POLANasdaqMiscellaneous Electrical Machinery, Equipment & SuppliesUS GAAP · USD

Polar Power, Inc.

Polar Power, Inc. designs and manufactures DC power systems and related equipment used to provide backup and primary power for telecommunications and other remote or off-grid applications. The company is based in the United States and sells products that combine power conversion, engine-driven generation, and hybrid power solutions for customers that need reliable DC electricity at the edge of the grid.

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Revenue6.3m USD
−54.9 %y/y
Operating profit (EBIT)-8.4m USD
−92.5 %y/y
EBIT margin-133.6%
−102.3 ppy/y
Net income-9.1m USD
−95.3 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-20-1001020m USD2020: 9.0 m USD2020: EBIT -13 m USD20202021: 17 m USD2021: EBIT -3.1 m USD20212022: 16 m USD2022: EBIT -5.5 m USD20222023: 15 m USD2023: EBIT -6.0 m USD20232024: 14 m USD2024: EBIT -4.4 m USD20242025: 6.3 m USD2025: EBIT -8.4 m USD20256.3-8.4
RevenueOperating profit (EBIT)
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Business

Share of revenue
DC base power systems70 %

Engine-driven DC power systems used mainly for telecommunications backup and site power.

Hybrid solar power systems15 %

DC hybrid solar systems that combine solar input with backup generation.

Electric vehicle chargers5 %

Charging products and related power equipment for EV applications.

Residential and commercial power products5 %

Power products designed for non-telecom residential and commercial uses.

Spare parts and services5 %

Replacement parts, support, and related services for installed systems.

Products

Reported · share of revenue
71.1%26.4%FY2025100 %
  • DC Power Systems71.1 %
  • Accessories26.4 %
  • Engineering and Tech Support Services2.4 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Polar Power primarily sells to telecommunications customers, especially wireless carriers that need DC backup power for cell sites and network infrastructure. The company also targets customers in adjacent power applications such as EV charging, residential and commercial power, and hybrid solar systems, but the telecom market remains the core end market. Buying decisions are driven by reliability, emissions-certified engines, product performance, and the ability to support long design and deployment cycles.

Tier-1 wireless telecommunications carriers

Buy DC base power systems for network backup and site power where grid reliability is limited.

Telecommunications infrastructure operators

Purchase power systems for cell towers and remote telecom installations that need dependable DC power.

Adjacent power market customers

Buy EV chargers, residential/commercial power products, and hybrid solar systems for non-telecom use cases.

Channel and project-based buyers

Order systems through project deployments where timing, specification, and installation schedules matter.

Strategy

Polar Power’s strategy centers on developing new and enhanced DC power systems that can win acceptance in telecom and adjacent power markets. The company is also extending its product set into EV chargers, residential and commercial power products, and higher-capacity DC hybrid solar systems to broaden its addressable market and reduce dependence on a single end market.

Broaden the product portfolio beyond core telecom systemsMedium term

Reduces dependence on a single customer and end market while opening adjacent demand pools.

Improve market acceptance of new and enhanced DC systemsShort term

Winning design-ins is essential because customer qualification and deployment cycles are long.

Strengthen supply and fulfillment reliabilityShort term

Timely component supply and backlog execution are critical to meeting customer deployment schedules.

Geography

Q1/2026

Polar Power is headquartered in the United States and serves customers through project and equipment sales rather than a broad consumer footprint. The available disclosures emphasize customer concentration by end market more than by country, so the business should be viewed primarily through its telecom and remote-power customer exposure rather than a diversified geographic mix. Manufacturing and assembly are concentrated in a small number of facilities, which makes operating continuity important to delivery performance.

United States100 %
Canada0.2 %

Share of the revenue the company reports by geography.

Risks

Polar Power is exposed to high customer concentration, with substantially all revenue tied to DC base power systems sold to one Tier-1 telecommunications customer. The business also faces supplier dependence, long design cycles, competitive pricing pressure, and going-concern and financing risk, all of which can materially affect operations because the company relies on timely component supply, project execution, and continued access to capital.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Customer concentration1Going concern and liquidity2Supplier dependence3Competitive pressure4Product development and market acceptance5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Customer concentrationImpact: CriticalLikelihood: High

    Substantially all revenue comes from one Tier-1 telecommunications customer, so any demand change can sharply affect results.

    Exposure: DC base power systems

  2. Going concern and liquidityImpact: CriticalLikelihood: High

    Losses, negative operating cash flow, and financing needs can constrain operations and investment.

    Exposure: Corporate liquidity and working capital

  3. Supplier dependenceImpact: HighLikelihood: High

    The company relies on a limited set of engine suppliers and has no long-term supply contracts.

    ExposureYanmarToyotaFordOther engine suppliers
  4. Competitive pressureImpact: HighLikelihood: High

    Larger competitors may lower prices, shorten lead times, or outspend Polar Power on product development.

    Exposure: Telecom and distributed power markets

  5. Product development and market acceptanceImpact: MediumLikelihood: High

    New products may not gain acceptance quickly enough to offset concentration in legacy systems.

    ExposureEV chargersHybrid solarResidential/commercial products
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Accounting

Judgemental items
Revenue recognition timing

Large project orders and shipment-based sales can cause uneven quarterly revenue and comparability issues.

Impact: Reported revenue and gross profit can shift materially between periods.

Going concern assessment

Management has disclosed substantial doubt about continued operations, which affects financial statement presentation and investor interpretation.

Impact: May influence asset recoverability and liability classification.

Inventory and component cost estimates

Engine and raw material price changes can affect inventory valuation and cost of sales.

Impact: Can change margins and write-down risk.

Internal controls over financial reporting

Control deficiencies could require remediation or restatement if material weaknesses are identified.

Impact: Affects confidence in reported numbers and compliance.

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Last updated: 24/09/2026

Polar Power, Inc. (POLA) Revenue, Earnings & Financials 2025 – Clarifo