Polar Power, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
November 14, 2022 at 09:13 pm
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Polar Power, Inc. reported earnings results for the third quarter and nine months ended September 30, 2022. For the third quarter, the company reported sales was USD 1.71 million compared to USD 4.14 million a year ago. Net loss was USD 2.38 million compared to net income of USD 0.942 million a year ago. Basic loss per share from continuing operations was USD 0.19 compared to basic earnings per share from continuing operations of USD 0.07 a year ago. Diluted loss per share from continuing operations was USD 0.19 compared to diluted earnings per share from continuing operations of USD 0.07 a year ago.
For the nine months, sales was USD 9.69 million compared to USD 12.27 million a year ago. Net loss was USD 4.24 million compared to USD 1.83 million a year ago. Basic loss per share from continuing operations was USD 0.33 compared to USD 0.14 a year ago. Diluted loss per share from continuing operations was USD 0.33 compared to USD 0.14 a year ago.
Polar Power, Inc. is a provider of direct current (DC) advanced power and cooling systems. The Companyâs product portfolio includes products for telecom, military, renewable energy, marine, automotive, residential, commercial, oil field and mining applications. Its systems can be configured to operate on any energy source, including photovoltaics, diesel, LPG (propane and butane), and renewable fuels. Its telecom power solutions offer cost savings with installation, permitting, site leases, and operation. Its military solutions provide power solutions for robotics, drones, communications, hybrid propulsion, and other applications. Its mobile rapid battery charging technology enables on-demand roadside charging for electric vehicles. Its combined heat and power (CHP) residential systems offer vehicle charging and integrated home power systems via natural gas or propane feedstocks. Its micro/nano-grid solutions provide lower cost energy in bad-grid or no-grid environments.