Polar Power sees Q2 revenue $4.5M-$5M

Polar Power announces that it expects to report revenues between $4.5 million and $5.0 million for the second quarter of 2024, and a backlog of approximately $5.5 million for the quarter end. Additionally, the Company has received approximately $2.9 million in Tax refunds and Employee Retention Credits payments applied for in prior years. Arthur Sams, CEO of Polar Power, commented, “We are encouraged by the sequential improvements in our business, as evidenced both in the growth in our Q2 revenues and backlog. Of the backlog, approximately 62% is attributable to telecom customers and partners around the globe. We continue to actively pursue opportunities to diversify our revenue mix through new channels and to new markets, such as homes and apartment buildings, electric vehicles and drones, greenhouses, pools, and more, for clean fuel and solar hybrid DC power generation.”