Polar Power Inc. Receives Purchase Order for Mobile Electric Vehicle Fast Chargers to Address the Growing Need for Emergency Roadside Assistance. Gardena, CA, Nov. 21, 2025 (GLOBE NEWSWIRE) -- Polar Power Inc. (“Polar Power” or the “Company”) (NASDAQ: POLA) announced today that it has received an initial purchase order for fifty (50) next-generation model EVMC30K EV mobile chargers (“EVMC30K Chargers”), designed to provide emergency roadside fast-charging for electric vehicles (EVs) that have depleted t ...

GARDENA, CA, Nov. 20, 2025 (GLOBE NEWSWIRE) -- Polar Power, Inc. (“Polar Power” or the “Company”) (NASDAQ: POLA), a global provider of prime, backup and solar hybrid DC power solutions, today reported its financial results for the three months ended September 30, 2025. Polar Power reported net sales of $1.3 million for the three months ended September 30, 2025 which represented a 74% decline in sales compared to the same period last year. The drop in sales combined with $1.97 million inventory write downs r ...

Financial Performance - Polar Power reported net sales of $1.3 million for Q3 2025, a 74% decline from $4.9 million in Q3 2024[3][11] - The company experienced a gross loss of $2.26 million in Q3 2025, a decrease of 259% compared to a gross profit of $1.42 million in Q3 2024[15] - The company recorded a net loss of $4.08 million, or $(1.63) per share, for Q3 2025, compared to a net profit of $0.01 million in Q3 2024[21] - Net sales for the three months ended September 30, 2025, were $1,273 million, a decrease from $4,914 million in the same period of 2024, representing a decline of approximately 74%[28] - Gross profit for the three months ended September 30, 2025, was a loss of $2,260 million compared to a profit of $1,424 million in 2024, indicating a significant deterioration in profitability[28] - The net loss for the three months ended September 30, 2025, was $4,085 million, compared to a net income of $13 million in the same period of 2024[28] - Total other income (expenses), net for the three months ended September 30, 2025, was $(208) million, compared to $(27) million in 2024, reflecting a decline in other income sources[28] Operating Expenses - Operating expenses decreased by $0.22 million, but were offset by a $0.45 million impairment of right-to-use assets[3] - Total operating expenses for the three months ended September 30, 2025, were $1,617 million, an increase from $1,384 million in 2024, reflecting a rise of about 17%[28] - Interest expense and finance costs for the nine months ended September 30, 2025, totaled $543 million, compared to $496 million in 2024, indicating an increase of approximately 9%[30] Sales and Customer Concentration - Sales to the largest U.S. telecommunications customer accounted for 63% of total net sales in Q3 2025, compared to 46% in Q3 2024[12] - Polar Power's international sales represented 0% of total net sales in Q3 2025, down from 10% in Q3 2024[13] Cash Flow and Liquidity - Cash flows from operating activities for the nine months ended September 30, 2025, resulted in a net cash used of $589 million, compared to $400 million in the same period of 2024[30] - Cash and cash equivalents at the end of the period were $4 million, a significant decrease from $498 million at the beginning of the period[30] Inventory and R&D - The company recorded an inventory write-down of $1,967 million for the nine months ended September 30, 2025, which was not present in the same period of 2024[30] - Research and development expenses decreased by 9% to $157,000 in Q3 2025, with plans to recruit additional engineers in 2026[17] Fundraising - The company raised $0.74 million in October 2025 by selling shares to fund operations[8] Backlog - The company's backlog increased to $5.3 million as of September 30, 2025, up from $1.2 million on June 30, 2025[7]

Financial Performance - Net sales for the three months ended September 30, 2025, were $1,273,000, a decrease from $4,914,000 in the same period of 2024, representing a decline of approximately 74%[15] - Gross profit for the three months ended September 30, 2025, was a loss of $2,260,000 compared to a profit of $1,424,000 in the same period of 2024[15] - The net loss for the three months ended September 30, 2025, was $4,085,000, compared to a net income of $13,000 in the same period of 2024[15] - For the nine months ended September 30, 2025, the company recorded a net loss of $5,621,000 compared to a net loss of $1,628,000 for the same period in 2024[25] - Revenue for the nine months ended September 30, 2025, was $5,704 million, a decrease from $11,348 million in 2024, representing a decline of approximately 50.3%[89] - The net loss for the nine months ended September 30, 2025, was $5,621 million, compared to a net loss of $1,628 million in 2024, indicating a significant increase in losses[89] Assets and Liabilities - Total current assets decreased to $11,822,000 as of September 30, 2025, down from $15,597,000 as of December 31, 2024, reflecting a decline of about 24%[13] - Total liabilities increased to $9,447,000 as of September 30, 2025, compared to $9,034,000 as of December 31, 2024, indicating a rise of approximately 5%[13] - Cash and cash equivalents were reported at $4,000 as of September 30, 2025, a significant decrease from $498,000 as of December 31, 2024[13] - The accumulated deficit as of September 30, 2025, was $35,957,000, up from $30,336,000 as of December 31, 2024[13] Operating Expenses - Operating expenses for the three months ended September 30, 2025, totaled $1,617,000, an increase from $1,384,000 in the same period of 2024[15] - Interest paid for the nine months ended September 30, 2025, was $606,000, compared to $598,000 for the same period in 2024[25] - Total interest expense, fees, and financing costs for the nine months ended September 30, 2025, were $497, down from $588 for the same period in 2024[75] Inventory and Impairments - The company reported an inventory write-down of $1,967,000 and an impairment of right-of-use assets and lease deposits totaling $455,000[25] - The Company recorded total impairment charges of $455 for the three and nine months ended September 30, 2025, including $347 related to right-of-use assets[79] - As of September 30, 2025, total inventories were $10,892 million, down from $12,893 million as of December 31, 2024[46] Customer and Sales Information - The largest customer accounted for 68% of total revenues for the nine months ended September 30, 2025, compared to 44% for the two largest customers in the same period of 2024[59] - For the three months ended September 30, 2025, sales to telecommunications customers accounted for 92% of total revenues[58] - International sales for the three months ended September 30, 2025, totaled $6 million, a significant drop from $470 million in 2024[42] - DC power systems sales for the three months ended September 30, 2025, were $898 million, a decline of 79% from $4,340 million in 2024[40] Future Outlook and Plans - The company anticipates an increase in tariffs on imported products, which may impact profitability and global sales[33] - The company is currently negotiating a payment plan for delinquent rent with its landlords, with a proposed settlement to pay the overdue rent by February 28, 2026[28] - The Company expects to receive $325 in purchase orders by December 15, 2025, which is critical for meeting its financial obligations[69] - The company has a backlog of $5,283 million, with 53% from telecommunications customers, 13% from military customers, 1% from marine customers, and 33% from EV mobile charger customers[93] - The company expects the majority of its backlog orders to ship within the next twelve months[93] Shareholder and Financing Activities - The company entered into an ATM sales agreement on October 6, 2025, allowing for the sale of shares up to an aggregate offering price of $2,382 million[90] - As of November 19, 2025, the company sold 147,144 shares at an average price of approximately $5.00, resulting in net proceeds of approximately $714 million after commissions[91] - The company received a purchase order for $1,700 million for fifty Mobile EV Chargers, scheduled for delivery in 2026 over a 12-month period[92] - In October 2025, the company received a $674 million contract from a military customer for compact, lightweight DC generators[91] Delinquencies and Financial Obligations - The Company is currently delinquent in $398 of past due rents as of September 30, 2025[80] - The Company has a delinquent balance of $29 related to unsecured property taxes as of September 30, 2025[69]

Core Insights - Premarket trading is showing notable activity with significant price movements indicating potential trading opportunities before the market opens [1] Premarket Gainers - Cambium Networks Corporation (CMBM) has seen a remarkable increase of 306%, trading at $2.51 [3] - Teradyne, Inc. (TER) is up 21%, currently priced at $176.00 [3] - Bloom Energy Corporation (BE) has risen by 18%, trading at $134.50 [3] - Jamf Holding Corp. (JAMF) is up 15%, with a price of $12.85 [3] - CSG Systems International, Inc. (CSGS) has increased by 14%, trading at $79.00 [3] - Olympic Steel, Inc. (ZEUS) is also up 14%, currently priced at $34.20 [3] - Beta Bionics, Inc. (BBNX) has risen by 12%, trading at $27.20 [3] - Sonim Technologies, Inc. (SONM) is up 10%, currently priced at $12.49 [3] - Canadian Solar Inc. (CSIQ) has increased by 9%, trading at $16.67 [3] - Interlink Electronics, Inc. (LINK) is also up 9%, currently priced at $6.85 [3] Premarket Losers - Stride, Inc. (LRN) has experienced a significant decline of 41%, trading at $89.44 [4] - Varonis Systems, Inc. (VRNS) is down 29%, currently priced at $44.71 [4] - Akebia Therapeutics, Inc. (AKBA) has decreased by 26%, trading at $2.26 [4] - Avantor, Inc. (AVTR) is down 17%, currently priced at $12.40 [4] - GlucoTrack, Inc. (GCTK) has seen a decline of 13%, trading at $6.29 [4] - Tigo Energy, Inc. (TYGO) is down 13%, currently priced at $2.20 [4] - Generac Holdings Inc. (GNRC) has decreased by 9%, trading at $172.00 [4] - Polar Power, Inc. (POLA) is down 8%, currently priced at $3.71 [4] - Caesars Entertainment, Inc. (CZR) has seen a decline of 7%, trading at $20.50 [4] - Anteris Technologies Global Corp. (AVR) is also down 7%, currently priced at $4.46 [4]

Core Insights - Polar Power, Inc. has secured a $674,000 contract from a military customer for compact, lightweight DC generators aimed at mobile applications [1] - The new model is approximately 25% smaller and lighter than the company's smallest generator currently in use, while maintaining similar power output, addressing the increasing demand for portable energy solutions [2] Expanding Applications for DC Generators - DC generators are being utilized as range extenders for battery-powered devices in sectors such as robotics, drones, and communications, where energy needs often surpass battery capabilities [3] - In agriculture, the adoption of automation and robotics is accelerating due to global labor shortages and rising costs, with compact DC generators providing reliable power in remote or off-grid environments [4] - Transportation infrastructure relies on RTUs and SCADA systems, which typically use oversized generators; Polar Power's compact DC generators offer a cost-effective and space-efficient alternative for backup power [5] - The recreational marine and RV markets are transitioning to lithium battery systems, increasing the demand for efficient and compact charging solutions, which Polar Power's generators fulfill [6] Strategic Growth and Product Expansion - The company is expanding its range of power systems to diversify its customer base and enhance brand recognition, completing its DC generator lineup from 2 kW to 50 kW, with plans for a 200 kW generator targeting edge computing and small data centers [7] - Polar Power's DC generators, when integrated with batteries and inverters, can support peak loads of 10 to 100 kW by leveraging battery storage to average power usage over a 24-hour period [7] Company Overview - Founded in 1979 and headquartered in Gardena, California, Polar Power designs and manufactures off-grid and on-grid power and cooling solutions for various sectors, including military, telecommunications, and EV charging [8] - The company's competitive advantage lies in its in-house engineering and manufacturing of key components, enhancing efficiency and reliability while addressing critical needs for space and weight reduction, carbon footprint minimization, and lower operating costs [8]

Core Viewpoint - Polar Power, Inc. has announced a collaboration with ZQuip to develop DC hybrid power systems specifically designed for construction equipment, aiming to reduce emissions, noise, and operational costs in the construction industry [1][2]. Company Overview - Polar Power, Inc. specializes in manufacturing DC generators and battery charging systems for various sectors, including telecom, military, and microgrids [1][8]. - ZQuip, a part of Moog Inc., focuses on developing flexible energy systems that integrate zero-emission and low-emission solutions into machinery [9]. Product Development - The collaboration has led to the design of a compact diesel-fueled charging system for electric construction vehicles, which serves as a range extender and can be used for charging electric vehicles and battery modules [2][4]. - The on-board DC charging modules eliminate the need for extensive site charging infrastructure, ensuring equipment remains operational and can be serviced quickly [4]. Industry Context - Traditional construction equipment relies on large diesel engines, which create environmental and noise challenges, particularly in urban areas. The shift to electric hybrid machinery offers benefits such as lower fuel and maintenance costs and compliance with emission regulations [3][6]. - The construction industry is increasingly focused on reducing emissions and noise, with companies recognizing the need for flexible solutions that can adapt to site logistics and economic conditions [7]. Technological Advantages - Polar Power's DC generators are approximately 40% more fuel-efficient in battery charging applications compared to AC generators, due to the avoidance of AC to DC conversion [5]. - The modular charging systems developed in collaboration with ZQuip allow fleet operators to customize capacity and enhance cost efficiency by leveraging common battery packs across different machines [6].

[Executive Summary](index=1&type=section&id=Executive%20Summary) This section provides a high-level overview of Polar Power's Q2 2025 business and operational highlights, alongside a summary of its financial performance [Q2 2025 Business and Operational Highlights](index=1&type=section&id=Q2%202025%20Business%20and%20Operational%20Highlights) Polar Power's CEO highlighted continued telecom market dominance, significant growth in aftermarket services, and strategic restructuring of sales in the US, Middle East, and Africa. The company also announced plans for a new mobile EV charger - The telecom market continues to dominate Polar Power's customer base, representing **92% of total net sales in Q2 2025**, a slight decrease from 95% in Q2 2024. Sales to military customers increased to **6%** (from 3%), while international sales significantly declined to **3%** (from 25%)[4](index=4&type=chunk) - Sales in aftermarket parts and services experienced substantial growth, increasing by approximately **288%** compared to the same period in 2024[4](index=4&type=chunk) - The company is restructuring its US sales strategy to include distribution through domestic resellers, aiming to rebuild sales to pre-pandemic levels[4](index=4&type=chunk) - Sales staff in the Middle East and Africa are being restructured with new personnel and the establishment of overseas resellers, leading to increased field trials for DC generators in Southeast Asia and Africa telecoms[4](index=4&type=chunk) - Polar Power plans to release its **30 kW mobile EV charger** during the fourth quarter of 2025, following one year of testing[4](index=4&type=chunk) [Q2 2025 Financial Performance Summary](index=1&type=section&id=Q2%202025%20Financial%20Performance%20Summary) Polar Power reported a significant decline in net sales and gross profit for Q2 2025 compared to Q2 2024, resulting in a net loss. Operating expenses decreased, but cash flow from operations shifted from positive to negative Q2 2025 Financial Performance (in thousands) | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | Change (%) | | :-------------------------- | :--------------------- | :--------------------- | :--------- | | Net Sales | $2,708 | $4,660 | -42% | | Gross Profit | $930 | $1,832 | -49% | | Operating Expenses | $1,040 | $1,372 | -24% | | Net Income (Loss) | $(271) | $501 | N/A (loss from income) | | EPS (basic & diluted) | $(0.11) | $0.20 | N/A (loss from income) | | Cash used in operating activities | $(404) | $1,179 (provided) | N/A (change from provided to used) | [Company Overview](index=1&type=section&id=Company%20Overview) This section details Polar Power's business description, product portfolio, and specific applications of its DC power solutions across various industries [Business Description and Product Portfolio](index=1&type=section&id=Business%20Description%20and%20Product%20Portfolio) Polar Power, Inc. is a global innovator in DC power solutions, offering advanced systems for various industrial applications. Its product portfolio is known for innovation, durability, and efficiency, supporting diverse energy sources - Polar Power, Inc. is a global provider of prime, backup, and solar hybrid DC power solutions, pioneering technological changes in power generation and offering advanced power and cooling systems[2](index=2&type=chunk)[5](index=5&type=chunk) - The company's product portfolio includes standard products for telecom, military, renewable energy, marine, EV charging, residential, commercial, oil field, and mining applications[5](index=5&type=chunk) - Polar Power's systems are versatile, configurable to operate on any energy source, including photovoltaics, diesel, LPG (propane and butane), and renewable fuels[5](index=5&type=chunk) [Product Applications and Solutions](index=2&type=section&id=Product%20Applications%20and%20Solutions) Polar Power provides specialized DC power solutions tailored for various sectors, including cost-effective telecom systems, compact military power, mobile EV charging, integrated residential systems, and micro/nano grid solutions for off-grid environments - Telecom power solutions offer significant cost savings in installation, permitting, site leases, and operation[7](index=7&type=chunk) - Military solutions provide compact, lightweight, fuel-efficient, and reliable power for robotics, drones, communications, and hybrid propulsion applications[7](index=7&type=chunk) - Mobile rapid battery charging technology enables on-demand roadside charging for electric vehicles[7](index=7&type=chunk) - Micro/nano grid solutions deliver lower cost energy in 'bad-grid or no-grid' environments, with recent enhancements including heat recovery to increase fuel-to-useful energy conversion[4](index=4&type=chunk)[7](index=7&type=chunk) [Financial Statements](index=3&type=section&id=Financial%20Statements) This section presents Polar Power's condensed balance sheets, unaudited statements of operations, and cash flow statements for the reported periods [Condensed Balance Sheets](index=3&type=section&id=Condensed%20Balance%20Sheets) As of June 30, 2025, Polar Power's total assets decreased, while total liabilities increased compared to December 31, 2024, leading to a reduction in total stockholders' equity. Cash and cash equivalents also saw a notable decline Condensed Balance Sheets (in thousands) | Metric (in thousands) | June 30, 2025 | December 31, 2024 | Change | | :-------------------- | :------------ | :---------------- | :----- | | Total Assets | $16,546 | $17,546 | $(1,000) | | Total Liabilities | $9,562 | $9,034 | $528 | | Total Stockholders' Equity | $6,984 | $8,512 | $(1,528) | | Cash and cash equivalents | $175 | $498 | $(323) | | Inventories | $12,993 | $12,893 | $100 | | Line of credit | $5,302 | $4,797 | $505 | [Unaudited Condensed Statements of Operations](index=4&type=section&id=Unaudited%20Condensed%20Statements%20of%20Operations) For the three months ended June 30, 2025, Polar Power experienced a significant year-over-year decline in net sales and gross profit, resulting in an operating loss and a net loss, contrasting with net income in the prior year period Unaudited Condensed Statements of Operations (in thousands) | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net Sales | $2,708 | $4,660 | $4,431 | $6,434 | | Cost of Sales | $1,778 | $2,828 | $3,183 | $5,005 | | Gross Profit | $930 | $1,832 | $1,248 | $1,429 | | Total Operating Expenses | $1,040 | $1,372 | $2,459 | $2,949 | | Income (loss) from operations | $(110) | $460 | $(1,211) | $(1,520) | | Net income (loss) | $(271) | $501 | $(1,536) | $(1,641) | | Net income (loss) per share – basic and diluted | $(0.11) | $0.20 | $(0.61) | $(0.65) | [Unaudited Condensed Statements of Cash Flow](index=5&type=section&id=Unaudited%20Condensed%20Statements%20of%20Cash%20Flow) For the six months ended June 30, 2025, cash flow from operating activities turned negative, while cash provided by financing activities increased. The period ended with a decrease in cash and cash equivalents compared to the prior year Unaudited Condensed Statements of Cash Flow (in thousands) | Cash Flow Activity (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------------- | :----------------------------- | :----------------------------- | | Net cash provided by (used in) operating activities | $(988) | $190 | | Net cash used in investing activities | $0 | $(18) | | Net cash provided by financing activities | $665 | $398 | | Increase (Decrease) in cash and cash equivalents | $(323) | $570 | | Cash and cash equivalents, end of period | $175 | $1,119 | [Forward-Looking Statements and Risks](index=2&type=section&id=Forward-Looking%20Statements%20and%20Risks) This section addresses the nature of forward-looking statements within the report and outlines various risks that could impact future results [Safe Harbor Statement](index=2&type=section&id=Safe%20Harbor%20Statement) This section outlines the nature of forward-looking statements within the report, including specific company plans, and details various risks that could cause actual results to differ materially from these projections - The news release contains forward-looking statements regarding future events and business performance, identifiable by terms such as 'expects,' 'anticipates,' 'believes,' 'intends,' 'estimates,' 'plans,' and 'will'[9](index=9&type=chunk) - Specific forward-looking plans include improving operational efficiencies, expanding the customer base, releasing a **30 kW mobile EV charger** during the fourth quarter, and further diversifying the customer base[9](index=9&type=chunk) - Actual future results could differ materially due to various risks, including adverse domestic and foreign economic and market conditions, trade tariffs on raw materials, changes in governmental regulations, inflation, supply chain constraints, and labor shortages[9](index=9&type=chunk) [Company Information](index=2&type=section&id=Company%20Information) This section provides essential contact details for Polar Power, Inc [Contact Information](index=2&type=section&id=Contact%20Information) This section provides the official contact details for Polar Power, Inc., including its address, telephone number, email, and website - Polar Power, Inc. can be contacted at **249 E. Gardena Blvd., Gardena, CA 90248**, via telephone at **310-830-9153**, or email at **ir@polarpowerinc.com**. Further information is available on their website, **www.polarpower.com**[8](index=8&type=chunk)[10](index=10&type=chunk)

Core Insights - Polar Power, Inc. reported a significant decline in net sales and gross profit for Q2 2025, with net sales of $2.7 million, down 42% from $4.6 million in Q2 2024, and gross profit decreasing by 49% to $930,000 [6][14]. Financial Performance - Net sales for the second quarter of 2025 were $2.7 million, a decrease of 42% compared to $4.6 million in the same period in 2024 [6][14]. - Gross profit fell to $930,000, down 49% from $1.8 million in Q2 2024 [6][14]. - Operating expenses decreased by 24% to $1.0 million, compared to $1.4 million in the same period in 2024 [6][14]. - The company reported a net loss of $271,000, or $(0.11) per share, compared to a net income of $501,000, or $0.20 per share, in Q2 2024 [6][14]. - Cash used in operating activities was $404,000, contrasting with $1,179,000 provided by operating activities in the same period last year [6][14]. Market Segmentation - Telecom customers accounted for 92% of total net sales in Q2 2025, down from 95% in Q2 2024, while military customers increased their share to 6% from 3% [3]. - Sales to customers outside the U.S. dropped to 3% of total net sales in Q2 2025, compared to 25% in the same period in 2024 [3]. Strategic Initiatives - The company is restructuring its U.S. sales strategy to include distribution through domestic resellers to rebuild sales to pre-pandemic levels [3]. - Polar Power has added new personnel in the Middle East and Africa and is increasing field trials for its DC generators in Southeast Asia and Africa [3]. - The company plans to release a 30 kW mobile EV charger in Q4 2025 after a year of testing [3]. Product Portfolio - Polar Power offers a range of power solutions, including DC advanced power and cooling systems for various applications such as telecom, military, renewable energy, and EV charging [4][5]. - The company is enhancing its microgrid systems by adding heat recovery features to improve fuel efficiency [3].

[PART I – FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) This section presents the company's unaudited condensed financial statements and related disclosures [ITEM 1. Condensed Financial Statements](index=5&type=section&id=ITEM%201.%20Condensed%20Financial%20Statements) This section presents the unaudited condensed financial statements for Polar Power, Inc., including the balance sheets, statements of operations, statements of stockholders' equity, and statements of cash flow for the periods ended June 30, 2025, and December 31, 2024 (balance sheet), and June 30, 2025 and 2024 (income statement, cash flow, equity) It also includes detailed notes on the company's organization, significant accounting policies, and specific financial line items [Condensed Balance Sheets](index=5&type=section&id=Condensed%20Balance%20Sheets) This section presents the company's unaudited condensed balance sheets Condensed Balance Sheet Highlights (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------- | :-------------- | :------------------ | | Cash and cash equivalents | $175 | $498 | | Total current assets | $15,241 | $15,597 | | Total assets | $16,546 | $17,546 | | Total current liabilities | $9,486 | $8,560 | | Total liabilities | $9,562 | $9,034 | | Total stockholders' equity | $6,984 | $8,512 | - Total assets decreased by **$1,000 thousand** from December 31, 2024, to June 30, 2025, primarily due to a reduction in cash and cash equivalents[13](index=13&type=chunk) [Unaudited Condensed Statements of Operations](index=6&type=section&id=Unaudited%20Condensed%20Statements%20of%20Operations) This section presents the company's unaudited condensed statements of operations Three Months Ended June 30 (in thousands) | Metric | 2025 | 2024 | Change ($) | Change (%) | | :----------------------- | :--- | :--- | :--------- | :--------- | | Net Sales | $2,708 | $4,660 | $(1,952) | (42)% | | Gross profit | $930 | $1,832 | $(902) | (49)% | | Income (loss) from operations | $(110) | $460 | $(570) | (124)% | | Net income (loss) | $(271) | $501 | $(772) | (154)% | | Net income (loss) per share | $(0.11) | $0.20 | $(0.31) | (155)% | Six Months Ended June 30 (in thousands) | Metric | 2025 | 2024 | Change ($) | Change (%) | | :----------------------- | :--- | :--- | :--------- | :--------- | | Net Sales | $4,431 | $6,434 | $(2,003) | (31)% | | Gross profit | $1,248 | $1,429 | $(181) | (13)% | | Loss from operations | $(1,211) | $(1,520) | $309 | 20% | | Net loss | $(1,536) | $(1,641) | $105 | 6% | | Net loss per share | $(0.61) | $(0.65) | $0.04 | 6% | [Unaudited Condensed Statements of Stockholders' Equity](index=7&type=section&id=Unaudited%20Condensed%20Statements%20of%20Stockholders%27%20Equity) This section presents the company's unaudited condensed statements of stockholders' equity - Total stockholders' equity decreased from **$8,512 thousand** at December 31, 2024, to **$6,984 thousand** at June 30, 2025, primarily due to a net loss of **$1,536 thousand** for the six-month period[20](index=20&type=chunk) - The company issued **2,679 shares** of common stock, valued at **$8 thousand**, to a director for accrued fees during the six months ended June 30, 2025[20](index=20&type=chunk)[75](index=75&type=chunk) [Unaudited Condensed Statements of Cash Flow](index=8&type=section&id=Unaudited%20Condensed%20Statements%20of%20Cash%20Flow) This section presents the company's unaudited condensed statements of cash flow Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2025 | 2024 | | :----------------------------- | :--- | :--- | | Net cash provided by (used in) operating activities | $(988) | $190 | | Net cash used in investing activities | $0 | $(18) | | Net cash provided by financing activities | $665 | $398 | | Net increase (decrease) in cash | $(323) | $570 | | Cash and cash equivalents, end of period | $175 | $1,119 | - The company experienced a net decrease in cash and cash equivalents of **$323 thousand** for the six months ended June 30, 2025, primarily due to cash used in operating activities[26](index=26&type=chunk) [Notes to Condensed Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Financial%20Statements) This section provides detailed explanations and disclosures for the condensed financial statements [Organization and Summary of Significant Accounting Policies](index=9&type=section&id=NOTE%201%20%E2%80%93%20ORGANIZATION%20AND%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) This note details the company's business, accounting policies, and disaggregated sales information - Polar Power, Inc. designs, manufactures, and sells direct current (DC) power systems for off-grid, bad-grid, backup power, electric vehicle (EV) charging, and nano-grid applications[28](index=28&type=chunk) - The company's ability to continue as a going concern is in substantial doubt due to a net loss of **$1,536 thousand** and **$988 thousand** cash used in operations for the six months ended June 30, 2025[29](index=29&type=chunk) - Management is taking actions to address going concern issues by diversifying sales, increasing higher-margin aftermarket parts revenue, improving operational efficiency, and reducing costs[30](index=30&type=chunk) Disaggregated Net Sales by Product Type (in thousands) | Product Type | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :-------------------------- | :------ | :------ | :------ | :------ | | DC power systems | $1,989 | $4,475 | $3,219 | $6,041 | | Engineering & Tech Support | $135 | $38 | $134 | $125 | | Accessories | $584 | $147 | $1,078 | $268 | | **Total net sales** | **$2,708** | **$4,660** | **$4,431** | **$6,434** | Disaggregated Net Sales by Customer Type (in thousands) | Customer Type | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :-------------------------------- | :------ | :------ | :------ | :------ | | Telecom | $2,481 | $4,445 | $3,900 | $5,703 | | Government/Military | $154 | $163 | $448 | $622 | | Marine | $38 | $13 | $45 | $51 | | Other | $35 | $39 | $38 | $58 | | **Total net sales** | **$2,708** | **$4,660** | **$4,431** | **$6,434** | Disaggregated Net Sales by Geographical Region (in thousands) | Region | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :-------------------- | :------ | :------ | :------ | :------ | | United States | $2,624 | $3,490 | $4,045 | $5,164 | | Canada | $32 | $0 | $33 | $0 | | South Pacific Islands | $49 | $1,146 | $55 | $1,225 | | Indonesia | $3 | $24 | $0 | $24 | | Japan | $0 | $0 | $3 | $20 | | Europe and Middle East | $0 | $0 | $295 | $1 | | **Total net sales** | **$2,708** | **$4,660** | **$4,431** | **$6,434** | - International sales decreased significantly, totaling **$84 thousand (3% of total)** for Q2 2025 compared to **$1,170 thousand (25% of total)** for Q2 2024[39](index=39&type=chunk)[52](index=52&type=chunk) Inventory Composition (in thousands) | Category | June 30, 2025 | December 31, 2024 | | :------------- | :------------ | :---------------- | | Raw materials | $11,755 | $11,902 | | Finished goods | $1,238 | $991 | | **Total** | **$12,993** | **$12,893** | - Sales to telecommunications customers accounted for **92%** of total revenues for the three months ended June 30, 2025, and **88%** for the six months ended June 30, 2025[52](index=52&type=chunk)[53](index=53&type=chunk) - The largest accounts receivable account represented **85%** of total accounts receivable at June 30, 2025[54](index=54&type=chunk) - FASB issued ASU No. 2024-03, requiring disaggregation disclosures for income statement expenses, effective for annual periods beginning January 1, 2027[58](index=58&type=chunk) [Property and Equipment](index=16&type=section&id=NOTE%202%20%E2%80%93%20PROPERTY%20AND%20EQUIPMENT) This note provides details on the company's property and equipment, net of accumulated depreciation Property and Equipment, Net (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :---------------------- | :------------ | :------------------ | | Property and equipment, net | $160 | $196 | - Depreciation and amortization expense for the six months ended June 30, 2025, was **$34 thousand**, down from **$121 thousand** in the same period of 2024[61](index=61&type=chunk) [Notes Payable, Related Party](index=16&type=section&id=NOTE%203%20%E2%80%93%20NOTES%20PAYABLE%2C%20RELATED%20PARTY) This note outlines the company's outstanding notes payable to a related party - The aggregate outstanding balance of notes payable to the Company's CEO, including accrued interest, was **$433 thousand** as of June 30, 2025[62](index=62&type=chunk) - An additional loan of **$160 thousand** was made by the CEO to the Company on March 24, 2025[62](index=62&type=chunk) [Line of Credit](index=17&type=section&id=NOTE%204%20%E2%80%93%20LINE%20OF%20CREDIT) This note details the company's revolving credit facility and its outstanding balance - The revolving credit facility with Pinnacle Bank was extended until September 30, 2026, with a maximum advance limit of **$7,500 thousand**[63](index=63&type=chunk)[64](index=64&type=chunk) - As of June 30, 2025, the outstanding balance under the line of credit was **$5,302 thousand**, with **$66 thousand** available[68](index=68&type=chunk) - The Company's Net Tangible Worth was approximately **$7.4 million** as of June 30, 2025, which impacts the inventory advances limit[64](index=64&type=chunk) - Total interest expense, fees, and financing costs for the six months ended June 30, 2025, were **$329 thousand**, compared to **$340 thousand** in 2024[71](index=71&type=chunk) [Operating Leases](index=18&type=section&id=NOTE%205%20%E2%80%93%20OPERATING%20LEASES) This note describes the company's operating lease agreements and related liabilities - The company has two operating lease agreements for facilities, extended to February 2026 and August 2026, with an aggregate commitment of **$3,896 thousand**[72](index=72&type=chunk) Operating Lease Liabilities (in thousands) | Metric | June 30, 2025 | June 30, 2024 | | :-------------------------- | :------------ | :------------ | | Long-term operating right-of-use assets, net | $1,037 | $2,239 | | Short-term operating lease liabilities | $1,116 | $1,260 | | Long-term operating lease liabilities | $76 | $1,193 | | **Total operating lease liabilities** | **$1,192** | **$2,453** | Maturities of Lease Liabilities (in thousands) | Year Ending | Operating Leases | | :---------- | :--------------- | | 2025 (remaining 6 months) | $742 | | 2026 | $496 | | **Total lease payments** | **$1,238** | [Stockholders' Equity](index=19&type=section&id=NOTE%206%20%E2%80%93%20STOCKHOLDERS%27%20EQUITY) This note provides information on changes in the company's stockholders' equity - In January 2025, the Company issued **2,679 shares** of common stock, valued at **$8 thousand**, to an independent director for previously accrued fees[75](index=75&type=chunk) [Stock Options](index=19&type=section&id=NOTE%207%20%E2%80%93%20STOCK%20OPTIONS) This note details the company's outstanding stock options and their characteristics - As of June 30, 2025, there were **20,002** fully vested stock options outstanding with a weighted average exercise price of **$36.56**, and no intrinsic value[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk) [Segment Information](index=19&type=section&id=NOTE%208.%20SEGMENT%20INFORMATION) This note explains the company's single operating segment and its performance metrics - The Company operates and manages its business as a single reportable and operating segment, focusing on DC power systems[79](index=79&type=chunk) - The Chief Executive Officer, Arthur D. Sams, acts as the Chief Operating Decision Maker (CODM) and reviews financial information on a consolidated basis[80](index=80&type=chunk) Segment Performance (in thousands) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :-------------------------- | :------ | :------ | :------ | :------ | | Revenue | $2,708 | $4,660 | $4,431 | $6,434 | | Cost of goods sold | $(1,778) | $(2,828) | $(3,183) | $(5,005) | | Compensation | $(501) | $(622) | $(1,078) | $(1,274) | | Consulting and professional fees | $(140) | $(243) | $(490) | $(653) | | Other cost and expenses, net | $(399) | $(507) | $(891) | $(1,022) | | Other income (expenses), net | $(161) | $41 | $(325) | $(121) | | **Net profit (loss)** | **$(271)** | **$501** | **$(1,536)** | **$(1,641)** | [ITEM 2. Management's Discussion And Analysis Of Financial Condition And Results Of Operations](index=21&type=section&id=ITEM%202.%20Management%27s%20Discussion%20And%20Analysis%20Of%20Financial%20Condition%20And%20Results%20Of%20Operations) This section provides an overview of Polar Power's business, a summary of its financial performance, and a detailed analysis of its results of operations for the three and six months ended June 30, 2025, compared to the same periods in 2024 It also discusses the company's liquidity, capital resources, and sales backlog, highlighting challenges such as declining sales, going concern doubts, and efforts towards market diversification [Overview](index=21&type=section&id=Overview) This section provides an overview of the company's business and market diversification strategies - Polar Power designs, manufactures, and sells DC power generators, renewable energy, and cooling systems primarily for the telecommunications market, while actively diversifying into military, EV charging, marine, and industrial sectors[85](index=85&type=chunk)[94](index=94&type=chunk) - The company launched prime power DC generators optimized for propane and natural gas, anticipating growth due to increasing installation restrictions and limited availability of small diesel engines[91](index=91&type=chunk) - Expansion efforts include upgrading mobile CHAdeMO EV chargers to the universal combined charging system standard and developing microgrid products for commercial and residential applications[93](index=93&type=chunk)[95](index=95&type=chunk) - Telecommunications market accounted for **92%** of total net sales for Q2 2025 and **88%** for H1 2025[88](index=88&type=chunk)[89](index=89&type=chunk) [Financial Performance Summary and Outlook](index=23&type=section&id=Financial%20Performance%20Summary%20and%20Outlook) This section summarizes recent financial performance and outlines future strategic initiatives - Net sales decreased by **42%** to **$2,708 thousand** for the three months ended June 30, 2025, and by **31%** to **$4,431 thousand** for the six months ended June 30, 2025, compared to the prior year periods[101](index=101&type=chunk) - The decrease in revenue is attributed to excess inventory at the largest customer's warehouse and broader economic and geopolitical factors[102](index=102&type=chunk) - The company plans to hire sales and marketing staff and proactively manage operations to mitigate financial impacts from higher costs, supply chain issues, and geopolitical factors in the second half of 2025[103](index=103&type=chunk) [Results of Operations - Three Months Ended June 30, 2025 Compared to the Three Months Ended June 30, 2024](index=24&type=section&id=Results%20of%20Operations%20-%20Three%20Months%20Ended%20June%2030%2C%202025%20Compared%20to%20the%20Three%20Months%20Ended%20June%2030%2C%202024) This section analyzes the company's operational results for the three months ended June 30, 2025, compared to the prior year - Net sales decreased by **$1,952 thousand (42%)** to **$2,708 thousand**, primarily due to a decrease in DC generator sales to telecommunications customers[106](index=106&type=chunk) - Gross profit decreased by **$902 thousand (49%)** to **$930 thousand**, with gross profit as a percentage of net sales falling to **34.3%** from **39.3%**[111](index=111&type=chunk) - Operating expenses (sales and marketing, R&D, G&A) collectively decreased by **$332 thousand (24%)** to **$1,040 thousand**[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk) - The company reported a net loss of **$271 thousand**, or **$(0.11)** per share, compared to a net profit of **$501 thousand**, or **$0.20** per share, in the prior year period[116](index=116&type=chunk) [Results of Operations - Six Months Ended June 30, 2025 Compared to the Six Months Ended June 30, 2024](index=26&type=section&id=Results%20of%20Operations%20-%20Six%20Months%20Ended%20June%2030%2C%202025%20Compared%20to%20the%20Six%20Months%20Ended%20June%2030%2C%202024) This section analyzes the company's operational results for the six months ended June 30, 2025, compared to the prior year - Net sales decreased by **$2,003 thousand (31%)** to **$4,431 thousand**, primarily due to reduced DC generator sales to telecommunications customers[118](index=118&type=chunk) - Gross profit decreased by **$181 thousand (13%)** to **$1,248 thousand**, but gross profit as a percentage of net sales improved to **28.2%** from **22.2%**[122](index=122&type=chunk) - Total operating expenses decreased by **$490 thousand (17%)** to **$2,459 thousand**[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk) - The company incurred a net loss of **$1,536 thousand**, or **$(0.61)** per share, an improvement from the net loss of **$1,641 thousand**, or **$(0.65)** per share, in the prior year period[127](index=127&type=chunk) [Liquidity and Capital Resources](index=28&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses the company's financial liquidity, capital resources, and going concern considerations - The company's ability to continue as a going concern is in substantial doubt due to a net loss of **$1,536 thousand** and **$988 thousand** cash used in operations for the six months ended June 30, 2025[128](index=128&type=chunk) - Working capital decreased by **$1,282 thousand** to **$5,755 thousand** at June 30, 2025, from **$7,037 thousand** at December 31, 2024[130](index=130&type=chunk) - Cash and cash equivalents were **$175 thousand** at June 30, 2025, down from **$498 thousand** at December 31, 2024[132](index=132&type=chunk) - The revolving credit facility with Pinnacle Bank has an outstanding balance of **$5,302 thousand** and **$66 thousand** available as of June 30, 2025[138](index=138&type=chunk) Cash Flow Summary (Six Months Ended June 30, in thousands) | Activity | 2025 | 2024 | | :-------------------- | :--- | :--- | | Operating Activities | $(988) | $190 | | Investing Activities | $0 | $(18) | | Financing Activities | $665 | $398 | | **Net increase (decrease) in cash** | **$(323)** | **$570** | [Backlog](index=30&type=section&id=Backlog) This section provides details on the company's sales backlog and expected shipment timelines - The sales backlog as of June 30, 2025, was **$1,203 thousand**, with **95%** attributed to telecommunications customers[146](index=146&type=chunk) - The majority of the backlog is expected to be shipped within the next three months[146](index=146&type=chunk) [ITEM 3. Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that there are no quantitative and qualitative disclosures about market risk applicable for this reporting period [ITEM 4. Controls and Procedures](index=30&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management, including the principal executive and financial officers, concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level as of June 30, 2025 No material changes in internal control over financial reporting were identified during the period - Disclosure controls and procedures were evaluated and deemed effective at the reasonable assurance level as of June 30, 2025[148](index=148&type=chunk) - No material changes in internal control over financial reporting occurred during the three and six months ended June 30, 2025[149](index=149&type=chunk) [PART II – OTHER INFORMATION](index=31&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity sales, defaults, and other required disclosures [ITEM 1. Legal Proceedings](index=31&type=section&id=ITEM%201.%20Legal%20Proceedings) The company is not currently involved in any legal proceedings that are expected to have a material adverse effect on its business, prospects, financial condition, or results of operations - The company is not currently involved in legal proceedings that could reasonably be expected to have a material adverse effect on its business[151](index=151&type=chunk) [ITEM 1A. Risk Factors](index=31&type=section&id=ITEM%201A.%20Risk%20Factors) This section outlines significant risks that could materially and adversely affect Polar Power's business, financial condition, and stock price Key risks include the impact of inflation and geopolitical events, a history of operating losses, high customer concentration in the telecommunications market, long sales cycles, supply chain vulnerabilities, intense competition, and the need for continuous technological adaptation Additional risks relate to intellectual property protection, stock price volatility, corporate governance, and compliance with public company regulations [Risks Related to Our Business and Industry](index=31&type=section&id=Risks%20Related%20to%20Our%20Business%20and%20Industry) This section outlines key risks associated with the company's operations, market, and supply chain - Rising inflation and geopolitical events (e.g., Russia-Ukraine, Iran-Israel conflicts) may adversely affect operating margins, disrupt supply chains, and increase costs[154](index=154&type=chunk)[155](index=155&type=chunk)[156](index=156&type=chunk) - The company has incurred significant net losses in recent periods, including **$1,536 thousand** for the six months ended June 30, 2025, raising concerns about future profitability[157](index=157&type=chunk) - Substantially all revenue is derived from sales of DC base power systems to one Tier-1 customer within the U.S. telecommunications market, posing a significant concentration risk[158](index=158&type=chunk) - Long design and sales cycles (**3 to 24 months**) for DC power systems require substantial upfront investment without guaranteed purchases, impacting financial performance[160](index=160&type=chunk)[161](index=161&type=chunk) - The company faces inventory risk, and potential write-offs if estimates of net realizable value are inaccurate or customer demand changes unexpectedly[164](index=164&type=chunk)[165](index=165&type=chunk) - Dependence on key raw materials (aluminum, copper, Neodymium permanent magnets) and engine suppliers (Yanmar, Toyota, Ford) without long-term contracts exposes the company to price volatility, shortages, and supply chain disruptions[166](index=166&type=chunk)[178](index=178&type=chunk)[182](index=182&type=chunk) - The markets are highly competitive, with larger competitors possessing greater financial resources, potentially leading to market share loss[167](index=167&type=chunk)[168](index=168&type=chunk) - Rapid technological changes necessitate continuous product development and adaptation; failure to do so in a timely and cost-effective manner could harm competitive position and operating results[169](index=169&type=chunk)[170](index=170&type=chunk)[171](index=171&type=chunk)[176](index=176&type=chunk) - International sourcing of key components and increasing international sales expose the company to risks such as political instability, tariffs, currency fluctuations, and compliance with foreign laws (e.g., FCPA)[181](index=181&type=chunk)[183](index=183&type=chunk)[188](index=188&type=chunk)[189](index=189&type=chunk)[190](index=190&type=chunk)[191](index=191&type=chunk)[193](index=193&type=chunk)[194](index=194&type=chunk)[195](index=195&type=chunk) - Cyberattacks and security vulnerabilities could lead to business disruption, data loss, liability claims, and reputational harm[196](index=196&type=chunk)[197](index=197&type=chunk)[198](index=198&type=chunk)[199](index=199&type=chunk) [Risks Related to Our Intellectual Property](index=42&type=section&id=Risks%20Related%20to%20Our%20Intellectual%20Property) This section discusses risks concerning the protection and potential infringement of the company's intellectual property - The company relies on trademarks, copyrights, and trade secrets to protect its proprietary technology; inadequate protection or independent development by competitors could harm the business[201](index=201&type=chunk)[202](index=202&type=chunk)[203](index=203&type=chunk) - Claims of intellectual property infringement by third parties could lead to expensive litigation, significant damages, or restrictions on the ability to sell products and services[205](index=205&type=chunk)[206](index=206&type=chunk) [Risks Related to Our Common Stock](index=43&type=section&id=Risks%20Related%20to%20Our%20Common%20Stock) This section details risks related to the company's common stock, including volatility and corporate governance - Operating results can fluctuate significantly due to the size and timing of customer orders and projects, making them difficult to predict and potentially leading to operating losses[208](index=208&type=chunk)[211](index=211&type=chunk)[212](index=212&type=chunk) - The Chairman, President, and CEO, Arthur D. Sams, beneficially owns approximately **32%** of common stock, giving him significant influence over corporate matters[213](index=213&type=chunk) - The price of the common stock is volatile, and a prolonged decline could hinder the ability to raise further working capital, potentially impacting operations[214](index=214&type=chunk)[215](index=215&type=chunk)[216](index=216&type=chunk) - The company does not anticipate paying cash dividends, meaning stockholders must rely on stock appreciation for any return on investment[217](index=217&type=chunk)[219](index=219&type=chunk) - The company faced Nasdaq delisting concerns due to the Bid Price Rule, which was resolved by a **1:7** reverse stock split on November 18, 2024, and subsequent regaining of compliance[220](index=220&type=chunk)[222](index=222&type=chunk)[223](index=223&type=chunk)[224](index=224&type=chunk)[227](index=227&type=chunk) - Failure to maintain an effective system of internal control over financial reporting could lead to inaccurate financial results, fraud, and a decline in stock price[236](index=236&type=chunk)[241](index=241&type=chunk) - Raising additional capital through equity or convertible debt offerings could result in substantial dilution of existing stockholders' ownership[243](index=243&type=chunk)[244](index=244&type=chunk) - The board of directors' authority to issue preferred stock could adversely affect the market value of common stock, dilute voting power, and delay or prevent a change of control[245](index=245&type=chunk)[246](index=246&type=chunk)[247](index=247&type=chunk) [ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=52&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities or use of proceeds during the period covered by this report - No unregistered sales of equity securities or use of proceeds were reported[248](index=248&type=chunk) [ITEM 3. Defaults Upon Senior Securities](index=52&type=section&id=ITEM%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities for the period - No defaults upon senior securities were reported[249](index=249&type=chunk) [ITEM 4. Mine Safety Disclosure](index=52&type=section&id=ITEM%204.%20Mine%20Safety%20Disclosure) The company states that this item is not applicable for its operations - Mine Safety Disclosure is not applicable to the company[250](index=250&type=chunk) [ITEM 5. Other Information](index=52&type=section&id=ITEM%205.%20Other%20Information) The company reported no other information for the period - No other information was reported[251](index=251&type=chunk) [ITEM 6. Exhibits](index=52&type=section&id=ITEM%206.%20Exhibits) This section lists all exhibits filed as part of the Quarterly Report on Form 10-Q, including various certifications and Inline XBRL documents - Exhibits include certifications required by Rule 13a-14(a) and 18 U.S.C. Section 1350, as well as Inline XBRL documents[254](index=254&type=chunk)