
General Information Form 10-Q Details This section provides Form 10-Q filing details for Q1 2025, identifying Polar Power, Inc. as a non-accelerated and smaller reporting company - The report is a Quarterly Report on Form 10-Q for the period ended March 31, 20251 - Polar Power, Inc. is incorporated in Delaware and listed on The NASDAQ Stock Market, LLC under the symbol POLA2 - The registrant is a Non-Accelerated Filer and a Smaller Reporting Company2 Forward-Looking and Cautionary Statements This section defines forward-looking statements, noting actual results may differ due to various risks, and disclaims any obligation to update them - All statements not of historical fact are forward-looking, subject to risks, uncertainties, and assumptions6 - Factors that could cause material differences include projected net sales, costs, gross margins, accounting estimates, product demand, impact of COVID-19, wars (Russia-Ukraine, Israel-Hamas), industry competition, production capacity, acquisitions, and capital needs6 - The company undertakes no obligation to revise or update any forward-looking statement, except as required by law6 Financial Presentation This section clarifies that all dollar amounts are in thousands, except share data, retroactively adjusted for a 1-for-7 reverse stock split - All dollar amounts are presented in thousands, except share and per share data9 - Share and per share data have been retroactively adjusted for a 1-for-7 reverse stock split effective November 18, 20249 PART I – FINANCIAL INFORMATION ITEM 1. Condensed Financial Statements This section presents Polar Power, Inc.'s unaudited condensed financial statements for Q1 2025 and 2024, covering balance sheets, operations, equity, cash flows, and accounting notes Condensed Balance Sheets | Metric | March 31, 2025 (Unaudited) (in thousands) | December 31, 2024 (in thousands) | | :-------------------------------- | :-------------------------- | :------------------ | | Cash and cash equivalents | $68 | $498 | | Accounts receivable | $1,687 | $2,153 | | Inventories | $13,134 | $12,893 | | Total current assets | $14,963 | $15,597 | | Total assets | $16,592 | $17,546 | | Total current liabilities | $9,140 | $8,560 | | Total liabilities | $9,337 | $9,034 | | Total stockholders' equity | $7,255 | $8,512 | - Total assets decreased by $954 thousand from December 31, 2024, to March 31, 2025, primarily due to a decrease in cash and cash equivalents and accounts receivable13 - Total stockholders' equity decreased by $1,257 thousand, mainly due to the net loss incurred during the period13 Unaudited Condensed Statements of Operations | Metric | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | Change (2025 vs 2024) | | :-------------------------------- | :-------------------------------- | :-------------------------------- | :-------------------- | | Net Sales | $1,723 | $1,775 | -$52 (-3%) | | Cost of Sales | $1,403 | $2,177 | -$774 (-36%) | | Gross profit (loss) | $320 | $(402) | +$722 (+180%) | | Total operating expenses | $1,421 | $1,577 | -$156 (-10%) | | Loss from operations | $(1,101) | $(1,979) | +$878 (+44%) | | Net loss | $(1,265) | $(2,142) | +$877 (+41%) | | Net loss per share – basic and diluted | $(0.50) | $(0.85) | +$0.35 | | Weighted average shares outstanding | 2,510,669 | 2,508,802 | +1,867 | - Net sales decreased by 3% year-over-year, while cost of sales decreased significantly by 36%, leading to a positive gross profit of $320 thousand in Q1 2025 compared to a gross loss of $402 thousand in Q1 202415 - The company reduced its net loss by 41% from $2,142 thousand in Q1 2024 to $1,265 thousand in Q1 2025, with a corresponding improvement in net loss per share from $(0.85) to $(0.50)15 Unaudited Condensed Statements of Stockholders' Equity | Metric | December 31, 2024 (in thousands) | March 31, 2025 (in thousands) | | :-------------------------------- | :------------------ | :--------------- | | Total Stockholders' Equity | $8,512 | $7,255 | | Accumulated Deficit | $(30,336) | $(31,601) | | Common Stock (Number of Shares) | 2,511,350 | 2,514,029 | | Additional Paid-in Capital | $38,886 | $38,896 | - Total stockholders' equity decreased by $1,257 thousand from December 31, 2024, to March 31, 2025, primarily due to the net loss of $1,265 thousand17 - The company issued 2,679 shares of common stock valued at $8 thousand to a director for accrued fees during the period17 Unaudited Condensed Statements of Cash Flows | Cash Flow Activity | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Net cash used in operating activities | $(584) | $(989) | | Net cash provided by financing activities | $154 | $652 | | Net decrease in cash and cash equivalents | $(430) | $(337) | | Cash and cash equivalents, end of period | $68 | $212 | - Net cash used in operating activities decreased from $989 thousand in Q1 2024 to $584 thousand in Q1 2025, primarily due to a lower net loss and favorable changes in accounts receivable and accounts payable21 - Net cash provided by financing activities decreased significantly from $652 thousand in Q1 2024 to $154 thousand in Q1 2025, mainly due to no proceeds from credit facility advances in 2025 compared to $676 thousand in 2024, partially offset by proceeds from related-party notes payable21 NOTE 1 – Organization and Summary of Significant Accounting Policies - The Company designs, manufactures, and sells DC power systems for off-grid, bad-grid, backup power, EV charging, and nano-grid applications, integrating DC generators, electronic controls, lithium batteries, and solar PV technologies23 - The Company's ability to continue as a going concern is dependent on obtaining additional financing, growing revenue, improving operational efficiency, and reducing costs, given a net loss of $1,265 thousand and cash used in operations of $584 thousand for the three months ended March 31, 20252425 - Inflation had a modest effect on financial condition and results of operations for Q1 2025, but anticipated increases in tariffs on imported products may impact profitability26 - Revenue is primarily derived from product sales, recognized upon shipment or delivery when control is transferred, and also from engineering services, technical support, accessories, and equipment rentals (though rental revenue was $nil for the periods presented)303132 Disaggregated Net Sales by Product Type | Disaggregated Net Sales by Product Type | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :-------------------------------------- | :-------------------------------- | :-------------------------------- | | DC power systems | $1,230 | $1,567 | | Engineering & Tech Support Services | — | $86 | | Accessories | $493 | $122 | | Total net sales | $1,723 | $1,775 | Disaggregated Net Sales by Customer Type | Disaggregated Net Sales by Customer Type | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :--------------------------------------- | :-------------------------------- | :-------------------------------- | | Telecom | $1,419 | $1,258 | | Government/Military | $294 | $460 | | Marine | $7 | $38 | | Other | $3 | $19 | | Total net sales | $1,723 | $1,775 | Disaggregated Net Sales by Geographical Region | Disaggregated Net Sales by Geographical Region | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :--------------------------------------------- | :-------------------------------- | :-------------------------------- | | United States | $1,421 | $1,675 | | South Pacific Islands | $6 | $79 | | Japan | — | $20 | | Canada | $1 | — | | Europe and Middle East | $295 | — | | Other Asia Pacific | — | $1 | | Total net sales | $1,723 | $1,775 | - Inventories are valued at the lower of cost or net realizable value (FIFO basis); no write-downs occurred in Q1 202534 Inventory Composition | Inventory Composition | March 31, 2025 (unaudited) (in thousands) | December 31, 2024 (in thousands) | | :-------------------- | :------------------------- | :------------------ | | Raw materials | $11,689 | $11,902 | | Finished goods | $1,445 | $991 | | Total Inventories | $13,134 | $12,893 | - The Company accrued a product warranty liability of $600 thousand as of March 31, 2025, unchanged from December 31, 202437 - The Company operates as a single operating segment, with the CEO making resource allocation and performance assessment decisions on a consolidated basis44 - For Q1 2025, 71% of revenues came from the largest customer (U.S. Tier-1 telecom) and 17% from the second largest (U.K. military market). Telecommunications customers accounted for 82% of total revenues, and international sales for 18%45 - At March 31, 2025, the two largest receivable accounts represented 74% and 19% of total accounts receivable46 - Potentially dilutive shares (options) totaling 20,002 were excluded from diluted EPS calculation for Q1 2025 and Q1 2024 as their inclusion would be anti-dilutive50 - Recent accounting pronouncements (ASU 2023-09 on Income Tax Disclosures and ASU 2024-03 on Expense Disaggregation Disclosures) are not expected to have a material impact on the Company's financial statements or disclosures upon adoption515253 NOTE 2 – Property and Equipment Property and Equipment | Property and Equipment | March 31, 2025 (Unaudited) (in thousands) | December 31, 2024 (in thousands) | | :--------------------------------------- | :------------------------- | :------------------ | | Total property and equipment, cost | $4,512 | $4,512 | | Less: accumulated depreciation and amortization | $(4,334) | $(4,316) | | Property and equipment, net | $178 | $196 | - Net property and equipment decreased from $196 thousand at December 31, 2024, to $178 thousand at March 31, 202554 - Depreciation and amortization expense for Q1 2025 was $17 thousand, down from $66 thousand in Q1 202454 NOTE 3 – Notes Payable, Related Party - The Company's CEO made an additional loan of $160 thousand to the Company on March 24, 2025, with similar unsecured terms and a 3.5% annual interest rate55 - As of March 31, 2025, the aggregate outstanding balance of related-party loans, including accrued interest, was $429 thousand55 NOTE 4 – Line of Credit - The Company's revolving credit facility with Pinnacle Bank was extended until September 30, 2026, providing advances up to $7,500 thousand based on accounts receivable and inventory56 - Interest rates are 1.25% above prime for receivables (min 3.75%) and 2.25% above prime for inventory (min 4.75%), both at 9.75% and 10.75% respectively as of March 31, 202557 - The outstanding balance under the line of credit was $4,788 thousand at March 31, 2025, with $33 thousand available, and the Company was in compliance with all covenants6061 - Total interest expense, fees, and financing costs under the Loan Agreement were $161 thousand for both Q1 2025 and Q1 202462 NOTE 5 – Operating Leases - The Company has two operating lease agreements for warehouse and office facilities, extended until February 28, 2026, and August 31, 2026, respectively, with an aggregate commitment of $3,896 thousand63 Lease Information | Lease Information | March 31, 2025 (Unaudited) (in thousands) | December 31, 2024 (in thousands) | | :--------------------------------------- | :------------------------- | :------------------ | | Long-term right-of-use assets, net | $1,343 | $1,645 | | Current portion of operating lease liabilities | $1,339 | $1,382 | | Noncurrent portion of operating lease liabilities | $197 | $474 | | Total operating lease liabilities | $1,536 | $1,856 | Lease Maturities | Lease Maturities | Operating Leases (in thousands) | | :------------------------------ | :--------------- | | 2025 (remaining 9 months) | $1,104 | | 2026 | $496 | | Total lease payments | $1,600 | | Present value of lease liabilities | $1,536 | - Rent expense for Q1 2025 was $391 thousand, slightly down from $399 thousand in Q1 202467 NOTE 6 – Stockholders' Equity - In January 2025, the Company issued 2,679 shares of common stock, valued at $8 thousand, to an independent director as settlement for accrued fees68 NOTE 7 – Stock Options Stock Option Activity | Stock Option Activity | Number of Options | Weighted Average Exercise Price | | :-------------------- | :---------------- | :------------------------------ | | Outstanding, Dec 31, 2024 | 20,002 | $36.56 | | Outstanding, Mar 31, 2025 | 20,002 | $36.56 | | Exercisable, Mar 31, 2025 | 20,002 | $36.56 | - As of March 31, 2025, the Company had 20,002 fully vested stock options outstanding with exercise prices ranging from $33.88 to $39.20, and no intrinsic value7071 NOTE 8. Segment Information - The Company operates and manages its business as one reportable and operating segment, focusing on designing, manufacturing, and selling DC power systems72 - The Chief Executive Officer reviews financial information on a consolidated basis and allocates resources based on net income (loss)73 ITEM 2. Management's Discussion And Analysis Of Financial Condition And Results Of Operations Management discusses the Company's Q1 2025 financial condition and results, analyzing revenue, costs, liquidity, and backlog, while highlighting diversification and efficiency efforts Overview - The Company designs, manufactures, and sells DC power generators, renewable energy, and cooling systems primarily for the telecommunications market, with increasing diversification into military, EV charging, marine, and industrial markets78 - DC power systems are offered in diesel, natural gas, LPG/propane, and renewable formats, with output power ranging from 5 kW to 50 kW80 - In Q1 2025, 82% of total net sales were in the telecommunications market (up from 71% in Q1 2024), with the two largest customers accounting for 71% (Tier-1 telecom) and 17% (U.K. military market) of sales81 - The Company launched prime power DC generators with Toyota 1KS engines optimized for propane and natural gas, anticipating growth due to increasing restrictions on diesel engines82 - Plans include expanding mobile EV charging offerings to the universal combined charging system standard and developing new configurations of DC power systems, battery storage, and solar products for microgrid needs8587 Effects of Inflation - The impact of inflation and rapidly changing prices did not materially affect operations during Q1 2025, with a very small portion of sales from fixed contracts88 - Rapid changes in the global economy may cause significant spikes in inflation, potentially impacting financial condition in 2025 and beyond88 Critical Accounting Policies - Management makes significant estimates for credit loss reserves, inventory valuation, impairment testing, deferred tax assets, warranty reserves, and potential liabilities91 - There were no changes to critical accounting policies described in the 2024 Annual Report on Form 10-K that impacted the condensed financial statements91 Financial Performance Summary and Outlook Financial Performance Summary | Metric | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | Change | | :---------------- | :-------------------------------- | :-------------------------------- | :----- | | Net Sales | $1,723 | $1,775 | -3% | | Net Loss | $(1,265) | $(2,142) | +41% | | Net Loss per Share | $(0.50) | $(0.85) | +$0.35 | - Net sales decreased by 3% year-over-year, attributed to excess customer inventory and economic/geopolitical factors9394 - Net loss improved by 41% due to cost reductions in operating expenses93 - The Company plans to hire sales and marketing staff, expand its customer base, and proactively manage operations to mitigate financial impacts in 202595 Results of Operations Results of Operations Summary | Metric | 3 Months Ended Mar 31, 2025 (in thousands) | 3 Months Ended Mar 31, 2024 (in thousands) | Dollar Variance | Percentage Variance | | :-------------------------------- | :-------------------------- | :-------------------------- | :-------------- | :------------------ | | Net sales | $1,723 | $1,775 | $(52) | (3)% | | Cost of sales | $1,403 | $2,177 | $774 | 36% | | Gross profit (loss) | $320 | $(402) | $722 | 180% | | Sales and marketing expenses | $260 | $231 | $(29) | (13)% | | Research and development expenses | $160 | $220 | $60 | 27% | | General and Administrative expenses | $1,001 | $1,126 | $125 | 11% | | Total operating expenses | $1,421 | $1,577 | $156 | 10% | | Loss from operations | $(1,101) | $(1,979) | $878 | 44% | | Interest and finance costs | $(164) | $(163) | $(1) | (1)% | | Net loss | $(1,265) | $(2,142) | $877 | 41% | - Net sales decreased by 3% to $1,723 thousand in Q1 2025, with aftermarket parts revenue increasing to 28% of total revenues (from 6.8% in Q1 2024)98 - Cost of sales decreased by 36% to $1,403 thousand, improving gross profit to $320 thousand (18.6% of net sales) from a gross loss of $402 thousand (-22.6% of net sales) in Q1 2024, mainly due to decreased factory overhead absorption and reduced field services100102103 - Operating expenses decreased by 10% overall, driven by a 27% decrease in R&D expenses and an 11% decrease in G&A expenses, partially offset by a 13% increase in sales and marketing expenses due to increased marketing and tradeshow participation104105106 - Net loss improved by 41% to $1,265 thousand, or $(0.50) per share, compared to $2,142 thousand, or $(0.85) per share, in Q1 2024108 Liquidity and Capital Resources - Working capital decreased by $1,214 thousand to $5,823 thousand at March 31, 2025, from $7,037 thousand at December 31, 2024, primarily due to a decrease in cash and cash equivalents110 - Cash and cash equivalents were $68 thousand at March 31, 2025, down from $498 thousand at December 31, 2024112 - The Company's credit facility with Pinnacle Bank has an outstanding balance of $4,788 thousand and $33 thousand available as of March 31, 2025117 Cash Flow Summary | Cash Flow Activity | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Net Cash Used In Operating Activities | $(584) | $(989) | | Net Cash Provided By Investing Activities | — | — | | Net Cash Provided By Financing Activities | $154 | $652 | | Net decrease in cash | $(430) | $(337) | - Net cash used in operating activities decreased to $584 thousand in Q1 2025, driven by a lower net loss and favorable changes in accounts receivable and accounts payable119 - Net cash provided by financing activities was $154 thousand, primarily from net borrowings from the line of credit and $163 thousand from related-party notes payable121 - Backlog as of March 31, 2025, was $2,238 thousand, with 86% from U.S. telecommunications customers, and the majority expected to ship within the next six months122 ITEM 3. Quantitative and Qualitative Disclosures About Market Risk This section confirms the Company has no material quantitative or qualitative disclosures regarding market risk for the reporting period - The Company has no applicable quantitative and qualitative disclosures about market risk123 ITEM 4. Controls and Procedures Management concluded disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting during the quarter - Management concluded that disclosure controls and procedures were effective at the reasonable assurance level as of March 31, 2025124 - No changes in internal control over financial reporting occurred during Q1 2025 that materially affected, or are reasonably likely to materially affect, internal control over financial reporting125 PART II – OTHER INFORMATION ITEM 1. Legal Proceedings The Company is not currently involved in legal proceedings expected to materially adversely affect its business, financial condition, or operations - The Company is not currently involved in legal proceedings expected to have a material adverse effect on its business127 ITEM 1A. Risk Factors This section details various risks that could materially affect Polar Power, Inc.'s business, financial condition, and stock price, categorized by business, IP, and common stock Risks Related to Our Business and Industry - Rising inflation, increased energy/material costs, and higher tariffs on key components may adversely affect operating margins and profitability, as the Company may not be able to pass all cost increases to customers130 - Geopolitical events (e.g., Russia-Ukraine war, Hamas-Israel conflict) could disrupt supply chains, delay customer spending, increase oil/natural gas prices, and negatively impact the stock market131132 - The Company has incurred significant net losses in the past ($1,265 thousand in Q1 2025, $4.1 million in FY2024, $6.5 million in FY2023) and may continue to do so, hampering operations and business expansion133 - Substantial revenue dependence on sales of DC base power systems to one Tier-1 U.S. telecommunications customer poses a risk if demand declines or the business relationship changes134135 - Long design and sales cycles (3-24 months) for DC power systems require significant upfront investment in sales, engineering, and R&D, with no guarantee of purchase, potentially affecting financial performance136137 - Lack of long-term volume purchase commitments from most customers means sales rely on individual purchase orders, creating uncertainty for future revenue growth138 - High concentration of sales in the telecommunications market makes the Company vulnerable to declining demand in this sector if diversification efforts are unsuccessful139 - Inventory risk exists due to reliance on management estimates for net realizable value; inaccurate estimates or unforeseen changes in demand could lead to additional write-downs140141 - Unavailability, shortage, or increased cost of raw materials (aluminum, copper, Neodymium magnets, engines) could adversely affect sales and profitability, especially given limited fixed-price contracts and reliance on a few key engine suppliers (Yanmar, Toyota, Ford)142154156158 - The markets are highly competitive, with larger competitors potentially using greater resources to gain market share, and the Company's ability to respond to design changes, pricing pressure, and lead times is critical143144 - Rapid technological changes, especially in telecommunications, could render existing products obsolete, requiring continuous and costly development of new and enhanced products to maintain competitiveness and market acceptance145146147152 - Natural disasters, pandemics (like COVID-19), and other catastrophic events could disrupt operations, international commerce, and demand for services153 - Sourcing key components from foreign countries (primarily Asia) exposes the Company to risks like inflation, political/economic instability, trade restrictions, currency fluctuations, and logistical challenges157159 - Prolonged disruption at the two manufacturing and assembly facilities in Gardena, California, due to various events (e.g., natural disaster, equipment failure) would significantly decline sales and profitability160 - Business operations are subject to substantial government regulations (building codes, safety, licensing), and changes or non-compliance could lead to material costs, liabilities, or restrictions161162 - Use of products in critical communications networks could lead to significant liability claims if products malfunction, potentially resulting in costly litigation and reputational damage163 - Failure to comply with laws applicable to foreign activities, such as the U.S. Foreign Corrupt Practices Act (FCPA), could result in severe penalties, sanctions, and harm to reputation164 - International sales (18% of revenue in Q1 2025) expose the Company to risks from political/economic events, trade policies, tariffs, and compliance with complex foreign and U.S. laws165166167169170171 - Cyberattacks and security vulnerabilities could lead to business disruption, data loss, liability claims, harm to reputation, and increased costs, despite implemented security measures172173174175 Risks Related to Our Intellectual Property - Failure to adequately protect intellectual property rights (primarily through trade secret laws, non-competition, and confidentiality agreements) could lead to loss of proprietary technology and harm business177178179 - Litigation to enforce intellectual property rights or defend against infringement claims could be costly, time-consuming, divert management resources, and potentially result in significant damages or restrictions on product sales180181182 Risks Related to Our Common Stock - Operating results can fluctuate significantly due to factors beyond control (e.g., customer order size/timing, project completion), making predictions difficult and potentially leading to operating losses or declines in profit margins184185187188 - The Chairman, President, and CEO, Arthur D. Sams, beneficially owns approximately 32% of outstanding common stock, giving him significant influence over corporate matters and potentially limiting other stockholders' ability to influence decisions189 - The price of common stock is volatile due to various factors (e.g., competition, operating results, financing efforts, market conditions), and broad market fluctuations could negatively impact its price190191 - A prolonged decline in stock price could reduce liquidity and hinder the ability to raise further working capital through equity sales, potentially forcing curtailment of operations192 - The Company does not anticipate paying cash dividends, meaning stockholders must rely solely on stock appreciation for any return on investment193195 - Failure to maintain Nasdaq listing requirements (e.g., minimum bid price, board composition) could result in delisting, decreasing liquidity and making it more difficult for shareholders to sell shares, despite regaining compliance with the Bid Price Rule and board composition requirements in late 2024196197198199200201202203 - Lack of research coverage or unfavorable reports from securities/industry analysts could negatively impact share price and trading volume204 - The Company elected not to be subject to Section 203 of the Delaware General Corporation Law, which could make it more vulnerable to takeovers without board approval205 - Provisions in charter documents and Delaware law (e.g., special meeting requirements, advance notice for proposals, preferred stock issuance authority) may have anti-takeover effects, discouraging acquisitions or changes in management206207208 - The certificate of incorporation designates the Delaware Court of Chancery as the sole forum for certain stockholder actions, potentially limiting stockholders' ability to choose a favorable judicial forum and increasing litigation costs209210211 - Failure to maintain an effective system of internal control over financial reporting could lead to inaccurate financial reports, fraud, loss of investor confidence, and potential delisting from Nasdaq, despite management's assessment of effectiveness212214217219 - Operating as a public company incurs significant legal, accounting, and compliance costs (e.g., Sarbanes-Oxley Act, Dodd-Frank Act), requiring substantial management time and resources215216 - Raising additional capital through equity or convertible debt offerings could result in substantial dilution for existing stockholders and impose restrictive covenants if debt financing is used220221 - The board's authority to issue preferred stock could adversely affect the market value of common stock, dilute voting power, and delay or prevent a change of control222223224 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds This section reports no unregistered sales of equity securities or use of proceeds for the period - No unregistered sales of equity securities or use of proceeds to report225 ITEM 3. Defaults Upon Senior Securities This section reports no defaults upon senior securities for the period - No defaults upon senior securities to report226 ITEM 4. Mine Safety Disclosure This section states that mine safety disclosure is not applicable to the Company - Mine safety disclosure is not applicable to the Company227 ITEM 5. Other Information This section reports no other information for the period - No other information to report228 ITEM 6. Exhibits This section lists the exhibits filed with the Form 10-Q, including certifications and XBRL documents - The report includes certifications required by Rule 13a-14(a) and 18 U.S.C. Section 1350, as well as Inline XBRL documents231 SIGNATURES Signatures This section contains the required signatures for the Form 10-Q, confirming its submission by Arthur D. Sams on behalf of Polar Power, Inc. - The report was signed on May 15, 2025, by Arthur D. Sams, President, Chief Executive Officer, and Secretary of Polar Power, Inc234