Polar Power, Inc. (POLA) 10-Year Financial Performance & Capital Metrics

POLA • • Industrial / General

IndustrialsElectrical EquipmentPower Conversion & Control EquipmentIndustrial Power Systems

AboutPolar Power, Inc. designs, manufactures, and sells direct current (DC) power generators, renewable energy, and cooling systems in the United States and internationally. The company offers DC base power systems, DC hybrid power systems, DC solar hybrid power systems, and mobile power systems. Its DC power systems are available in diesel, natural gas, LPG/propane, and renewable fuel formats. The company serves customers in the telecommunications, military, commercial, industrial, and marine markets. It sells its products through a direct sales force, and a network of independent service providers and dealers. The company was formerly known as Polar Products, Inc. and changed its name to Polar Power, Inc. in October 1991. Polar Power, Inc. was incorporated in 1979 and is based in Gardena, California.Show more

Revenue $14M -8.7%
EBITDA -$4M +24.9%
Net Income -$5M +28.6%
EPS (Diluted) -1.86 -272.0%
Gross Margin 9.41% +107.0%
EBITDA Margin -30.12% +17.8%
Operating Margin -31.32% +20.0%
Net Margin -33.48% +21.8%
ROE -43.1% -3.3%
ROIC -18.69% +15.6%
Debt/Equity 0.81 +42.2%
Interest Coverage -6.74 +37.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Share count reduced 80.9% through buybacks
✓Trading at only 0.4x book value

✗Weaknesses

✗Negative free cash flow
✗Weak momentum: RS Rating 20 (bottom 20%)
✗Low quality earnings: Net income not backed by cash flow
✗Sales declining 10.8% over 5 years
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.38%

5Y-10.85%

3Y-6.14%

TTM-44.32%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-81.27%

EPS CAGR

10Y-

5Y-

3Y-

TTM-683.87%

ROCE

10Y Avg-14.48%

5Y Avg-38.3%

3Y Avg-32.91%

Latest-36.41%

Peer Comparison

Industrial Power Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AEISAdvanced Energy Industries, Inc.	9.71B	257.29	179.92	-10.49%	8.41%	11.09%	0.76%	0.56
VRTVertiv Holdings Co	65.97B	172.54	134.80	16.74%	10.67%	29.48%	1.72%	1.29
HAYWHayward Holdings, Inc.	3.63B	16.74	31	5.96%	12.62%	9.06%	5.17%	0.69
POWLPowell Industries, Inc.	4.92B	405.55	27.29	9.08%	16.22%	29.48%	3.14%	0.00
PPSIPioneer Power Solutions, Inc.	53.48M	4.82	1.66	105.82%	118.38%	105.11%		0.02
POLAPolar Power, Inc.	3.86M	1.44	-0.77	-8.65%	-104.13%	-299.07%		0.81
IPWRIdeal Power Inc.	27.54M	3.23	-2.52	-56.74%	-261.41%	-111.94%		0.03
TGENTecogen Inc.	148.93M	4.99	-26.26	-10.02%	-19.55%	-21.49%	2.08%	0.37

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	6.85M	22.8M	14.42M	24.05M	24.8M	9.03M	16.9M	16.06M	15.29M	13.97M
Revenue Growth %	0.32%	2.33%	-0.37%	0.67%	0.03%	-0.64%	0.87%	-0.05%	-0.05%	-0.09%
Cost of Goods Sold+	4.43M	12.62M	9.58M	16.61M	19.88M	14.65M	13.45M	13.93M	14.6M	12.66M
COGS % of Revenue	0.65%	0.55%	0.66%	0.69%	0.8%	1.62%	0.8%	0.87%	0.95%	0.91%
Gross Profit+	2.41M	10.18M	4.84M	7.43M	4.92M	-5.62M	3.44M	2.13M	695K	1.31M
Gross Margin %	0.35%	0.45%	0.34%	0.31%	0.2%	-0.62%	0.2%	0.13%	0.05%	0.09%
Gross Profit Growth %	0.26%	3.22%	-0.52%	0.54%	-0.34%	-2.14%	1.61%	-0.38%	-0.67%	0.89%
Operating Expenses+	2.11M	2.78M	5.56M	8.53M	8.9M	7.34M	6.54M	7.66M	6.68M	5.69M
OpEx % of Revenue	0.31%	0.12%	0.39%	0.35%	0.36%	0.81%	0.39%	0.48%	0.44%	0.41%
Selling, General & Admin	1.85M	2.54M	4.2M	6.62M	6.63M	5.62M	4.56M	6.2M	5.46M	4.92M
SG&A % of Revenue	0.27%	0.11%	0.29%	0.28%	0.27%	0.62%	0.27%	0.39%	0.36%	0.35%
Research & Development	116.3K	213.93K	1.33M	1.91M	2.28M	1.72M	1.99M	1.46M	1.22M	771K
R&D % of Revenue	0.02%	0.01%	0.09%	0.08%	0.09%	0.19%	0.12%	0.09%	0.08%	0.06%
Other Operating Expenses	143.57K	26.89K	62.37K	0	40.06K	0	0	7K	0	0
Operating Income+	306.53K	7.4M	-721.96K	-1.1M	-3.98M	-12.96M	-3.1M	-5.53M	-5.99M	-4.38M
Operating Margin %	0.04%	0.32%	-0.05%	-0.05%	-0.16%	-1.44%	-0.18%	-0.34%	-0.39%	-0.31%
Operating Income Growth %	-0.68%	23.15%	-1.1%	-0.52%	-2.62%	-2.26%	0.76%	-0.79%	-0.08%	0.27%
EBITDA+	450.1K	7.61M	-466.33K	-713.21K	-2.69M	-11.72M	-2.55M	-5.03M	-5.6M	-4.21M
EBITDA Margin %	0.07%	0.33%	-0.03%	-0.03%	-0.11%	-1.3%	-0.15%	-0.31%	-0.37%	-0.3%
EBITDA Growth %	-0.58%	15.91%	-1.06%	-0.53%	-2.78%	-3.35%	0.78%	-0.97%	-0.11%	0.25%
D&A (Non-Cash Add-back)	143.57K	207.86K	255.63K	385.58K	1.29M	1.25M	549K	507K	387K	167K
EBIT	291.2K	7.38M	-739.59K	-1.04M	-3.94M	-12.95M	-1.35M	-5.53M	-5.99M	-4.03M
Net Interest Income+	-50.97K	-112.55K	36.97K	35.54K	-63K	-60K	-60K	-58K	-559K	-428K
Interest Income	0	0	54.79K	55.71K	40K	14K	0	0	0	221K
Interest Expense	50.97K	112.55K	17.82K	20.17K	103K	48K	60K	58K	559K	649K
Other Income/Expense	-66.3K	-140.07K	44.54K	35.54K	-62.75K	-46K	1.68M	-51K	-558K	-302K
Pretax Income+	240.23K	7.26M	-677.42K	-1.06M	-4.04M	-13.01M	-1.41M	-5.58M	-6.55M	-4.68M
Pretax Margin %	0.04%	0.32%	-0.05%	-0.04%	-0.16%	-1.44%	-0.08%	-0.35%	-0.43%	-0.33%
Income Tax+	273.57K	2.86M	100.16K	-215K	143.4K	-2.14M	0	0	0	0
Effective Tax Rate %	-0.14%	0.61%	1.15%	0.8%	1.04%	0.84%	2.28%	1%	1%	1%
Net Income+	-33.34K	4.4M	-777.58K	-848.25K	-4.19M	-10.87M	-3.22M	-5.58M	-6.55M	-4.68M
Net Margin %	-0%	0.19%	-0.05%	-0.04%	-0.17%	-1.2%	-0.19%	-0.35%	-0.43%	-0.33%
Net Income Growth %	-1.06%	133.06%	-1.18%	-0.09%	-3.94%	-1.6%	0.7%	-0.73%	-0.17%	0.29%
Net Income (Continuing)	-33.34K	4.4M	-757.42K	-848.25K	-4.04M	-10.87M	-1.41M	-5.58M	-6.55M	-4.68M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.00	0.58	-0.08	-0.08	-0.41	-1.00	-0.25	-0.43	-0.50	-1.86
EPS Growth %	-1.04%	-	-1.13%	-0.09%	-3.9%	-1.44%	0.75%	-0.72%	-0.16%	-2.72%
EPS (Basic)	-0.00	0.58	-0.08	-0.08	-0.41	-1.00	-0.25	-0.43	-0.50	-1.86
Diluted Shares Outstanding	9.78M	7.56M	10.14M	10.14M	10.13M	10.82M	12.72M	12.88M	13.12M	2.51M
Basic Shares Outstanding	9.78M	7.56M	10.14M	10.14M	10.13M	10.82M	12.72M	12.88M	13.12M	2.51M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	3.95M	25.66M	23.59M	23.02M	19.18M	14.64M	25.15M	23.32M	21.99M	15.6M
Cash & Short-Term Investments	263.42K	16.24M	13.2M	5.64M	2.84M	1.65M	5.1M	211K	549K	498K
Cash Only	263.42K	16.24M	13.2M	5.64M	2.84M	1.65M	5.1M	211K	549K	498K
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	1.5M	4.4M	3.69M	8.44M	934K	3.55M	7.03M	5.02M	4.46M	2.15M
Days Sales Outstanding	79.79	70.5	93.35	128.15	13.75	143.36	151.87	114.05	106.52	56.25
Inventory	2.09M	4.84M	5.57M	8.47M	13.91M	9.09M	9.02M	15.46M	16.52M	12.89M
Days Inventory Outstanding	172.32	139.97	212.16	186.11	255.41	226.51	244.68	405.06	413.11	371.84
Other Current Assets	0	0	629.32K	0	231.09K	0	0	0	0	0
Total Non-Current Assets+	836.84K	965.02K	911.57K	2.22M	4.38M	3.15M	2.03M	871K	3.27M	1.95M
Property, Plant & Equipment	542.89K	737.59K	824.08K	2.12M	4.29M	3.06M	1.93M	778K	3.16M	1.84M
Fixed Asset Turnover	12.61x	30.91x	17.50x	11.33x	5.79x	2.95x	8.74x	20.64x	4.84x	7.59x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	88.94K	66.8K	87.5K	94K	94K	94K	93K	93K	108K	108K
Total Assets+	4.78M	26.63M	24.5M	25.24M	23.56M	17.8M	27.18M	24.19M	25.26M	17.55M
Asset Turnover	1.43x	0.86x	0.59x	0.95x	1.05x	0.51x	0.62x	0.66x	0.61x	0.80x
Asset Growth %	0.64%	4.57%	-0.08%	0.03%	-0.07%	-0.24%	0.53%	-0.11%	0.04%	-0.31%
Total Current Liabilities+	2.4M	2.74M	1.49M	1.93M	2.75M	4.52M	3.39M	5.95M	10.21M	8.56M
Accounts Payable	182.88K	659.36K	757.75K	1.07M	575K	311K	328K	230K	1.76M	408K
Days Payables Outstanding	15.06	19.07	28.88	23.43	10.56	7.75	8.9	6.03	44.06	11.77
Short-Term Debt	1.29M	111.37K	110.24K	283.39K	328K	2.37M	963K	2.36M	4.56M	5.06M
Deferred Revenue (Current)	229.6K	71.95K	40.04K	79.18K	197.49K	703K	897K	1000K	1000K	607K
Other Current Liabilities	656.6K	1.23M	0	0	1.01K	-140K	-242K	664K	2.22M	0
Current Ratio	1.64x	9.37x	15.79x	11.91x	6.98x	3.24x	7.41x	3.92x	2.15x	1.82x
Quick Ratio	0.77x	7.60x	12.06x	7.53x	1.92x	1.23x	4.75x	1.32x	0.54x	0.32x
Cash Conversion Cycle	237.05	191.4	276.63	290.84	258.6	362.12	387.65	513.09	475.57	416.32
Total Non-Current Liabilities+	127.84K	237.43K	126.82K	924.54K	2.44M	1.79M	536K	57K	1.86M	474K
Long-Term Debt	127.84K	237.43K	126.82K	924.54K	778K	286K	268K	57K	0	0
Capital Lease Obligations	0	0	0	0	1.66M	990K	268K	0	1.86M	474K
Deferred Tax Liabilities	73.14K	153.45K	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	0	0	0	0	-564	510K	0	0	0	0
Total Liabilities	2.53M	2.98M	1.62M	2.86M	5.19M	6.31M	3.93M	6.01M	12.07M	9.03M
Total Debt+	1.42M	348.8K	237.06K	1.21M	3.38M	4.15M	1.5M	2.42M	7.54M	6.92M
Net Debt	1.16M	-15.89M	-12.96M	-4.43M	543.12K	2.51M	-3.6M	2.21M	6.99M	6.42M
Debt / Equity	0.63x	0.01x	0.01x	0.05x	0.18x	0.36x	0.06x	0.13x	0.57x	0.81x
Debt / EBITDA	3.16x	0.05x	-	-	-	-	-	-	-	-
Net Debt / EBITDA	2.57x	-2.09x	-	-	-	-	-	-	-	-
Interest Coverage	6.01x	65.78x	-40.51x	-54.48x	-38.66x	-270.08x	-51.63x	-95.40x	-10.72x	-6.74x
Total Equity+	2.25M	23.65M	22.88M	22.38M	18.38M	11.49M	23.25M	18.18M	13.19M	8.51M
Equity Growth %	0.87%	9.49%	-0.03%	-0.02%	-0.18%	-0.37%	1.02%	-0.22%	-0.27%	-0.35%
Book Value per Share	0.23	3.13	2.26	2.21	1.81	1.06	1.83	1.41	1.01	3.39
Total Shareholders' Equity	2.25M	23.65M	22.88M	22.38M	18.38M	11.49M	23.25M	18.18M	13.19M	8.51M
Common Stock	2.25M	1.01K	1.01K	1.01K	1.01K	1K	1K	1K	2K	2K
Retained Earnings	5.44K	4.41M	3.63M	2.8M	-1.24M	-12.11M	-13.53M	-19.11M	-25.66M	-30.34M
Treasury Stock	0	0	0	0	-40K	-40K	-40K	-40K	-40K	-40K
Accumulated OCI	-611.03K	-818.89K	-1.07M	-1.46M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-620.73K	627.06K	-1.59M	-7.85M	-2.17M	-6.55M	-9.38M	-6.51M	-3.43M	-536K
Operating CF Margin %	-0.09%	0.03%	-0.11%	-0.33%	-0.09%	-0.73%	-0.56%	-0.41%	-0.22%	-0.04%
Operating CF Growth %	-0.84%	2.01%	-3.53%	-3.94%	0.72%	-2.02%	-0.43%	0.31%	0.47%	0.84%
Net Income	-33.34K	4.4M	-777.58K	-848.25K	-4.04M	-10.87M	-1.41M	-5.58M	-6.55M	-4.68M
Depreciation & Amortization	143.57K	207.86K	255.63K	385.58K	1.29M	1.25M	549K	507K	387K	167K
Stock-Based Compensation	581.89K	0	8.24K	327.47K	79K	0	0	515K	0	0
Deferred Taxes	-15K	44.36K	160.64K	0	-79K	0	0	-6.06M	0	0
Other Non-Cash Items	581.89K	37.5K	-160.64K	327.47K	348.94K	3.4M	-5.71M	6.06M	450K	900K
Working Capital Changes	-1.31M	-4.02M	-1.07M	-7.71M	240.3K	-323K	-2.8M	-1.95M	2.28M	3.07M
Change in Receivables	-868.42K	-2.91M	1.35M	-4.67M	6.79M	-256K	-3.05M	2.01M	554K	2.31M
Change in Inventory	-1.19M	-2.75M	-727.46K	-2.98M	-5.71M	1.42M	77K	-6.44M	450K	2.73M
Change in Payables	104.82K	476.47K	98.4K	308.66K	-491.9K	-264K	16K	-98K	1.53M	-1.35M
Cash from Investing+	-403.42K	-296.3K	-342.12K	-574.99K	-338.19K	-19K	-71K	-25K	-194K	-19K
Capital Expenditures	-223.42K	-165.09K	-342.12K	-574.99K	-338.19K	-19K	-71K	-25K	-194K	-19K
CapEx % of Revenue	0.03%	0.01%	0.02%	0.02%	0.01%	0%	0%	0%	0.01%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-180K	-131.22K	-342.12K	-574.99K	-338.19M	-19K	-71K	-25K	0	0
Cash from Financing+	734.08K	15.65M	-111.74K	-138.4K	-295.09K	5.37M	12.91M	1.64M	3.96M	504K
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	0	0	0	0	1.17M	707K	0	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-844.15K	461.97K	-1.93M	-8.42M	-2.5M	-6.57M	-9.45M	-6.53M	-3.62M	-555K
FCF Margin %	-0.12%	0.02%	-0.13%	-0.35%	-0.1%	-0.73%	-0.56%	-0.41%	-0.24%	-0.04%
FCF Growth %	-1%	1.55%	-5.18%	-3.37%	0.7%	-1.62%	-0.44%	0.31%	0.45%	0.85%
FCF per Share	-0.09	0.06	-0.19	-0.83	-0.25	-0.61	-0.74	-0.51	-0.28	-0.22
FCF Conversion (FCF/Net Income)	18.62x	0.14x	2.04x	9.25x	0.52x	0.60x	2.91x	1.17x	0.52x	0.11x
Interest Paid	50.97K	112.55K	10.19K	0	0	0	0	0	0	0
Taxes Paid	31.2K	-1.89M	2.42M	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-1.93%	33.99%	-3.34%	-3.75%	-20.55%	-72.8%	-18.53%	-26.92%	-41.75%	-43.1%
Return on Invested Capital (ROIC)	9.13%	99.42%	-6.13%	-5.91%	-16.2%	-59.08%	-13.81%	-20.73%	-22.15%	-18.69%
Gross Margin	35.25%	44.65%	33.58%	30.91%	19.84%	-62.26%	20.39%	13.23%	4.54%	9.41%
Net Margin	-0.49%	19.31%	-5.39%	-3.53%	-16.89%	-120.37%	-19.05%	-34.73%	-42.82%	-33.48%
Debt / Equity	0.63x	0.01x	0.01x	0.05x	0.18x	0.36x	0.06x	0.13x	0.57x	0.81x
Interest Coverage	6.01x	65.78x	-40.51x	-54.48x	-38.66x	-270.08x	-51.63x	-95.40x	-10.72x	-6.74x
FCF Conversion	18.62x	0.14x	2.04x	9.25x	0.52x	0.60x	2.91x	1.17x	0.52x	0.11x
Revenue Growth	31.64%	233.03%	-36.76%	66.77%	3.14%	-63.59%	87.09%	-4.97%	-4.75%	-8.65%

Frequently Asked Questions

Growth & Financials

Polar Power, Inc. (POLA) reported $8.3M in revenue for fiscal year 2024. This represents a 60% increase from $5.2M in 2014.

Polar Power, Inc. (POLA) saw revenue decline by 8.7% over the past year.

Polar Power, Inc. (POLA) reported a net loss of $8.7M for fiscal year 2024.

Dividend & Returns

Polar Power, Inc. (POLA) has a return on equity (ROE) of -43.1%. Negative ROE indicates the company is unprofitable.

Polar Power, Inc. (POLA) had negative free cash flow of $1.0M in fiscal year 2024, likely due to heavy capital investments.

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Polar Power, Inc. (POLA) 10-Year Financial Performance & Capital Metrics

POLA • • Industrial / General

IndustrialsElectrical EquipmentPower Conversion & Control EquipmentIndustrial Power Systems

Revenue $14M -8.7%
EBITDA -$4M +24.9%
Net Income -$5M +28.6%
EPS (Diluted) -1.86 -272.0%
Gross Margin 9.41% +107.0%
EBITDA Margin -30.12% +17.8%
Operating Margin -31.32% +20.0%
Net Margin -33.48% +21.8%
ROE -43.1% -3.3%
ROIC -18.69% +15.6%
Debt/Equity 0.81 +42.2%
Interest Coverage -6.74 +37.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Share count reduced 80.9% through buybacks
✓Trading at only 0.4x book value

✗Weaknesses

✗Negative free cash flow
✗Weak momentum: RS Rating 20 (bottom 20%)
✗Low quality earnings: Net income not backed by cash flow
✗Sales declining 10.8% over 5 years
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.38%

5Y-10.85%

3Y-6.14%

TTM-44.32%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-81.27%

EPS CAGR

10Y-

5Y-

3Y-

TTM-683.87%

ROCE

10Y Avg-14.48%

5Y Avg-38.3%

3Y Avg-32.91%

Latest-36.41%

Peer Comparison

Industrial Power Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AEISAdvanced Energy Industries, Inc.	9.71B	257.29	179.92	-10.49%	8.41%	11.09%	0.76%	0.56
VRTVertiv Holdings Co	65.97B	172.54	134.80	16.74%	10.67%	29.48%	1.72%	1.29
HAYWHayward Holdings, Inc.	3.63B	16.74	31	5.96%	12.62%	9.06%	5.17%	0.69
POWLPowell Industries, Inc.	4.92B	405.55	27.29	9.08%	16.22%	29.48%	3.14%	0.00
PPSIPioneer Power Solutions, Inc.	53.48M	4.82	1.66	105.82%	118.38%	105.11%		0.02
POLAPolar Power, Inc.	3.86M	1.44	-0.77	-8.65%	-104.13%	-299.07%		0.81
IPWRIdeal Power Inc.	27.54M	3.23	-2.52	-56.74%	-261.41%	-111.94%		0.03
TGENTecogen Inc.	148.93M	4.99	-26.26	-10.02%	-19.55%	-21.49%	2.08%	0.37

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	6.85M	22.8M	14.42M	24.05M	24.8M	9.03M	16.9M	16.06M	15.29M	13.97M
Revenue Growth %	0.32%	2.33%	-0.37%	0.67%	0.03%	-0.64%	0.87%	-0.05%	-0.05%	-0.09%
Cost of Goods Sold+	4.43M	12.62M	9.58M	16.61M	19.88M	14.65M	13.45M	13.93M	14.6M	12.66M
COGS % of Revenue	0.65%	0.55%	0.66%	0.69%	0.8%	1.62%	0.8%	0.87%	0.95%	0.91%
Gross Profit+	2.41M	10.18M	4.84M	7.43M	4.92M	-5.62M	3.44M	2.13M	695K	1.31M
Gross Margin %	0.35%	0.45%	0.34%	0.31%	0.2%	-0.62%	0.2%	0.13%	0.05%	0.09%
Gross Profit Growth %	0.26%	3.22%	-0.52%	0.54%	-0.34%	-2.14%	1.61%	-0.38%	-0.67%	0.89%
Operating Expenses+	2.11M	2.78M	5.56M	8.53M	8.9M	7.34M	6.54M	7.66M	6.68M	5.69M
OpEx % of Revenue	0.31%	0.12%	0.39%	0.35%	0.36%	0.81%	0.39%	0.48%	0.44%	0.41%
Selling, General & Admin	1.85M	2.54M	4.2M	6.62M	6.63M	5.62M	4.56M	6.2M	5.46M	4.92M
SG&A % of Revenue	0.27%	0.11%	0.29%	0.28%	0.27%	0.62%	0.27%	0.39%	0.36%	0.35%
Research & Development	116.3K	213.93K	1.33M	1.91M	2.28M	1.72M	1.99M	1.46M	1.22M	771K
R&D % of Revenue	0.02%	0.01%	0.09%	0.08%	0.09%	0.19%	0.12%	0.09%	0.08%	0.06%
Other Operating Expenses	143.57K	26.89K	62.37K	0	40.06K	0	0	7K	0	0
Operating Income+	306.53K	7.4M	-721.96K	-1.1M	-3.98M	-12.96M	-3.1M	-5.53M	-5.99M	-4.38M
Operating Margin %	0.04%	0.32%	-0.05%	-0.05%	-0.16%	-1.44%	-0.18%	-0.34%	-0.39%	-0.31%
Operating Income Growth %	-0.68%	23.15%	-1.1%	-0.52%	-2.62%	-2.26%	0.76%	-0.79%	-0.08%	0.27%
EBITDA+	450.1K	7.61M	-466.33K	-713.21K	-2.69M	-11.72M	-2.55M	-5.03M	-5.6M	-4.21M
EBITDA Margin %	0.07%	0.33%	-0.03%	-0.03%	-0.11%	-1.3%	-0.15%	-0.31%	-0.37%	-0.3%
EBITDA Growth %	-0.58%	15.91%	-1.06%	-0.53%	-2.78%	-3.35%	0.78%	-0.97%	-0.11%	0.25%
D&A (Non-Cash Add-back)	143.57K	207.86K	255.63K	385.58K	1.29M	1.25M	549K	507K	387K	167K
EBIT	291.2K	7.38M	-739.59K	-1.04M	-3.94M	-12.95M	-1.35M	-5.53M	-5.99M	-4.03M
Net Interest Income+	-50.97K	-112.55K	36.97K	35.54K	-63K	-60K	-60K	-58K	-559K	-428K
Interest Income	0	0	54.79K	55.71K	40K	14K	0	0	0	221K
Interest Expense	50.97K	112.55K	17.82K	20.17K	103K	48K	60K	58K	559K	649K
Other Income/Expense	-66.3K	-140.07K	44.54K	35.54K	-62.75K	-46K	1.68M	-51K	-558K	-302K
Pretax Income+	240.23K	7.26M	-677.42K	-1.06M	-4.04M	-13.01M	-1.41M	-5.58M	-6.55M	-4.68M
Pretax Margin %	0.04%	0.32%	-0.05%	-0.04%	-0.16%	-1.44%	-0.08%	-0.35%	-0.43%	-0.33%
Income Tax+	273.57K	2.86M	100.16K	-215K	143.4K	-2.14M	0	0	0	0
Effective Tax Rate %	-0.14%	0.61%	1.15%	0.8%	1.04%	0.84%	2.28%	1%	1%	1%
Net Income+	-33.34K	4.4M	-777.58K	-848.25K	-4.19M	-10.87M	-3.22M	-5.58M	-6.55M	-4.68M
Net Margin %	-0%	0.19%	-0.05%	-0.04%	-0.17%	-1.2%	-0.19%	-0.35%	-0.43%	-0.33%
Net Income Growth %	-1.06%	133.06%	-1.18%	-0.09%	-3.94%	-1.6%	0.7%	-0.73%	-0.17%	0.29%
Net Income (Continuing)	-33.34K	4.4M	-757.42K	-848.25K	-4.04M	-10.87M	-1.41M	-5.58M	-6.55M	-4.68M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.00	0.58	-0.08	-0.08	-0.41	-1.00	-0.25	-0.43	-0.50	-1.86
EPS Growth %	-1.04%	-	-1.13%	-0.09%	-3.9%	-1.44%	0.75%	-0.72%	-0.16%	-2.72%
EPS (Basic)	-0.00	0.58	-0.08	-0.08	-0.41	-1.00	-0.25	-0.43	-0.50	-1.86
Diluted Shares Outstanding	9.78M	7.56M	10.14M	10.14M	10.13M	10.82M	12.72M	12.88M	13.12M	2.51M
Basic Shares Outstanding	9.78M	7.56M	10.14M	10.14M	10.13M	10.82M	12.72M	12.88M	13.12M	2.51M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	3.95M	25.66M	23.59M	23.02M	19.18M	14.64M	25.15M	23.32M	21.99M	15.6M
Cash & Short-Term Investments	263.42K	16.24M	13.2M	5.64M	2.84M	1.65M	5.1M	211K	549K	498K
Cash Only	263.42K	16.24M	13.2M	5.64M	2.84M	1.65M	5.1M	211K	549K	498K
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	1.5M	4.4M	3.69M	8.44M	934K	3.55M	7.03M	5.02M	4.46M	2.15M
Days Sales Outstanding	79.79	70.5	93.35	128.15	13.75	143.36	151.87	114.05	106.52	56.25
Inventory	2.09M	4.84M	5.57M	8.47M	13.91M	9.09M	9.02M	15.46M	16.52M	12.89M
Days Inventory Outstanding	172.32	139.97	212.16	186.11	255.41	226.51	244.68	405.06	413.11	371.84
Other Current Assets	0	0	629.32K	0	231.09K	0	0	0	0	0
Total Non-Current Assets+	836.84K	965.02K	911.57K	2.22M	4.38M	3.15M	2.03M	871K	3.27M	1.95M
Property, Plant & Equipment	542.89K	737.59K	824.08K	2.12M	4.29M	3.06M	1.93M	778K	3.16M	1.84M
Fixed Asset Turnover	12.61x	30.91x	17.50x	11.33x	5.79x	2.95x	8.74x	20.64x	4.84x	7.59x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	88.94K	66.8K	87.5K	94K	94K	94K	93K	93K	108K	108K
Total Assets+	4.78M	26.63M	24.5M	25.24M	23.56M	17.8M	27.18M	24.19M	25.26M	17.55M
Asset Turnover	1.43x	0.86x	0.59x	0.95x	1.05x	0.51x	0.62x	0.66x	0.61x	0.80x
Asset Growth %	0.64%	4.57%	-0.08%	0.03%	-0.07%	-0.24%	0.53%	-0.11%	0.04%	-0.31%
Total Current Liabilities+	2.4M	2.74M	1.49M	1.93M	2.75M	4.52M	3.39M	5.95M	10.21M	8.56M
Accounts Payable	182.88K	659.36K	757.75K	1.07M	575K	311K	328K	230K	1.76M	408K
Days Payables Outstanding	15.06	19.07	28.88	23.43	10.56	7.75	8.9	6.03	44.06	11.77
Short-Term Debt	1.29M	111.37K	110.24K	283.39K	328K	2.37M	963K	2.36M	4.56M	5.06M
Deferred Revenue (Current)	229.6K	71.95K	40.04K	79.18K	197.49K	703K	897K	1000K	1000K	607K
Other Current Liabilities	656.6K	1.23M	0	0	1.01K	-140K	-242K	664K	2.22M	0
Current Ratio	1.64x	9.37x	15.79x	11.91x	6.98x	3.24x	7.41x	3.92x	2.15x	1.82x
Quick Ratio	0.77x	7.60x	12.06x	7.53x	1.92x	1.23x	4.75x	1.32x	0.54x	0.32x
Cash Conversion Cycle	237.05	191.4	276.63	290.84	258.6	362.12	387.65	513.09	475.57	416.32
Total Non-Current Liabilities+	127.84K	237.43K	126.82K	924.54K	2.44M	1.79M	536K	57K	1.86M	474K
Long-Term Debt	127.84K	237.43K	126.82K	924.54K	778K	286K	268K	57K	0	0
Capital Lease Obligations	0	0	0	0	1.66M	990K	268K	0	1.86M	474K
Deferred Tax Liabilities	73.14K	153.45K	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	0	0	0	0	-564	510K	0	0	0	0
Total Liabilities	2.53M	2.98M	1.62M	2.86M	5.19M	6.31M	3.93M	6.01M	12.07M	9.03M
Total Debt+	1.42M	348.8K	237.06K	1.21M	3.38M	4.15M	1.5M	2.42M	7.54M	6.92M
Net Debt	1.16M	-15.89M	-12.96M	-4.43M	543.12K	2.51M	-3.6M	2.21M	6.99M	6.42M
Debt / Equity	0.63x	0.01x	0.01x	0.05x	0.18x	0.36x	0.06x	0.13x	0.57x	0.81x
Debt / EBITDA	3.16x	0.05x	-	-	-	-	-	-	-	-
Net Debt / EBITDA	2.57x	-2.09x	-	-	-	-	-	-	-	-
Interest Coverage	6.01x	65.78x	-40.51x	-54.48x	-38.66x	-270.08x	-51.63x	-95.40x	-10.72x	-6.74x
Total Equity+	2.25M	23.65M	22.88M	22.38M	18.38M	11.49M	23.25M	18.18M	13.19M	8.51M
Equity Growth %	0.87%	9.49%	-0.03%	-0.02%	-0.18%	-0.37%	1.02%	-0.22%	-0.27%	-0.35%
Book Value per Share	0.23	3.13	2.26	2.21	1.81	1.06	1.83	1.41	1.01	3.39
Total Shareholders' Equity	2.25M	23.65M	22.88M	22.38M	18.38M	11.49M	23.25M	18.18M	13.19M	8.51M
Common Stock	2.25M	1.01K	1.01K	1.01K	1.01K	1K	1K	1K	2K	2K
Retained Earnings	5.44K	4.41M	3.63M	2.8M	-1.24M	-12.11M	-13.53M	-19.11M	-25.66M	-30.34M
Treasury Stock	0	0	0	0	-40K	-40K	-40K	-40K	-40K	-40K
Accumulated OCI	-611.03K	-818.89K	-1.07M	-1.46M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-620.73K	627.06K	-1.59M	-7.85M	-2.17M	-6.55M	-9.38M	-6.51M	-3.43M	-536K
Operating CF Margin %	-0.09%	0.03%	-0.11%	-0.33%	-0.09%	-0.73%	-0.56%	-0.41%	-0.22%	-0.04%
Operating CF Growth %	-0.84%	2.01%	-3.53%	-3.94%	0.72%	-2.02%	-0.43%	0.31%	0.47%	0.84%
Net Income	-33.34K	4.4M	-777.58K	-848.25K	-4.04M	-10.87M	-1.41M	-5.58M	-6.55M	-4.68M
Depreciation & Amortization	143.57K	207.86K	255.63K	385.58K	1.29M	1.25M	549K	507K	387K	167K
Stock-Based Compensation	581.89K	0	8.24K	327.47K	79K	0	0	515K	0	0
Deferred Taxes	-15K	44.36K	160.64K	0	-79K	0	0	-6.06M	0	0
Other Non-Cash Items	581.89K	37.5K	-160.64K	327.47K	348.94K	3.4M	-5.71M	6.06M	450K	900K
Working Capital Changes	-1.31M	-4.02M	-1.07M	-7.71M	240.3K	-323K	-2.8M	-1.95M	2.28M	3.07M
Change in Receivables	-868.42K	-2.91M	1.35M	-4.67M	6.79M	-256K	-3.05M	2.01M	554K	2.31M
Change in Inventory	-1.19M	-2.75M	-727.46K	-2.98M	-5.71M	1.42M	77K	-6.44M	450K	2.73M
Change in Payables	104.82K	476.47K	98.4K	308.66K	-491.9K	-264K	16K	-98K	1.53M	-1.35M
Cash from Investing+	-403.42K	-296.3K	-342.12K	-574.99K	-338.19K	-19K	-71K	-25K	-194K	-19K
Capital Expenditures	-223.42K	-165.09K	-342.12K	-574.99K	-338.19K	-19K	-71K	-25K	-194K	-19K
CapEx % of Revenue	0.03%	0.01%	0.02%	0.02%	0.01%	0%	0%	0%	0.01%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-180K	-131.22K	-342.12K	-574.99K	-338.19M	-19K	-71K	-25K	0	0
Cash from Financing+	734.08K	15.65M	-111.74K	-138.4K	-295.09K	5.37M	12.91M	1.64M	3.96M	504K
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	0	0	0	0	1.17M	707K	0	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-844.15K	461.97K	-1.93M	-8.42M	-2.5M	-6.57M	-9.45M	-6.53M	-3.62M	-555K
FCF Margin %	-0.12%	0.02%	-0.13%	-0.35%	-0.1%	-0.73%	-0.56%	-0.41%	-0.24%	-0.04%
FCF Growth %	-1%	1.55%	-5.18%	-3.37%	0.7%	-1.62%	-0.44%	0.31%	0.45%	0.85%
FCF per Share	-0.09	0.06	-0.19	-0.83	-0.25	-0.61	-0.74	-0.51	-0.28	-0.22
FCF Conversion (FCF/Net Income)	18.62x	0.14x	2.04x	9.25x	0.52x	0.60x	2.91x	1.17x	0.52x	0.11x
Interest Paid	50.97K	112.55K	10.19K	0	0	0	0	0	0	0
Taxes Paid	31.2K	-1.89M	2.42M	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-1.93%	33.99%	-3.34%	-3.75%	-20.55%	-72.8%	-18.53%	-26.92%	-41.75%	-43.1%
Return on Invested Capital (ROIC)	9.13%	99.42%	-6.13%	-5.91%	-16.2%	-59.08%	-13.81%	-20.73%	-22.15%	-18.69%
Gross Margin	35.25%	44.65%	33.58%	30.91%	19.84%	-62.26%	20.39%	13.23%	4.54%	9.41%
Net Margin	-0.49%	19.31%	-5.39%	-3.53%	-16.89%	-120.37%	-19.05%	-34.73%	-42.82%	-33.48%
Debt / Equity	0.63x	0.01x	0.01x	0.05x	0.18x	0.36x	0.06x	0.13x	0.57x	0.81x
Interest Coverage	6.01x	65.78x	-40.51x	-54.48x	-38.66x	-270.08x	-51.63x	-95.40x	-10.72x	-6.74x
FCF Conversion	18.62x	0.14x	2.04x	9.25x	0.52x	0.60x	2.91x	1.17x	0.52x	0.11x
Revenue Growth	31.64%	233.03%	-36.76%	66.77%	3.14%	-63.59%	87.09%	-4.97%	-4.75%	-8.65%

Frequently Asked Questions

Growth & Financials

Polar Power, Inc. (POLA) reported $8.3M in revenue for fiscal year 2024. This represents a 60% increase from $5.2M in 2014.

Polar Power, Inc. (POLA) saw revenue decline by 8.7% over the past year.

Polar Power, Inc. (POLA) reported a net loss of $8.7M for fiscal year 2024.

Dividend & Returns

Polar Power, Inc. (POLA) has a return on equity (ROE) of -43.1%. Negative ROE indicates the company is unprofitable.

Polar Power, Inc. (POLA) had negative free cash flow of $1.0M in fiscal year 2024, likely due to heavy capital investments.