511,103	3,580,977	2,511,103

Condensed Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (2,009)	$ (1,536)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	32	34
Issuance of common stock as compensation for services	298
Changes in warranty reserve	(450)
Amortization of debt discount of convertible notes	100
Change in fair value of derivative liabilities	(287)
Changes in operating assets and liabilities
Accounts receivable	(236)	122
Inventories	193	(99)
Prepaid expenses	16	11
Operating lease right-of-use asset	212	609
Accounts payable	(41)	458
Accrued interest added to notes payable-related party		7
Customer deposits	332	31
Accrued expenses and other current liabilities	68	39
Operating lease liability	(399)	(664)
Net cash provided by (used in) operating activities	(2,171)	(988)
Cash flows from financing activities:
Net proceeds from issuance of common stock under ATM facility	2,424
Proceeds from advances from credit facility		505
Proceeds from notes payable-related party	159	160
Proceeds from convertible notes payable, net of original issue discounts	1,136
Repayment of credit facility	(1,306)
Repayment of notes payable	(259)
Net cash provided by financing activities	2,154	665
Net decrease in cash and cash equivalents	(17)	(323)
Cash and cash equivalents, beginning of period	200	498
Cash and cash equivalents, end of period	183	175
Supplemental Cash Flow Information:
Interest paid	650	381
Supplemental non-cash investing and financing activities:
Issuance of common stock to director for accrued fees		8
Fair value of embedded conversion feature recognized as derivative liabilities with corresponding debt discount upon issuance of convertible notes	$ 1,050

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 183	$ 200
Accounts receivable	566	330
Inventories	9,232	9,425
Prepaid expenses	60	76
Total current assets	10,041	10,031
Other assets:
Operating lease right-of-use assets	66	278
Property and equipment, net	96	128
Deposits
Total assets	10,203	10,437
Current liabilities
Accounts payable	2,465	2,506
Customer deposits	1,096	764
Accrued liabilities and other current liabilities	1,080	1,462
Line of credit	2,730	4,036
Convertible notes payable, net of discount	186
Derivative liabilities	763
Operating lease liabilities	76	475
Total liabilities	9,346	10,293
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, 3,814,181 shares issued and 3,811,684 shares outstanding on June 30, 2026, and 2,680,156 shares issued and 2,677,659 shares outstanding on December 31, 2025
Additional paid-in capital	42,375	39,653
Accumulated deficit	(41,478)	(39,469)
Treasury Stock, at cost (2,497 shares)	(40)	(40)
Total stockholders’ equity	857	144
Total liabilities and stockholders’ equity	10,203	10,437
Related Party [Member]
Current liabilities
Notes payable, current	771	612
Nonrelated Party [Member]
Current liabilities
Notes payable, current	$ 179	$ 438