Polar Power Announces Preliminary 2024 Third Quarter Financial Results: Expected Net Sales of $4.7 - $5.2 Million and Gross Margin of 26%-32%
GARDENA, CA, Oct. 29, 2024 (GLOBE NEWSWIRE) -- Polar Power, Inc. ("Polar Power" or the "Company") (NASDAQ:POLA), a global provider of prime, backup, and solar hybrid power solutions, today announces preliminary third quarter net sales between $4.7 million and $5.2 million, representing growth of 147% to 174%, gross margin in the range of 26% to 32%, and breakeven net earnings. Recovering net sales benefitting from strength across both diesel- and natural gas-powered product lines, with new customers accounting for 18% and 12% of total sales, respectivelySubstantial year-over-year improvement in gross margin attributable to higher revenues, lower labor costs and improved factory overhead a
