Polar Power(POLA) - 2024 Q4 - Annual Results

Financial Performance - Sales for 2024 were $14 million, representing a 6.7% decline from 2023[6] - Gross profit increased by 89% to $1.3 million, or 9.4% of sales, compared to $695,000, or 4.5% of sales in 2023[6] - Net loss for 2024 was $4.6 million, or $(1.86) per share, a decrease from a net loss of $6.5 million, or $(3.45) per share in 2023[6] - Operating expenses declined by $1 million to $5.7 million compared to $6.7 million in the prior year[6] Revenue Sources - Military/government revenues nearly doubled to approximately $1.5 million for the year[4] - The company expects follow-on orders from the UNHCR and other global customers due to successful hybrid solutions[4] Cash Flow and Liquidity - Cash used in operating activities was $536,000 in 2024, significantly reduced from $3.4 million in 2023[6] - Total net debt was $5.0 million, with total liquidity of $1.1 million as of December 31, 2024[6] Product Development - New product line for mobile electric vehicle chargers was successfully tested in 2024 and is planned for launch this year[4] - Inventories decreased by $3.5 million, primarily due to the utilization of existing inventory[6]