POLA

GARDENA, California, June 02, 2026 (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 highlighted its financial results for its first quarter ended March 31, 2026, which the Company disclosed by its quarterly report on Form 10-Q with the Securities and Exchange Commission on May 20, 2026, and its recent operational progress. The quarter reflected substantial year-over-year gains in gross margin, operating results, and balance sheet strength, supported by a $3.7 million sales order backlog as of March 31, 2026. Gross margin expanded to 65.7% from 18.6% in Q1 2025, approximately 41% including the benefit of a one-time warranty reserve adjustment, and gross profit grew to $1.1 million compared to $319,000 in Q1 2025; Operating expenses declined 22% from $1.4 million in Q1 2025 to $1.1 million in Q1 2026; Net loss narrowed 86% year-over-year to $176,000 in Q1 2026, compared to $1.2 million in Q1 2025; Stockholders’ equity increased to $2.3 million and working capital turned positive at $2.1 million; Reached a settlement to continue operating at its Gardena headquarters at greatly reduced rent; Close to reaching stockholders’ equity compliance; intends to regain compliance within the available cure period; Continues to reduce the outstanding balance on the Pinnacle Bank credit facility. As of May 30, 2026, the balance was $3.2 million, supported by $1.2 million in receivables and $13.7 million in inventory available as collateral, if needed; and Sales Backlog was $3.8 million as of May 30, 2026, which the Company anticipates fulfilling in the coming months to further reduce debt. FIRST QUARTER 2026 FINANCIAL HIGHLIGHTS n/m = not meaningful. Q1 2026 gross margin and operating income included an approximately $0.45 million ($450 thousand) favorable warranty reserve adjustment recorded after a reserve study; excluding this one-time item, gross margin was approximately 39.7%. MANAGEMENT COMMENTARY “The first quarter marked clear operating progress for Polar Power. We expanded gross margin to 65.7%, which includes one-time adjustment in warranty reserve, an increase of approximately 41% when compared to the same period last year. We reduced operating expenses by 22% and narrowed our net loss by 86% when compared to the same period last year. Since quarter-end, we have taken important steps to strengthen our operating and financial position. We entered into a new settlement agreement with the landlord of our Gardena headquarters at 249 E. Gardena Blvd, enabling us to maintain operations at this facility for the next twelve months while reducing our rent from $109,000 to $55,000 monthly rate. Our goal is to combine our three separate facilities into one so we can increase our operating efficiency. We also remain focused on regaining compliance with Nasdaq Listing Rule 5550(b)(1) relating to stockholders’ equity within the applicable cure period. As of March 31, 2026, stockholders’ equity increased to $2.3 million, compared with $144,000 as of December 31, 2025. In parallel, we continue to expand our sales backlog, adding approximately $916,000 in new orders, approximately 73% of which were from customers in the international telecom market. On May 21, 2026, we entered into a Restructuring, Implementation and Management Services Agreement with Mammoth Crest Capital, LLC (‘MCC’), effective May 19, 2026. Under the Services Agreement, MCC is obligated to lead and oversee the execution of various operational, organizational, governance, financial, and capital structure initiatives. We look forward to partnering with MCC and anticipate meaningful improvements in operational efficiency as a result of this engagement. While meaningful challenges remain, we have been in business for 47 years and during this time we have had our ups and downs; we are executing a focused plan to convert improving operating performance into a sustainable financial position,” said Arthur Sams, Founder, President and Chief Executive Officer of Polar Power. ABOUT POLAR POWER Gardena, California-based Polar Power, Inc. (NASDAQ: POLA), is a technology company that designs, manufactures and sells direct current, or DC, power systems, lithium battery powered hybrid solar systems for applications in the telecommunications market and, in other markets, including military, EV charging, cogeneration, distributed power and uninterruptable power supply. Within the telecommunications market, Polar Power’s systems provide reliable and low-cost energy for applications for off-grid and bad-grid applications with critical power needs that cannot be without power in the event of utility grid failure. For more information, please visit www.polarpower.com. or follow Polar Power on www.linkedin.com/company/polar-power-inc/. FORWARD-LOOKING STATEMENTS This press release contains “forward-looking statements” within the meaning of the federal securities laws, including statements regarding the Company’s operating trajectory, liquidity and financing plans, ability to continue as a going concern, ability to satisfy its lease payment arrangement and maintain its facilities, ability to regain and maintain Nasdaq listing compliance, and strategic priorities. These statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially, including the Company’s substantial doubt about its ability to continue as a going concern, its limited cash and liquidity, the risk of delisting from Nasdaq, customer and supplier concentration, the potential enforcement of remedies by its lender or landlords, and the other risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. Forward-looking statements speak only as of the date hereof, and the Company undertakes no obligation to update them except as required by law. CONTACTS Investor Relations — Polar Power, [email protected] | (310) 830-9153 # # # POLAR POWER, INC.CONDENSED BALANCE SHEETS(in thousands, except share and per share data) POLAR POWER, INC.UNAUDITED CONDENSED STATEMENTS OF OPERATIONS(in thousands, except share and per share data) POLAR POWER, INC.UNAUDITED CONDENSED STATEMENTS OF CASH FLOW(in thousands)

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 resulted in unfavorable gross profit of $2.26 million. During the three months ended September 30, 2025, there was decline of $0.22 million in operating expenses resulting from reduced marketing and administrative costs, which were offset by a $0.45 million impairment of right-to-use assets. Polar Power reported a net loss of $4.08 million during the three months ended September 30, 2025, compared to $0.01 million income during the same period in the previous year. The Company’s gross margins were primarily impacted when its shipments were below certain threshold while the fixed costs related to plant and administrative costs were not fully absorbed. The geopolitical and tariff issues have temporarily impacted the Company’s sales, however the impact of tariff on its current sales has been modest due to existing inventory. The Company has one long term contract with its largest customer that expires at the end of year 2025 which the Company plans to renegotiate, reducing the impact of tariffs on its material costs. The impact of tariffs is mixed. Overseas the Company is hurt competing with manufacturers who can source materials at significantly lower costs. Domestically, the Company’s competitors have huge production volume efficiencies offsetting their tariff costs. To compete domestically and internationally, the Company sells based on a significantly lower OPEX and higher reliability. Tariffs and inflation are driving up the cost of copper and steel; while maintaining the same power output, the Company’s DC generator used 6 times less steel and copper. The Company estimates that reaching 15k to 20k generators a year can provide the production efficiencies needed to disrupt the AC generator markets. Presently if the Company’s customers consider the overall cost of an energy system, then the Company offers a lower CAPEX and OPEX costs. In the past getting customers to compare systems costs has been a marketing challenge. Now the Company has developed integrated sales and service tools that assist in real time communication with each niche market. Polar Power reported a net reduction of $2.1 million in gross margin for the three months ended September 30, 2025, when compared to same period last year, of which $1.97 million was attributed to slow moving inventory of current production Toyota engines. During the covid period, the Company had purchased large inventories of LPG and natural gas Toyota engines due to long lead times. Under GAAP accounting rules this inventory is considered impaired and therefore no longer considered to be part of current assets resulting in $1.97 million write-down loss despite the fact that product is still in current production. The Company’s backlog increased to $5.3 million on to September 30, 2025 from $1.2 million on June 30, 2025, showing improvement and diversification of its sales. The Company received $0.67 million order for military auxiliary power units, combined with $1.7 million in EV Chargers, recently upgraded to CCS standards and capable of charging Tesla models. These achievements, combined with increased scheduled shipments to the Company’s largest Tier-1 customer in early 2026, are expected to show improvement next year. Due to lower sales the Company has experienced significant losses resulting in $0.59 million in cash used by operating activities which was funded by reduction in previously written down inventory, lower accounts receivable and borrowing on a notes payable issued by a related party, the Chief Executive Officer and founder of the Company. In October 2025, the Company also raised $0.74 million in cash selling 147,144 shares at average price of $5.00 to fund operations. The Company has always maintained a global presence in Europe, Asia, Africa, South-East Asia and Australia for past seven years. These investments have generated sales that were intermittent but built its presence in these regions as long term participant. The Company’s diversification of products into microgrids, electric vehicle charging, foreign military markets and off-grid construction equipment broadens its opportunities into smaller niche markets not dominated by low cost products built for single application. To push the Company’s customer diversification and sale volume, the Company has added additional market focused sales personnel (on commission), in South Africa, Nigeria, Kenya, Papua New Guinea, Turkey, Israel, and Philippines, to address these markets. Arthur Sams, CEO of Polar Power, commented, “Geopolitical uncertainty and rapid restructuring telecom management/organization along with budget cuts has impacted our short term sales. Recovery of telecom sector next year combined with our success in microgrids and electric vehicle charging is expected to build a more sustainable growth platform that we have invested in for years.” “This lull in production gave us opportunity to start the restructure of our sales organization, update our marketing materials, and further implement our SAP ERP system, leading to our efforts in global diversification.” Arthur Sams added. Third Quarter Financial Details: Net Sales. Net sales decreased $3,641,000, or 74%, to $1,273,000 for the three months ended September 30, 2025, as compared to $4,914,000 for the same period in 2024. The decrease in sales was primarily attributed to a decrease in sales of the Company’s DC generators to its largest U.S. telecommunications customer and to international customers. The Company believes its largest customer continued to have excess inventory of its systems purchased in prior periods. The Company also believes economic and geopolitical factors had an influence in its international customers’ buying decisions. For the three months ended September 30, 2025, sales to the Company’s largest telecommunication customer in the U.S. accounted for 63% of our total net sales. For the same period in 2024, 46%, 18% and 12% of the Company’s total net sales were generated from three of its largest customers, all in the U.S. telecommunications market. There was no other revenue from customers in excess of 10% of total net sales in either period. Net sales to customers in the U.S. accounted for 100% of the Company’s total net sales for the three months ended September 30, 2025, as compared to 90% for the same period in 2024. The Company’s international sales represented nil% of its net sales for the three months ended September 30, 2025, as compared to 10% in international sales in the same period in 2024. Cost of Sales. Cost of sales during the three months ended September 30, 2025 increased by $43,000, or 1%, to $3,533,000, as compared to $3,490,000 during the same period in 2024. Cost of sales as a percentage of net sales during the three months ended September 30, 2025 increased to 277.5% as compared to 71% in the same period in 2024. Cost of sales included inventory write-downs of $1,967,000 in the three months ended September 30, 2025, and $nil in the three months ended September 30, 2024, to adjust inventory to net realizable value. Gross Profit (Loss). The Company had a gross loss of $2,260,000 for the three months ended September 30, 2025, which represented a decrease in gross profit of $3,684,000 or 259%, as compared to gross profit of $1,424,000 during the same period in 2024. The decrease in gross profit for the three months ended September 30, 2025 was primarily a result of an increase in factory overhead absorption and underutilization of the factory. The Company’s gross loss as a percentage of net sales was (177.5)% for the quarter ended September 30, 2025, as compared to a gross profit as a percentage of net sales of 29% in the same period in 2024. Sales and Marketing Expenses. During the three months ended September 30, 2025, sales and marketing expenses decreased by $54,000, or 21%, to $198,000, as compared to $252,000 during the same period in 2024. The decrease was attributable to a decrease in sales support staff and travel related expenses during the quarter as compared to the same period in 2024. Research and Development Expenses. During the three months ended September 30, 2025, research and development expenses decreased by $15,000, or 9%, to $157,000, as compared to $172,000 during the same period in 2024. The decrease was primarily due to a decrease in research and development support staff and consulting services during the three months ended September 30, 2025, as compared to the same period in 2024. The Company plans to recruit additional engineers during 2026 to support new product developments and its customer diversification efforts. General and Administrative Expenses. General and administrative expenses decreased by $153,000, or 16%, to $807,000 during the three months ended September 30, 2025, as compared to $960,000 during same period in 2024. The decrease in general and administrative expenses during the three months ended September 30, 2025 was primarily due to a decrease in the number of general and administrative staff. Impairment of right-of-use assets and lease deposits. During the three months ended September 30, 2025, the Company recorded an impairment charge of $455,000, of which $347,000 was related to its lease right-of-use asset and $108,000 was related to deposits for leases. Interest and Finance Costs. Interest expense for the three months ended September 30, 2025 was $208,000, as compared to $153,000 during the same period in 2024. The interest expense was primarily from an interest on amount borrowed from its line of credit with Pinnacle Bank. Net Profit (Loss). As a result of the factors identified above, the Company reported net loss of $4,085,000 or $(1.63) per basic and diluted share, for the three months ended September 30, 2025, as compared to net profit of $13,000, or $0.01 per basic and diluted share, for the same period in 2024. About Polar Power, Inc. Gardena, California-based Polar Power, Inc. (NASDAQ: POLA), is a technology company that designs, manufactures and sells direct current, or DC, power systems, lithium battery powered hybrid solar systems for applications in the telecommunications market and, in other markets, including military, EV charging, cogeneration, distributed power and uninterruptable power supply. Within the telecommunications market, Polar Power’s systems provide reliable and low-cost energy for applications for off-grid and bad-grid applications with critical power needs that cannot be without power in the event of utility grid failure. For more information, please visit www.polarpower.com. or follow the Company on www.linkedin.com/company/polar-power-inc/. Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 This news release contains certain statements of a forward-looking nature relating to future events or future business performance. Forward-looking statements can be identified by the words “expects,” “anticipates,” “believes,” “intends,” “estimates,” “plans,” “will,” “outlook” and similar expressions. Forward-looking statements are based on management’s current plans, estimates, assumptions and projections, and speak only as of the date they are made. With the exception of historical information, the matters discussed in this press release including, without limitation, Polar Power’s belief that year 2026 will provide higher sales estimates, Polar Power’s belief that current regulatory environment, specifically tariffs, may significantly change and impact sales anticipated, certain economic conditions and customers acceptance of products purchased, are forward-looking statements and considerations that involve a number of risks and uncertainties. The actual future results of Polar Power could differ from those statements. Factors that could cause or contribute to such differences include, but are not limited to, adverse domestic and foreign economic and market conditions, including demand for its DC generator product line; trade tariffs on raw materials; changes in domestic and foreign governmental regulations and policies; the impact of inflation and changing prices on raw materials; supply chain constraints causing significant delays in sourcing raw materials; labor shortages as a result of the pandemic, low unemployment rates, or other factors limiting the availability of qualified workers; and other events, factors and risks. The Company undertakes no obligation to update any forward-looking statement in light of new information or future events, except as otherwise required by law. Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and are generally beyond Polar Power’s control. Actual results or outcomes may differ materially from those implied by the forward-looking statements as a result of the impact of a number of factors, many of which are discussed in more detail in Polar Power’s reports filed with the Securities and Exchange Commission. Media and Investor Relations: Polar Power, Inc. 249 E. Gardena Blvd. Gardena, CA 90248 Tel: 310-830-9153 [email protected] www.polarpower.com POLAR POWER, INC. CONDENSED BALANCE SHEETS (in thousands, except share and per share data) POLAR POWER, INC. UNAUDITED CONDENSED STATEMENTS OF OPERATIONS (in thousands, except share and per share data) POLAR POWER, INC. UNAUDITED CONDENSED STATEMENTS OF CASH FLOW (in thousands)

GARDENA, CA, Aug. 14, 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, reports its financial results for the three months ended June 30, 2025. Q2 2025 Financial Highlights Arthur Sams, Chairman and CEO of Polar Power, commented, “The telecom market continues to dominate our customer base for our DC power systems. During the second quarter of 2025, sales to our telecom customers represented 92% of total net sales, compared to 95%, in the same period in 2024. Sales to military customers represented 6% of total net sales, compared to 3% in the same period in 2024. Sales to customers in other markets represented 2% in the second quarter of 2025, and 2% in the same period in 2024. Sales to customers outside of the U.S. represented 3% of total net sales in the second quarter of 2025, compared to 25% in the same period in 2024. While sales of our gensets continued to be sluggish during the second quarter of 2025, we experienced increased sales in aftermarket parts and services of roughly 288%, compared to the same period in 2024. We believe that restructuring our US sales to include distribution through domestic resellers will be the fastest direction in rebuilding sales to pre-pandemic levels.” “From January 1, 2025, we have been restructuring our sales staff in the Middle East and Africa by adding new personnel along with establishing resellers overseas. With our new staff we have recently increased the number of field trials for our DC generators into South East Asia and Africa telecoms. One field trial in Sudan that was suspended due to civil war years back was restarted last week with favorable results.” “We are experiencing active participation from LPG fuel distributors in assisting Polar Power with marketing of our microgrids (as installed for the UNHCR in Nigeria) to their customer base. We added heat recovery to our microgrid systems to further increase fuel to useful energy conversion.” “After 1 year of testing, we plan to release our 30 kW mobile EV charger during the fourth quarter.” “We plan to continue to improve our sales and marketing proficiency, further diversifying our customer base,” concluded Mr. Sams. Polar Power, Inc. Polar Power (NASDAQ: POLA) is pioneering technological changes that radically change the production, consumption, and environmental impact of power generation and is a provider of DC advanced power and cooling systems, pioneering innovations across diverse industrial applications. Its product portfolio, known for innovation, durability, and efficiency, presently includes standard products for telecom, military, renewable energy, marine, EV charging, residential, commercial, oil field and mining applications. Polar Power’s systems can be configured to operate on any energy source including photovoltaics, diesel, LPG (propane and butane), and renewable fuels. Polar Power’s telecom power solutions offer significant cost savings with installation, permitting, site leases, and operation. Its military solutions provide compact, lightweight, fuel efficient, reliable power solutions for robotics, drone, communications, hybrid propulsion, and other applications. Its mobile rapid battery charging technology enables on-demand roadside charging for electric vehicles. Its combined heat and power (CHP) residential systems offer innovative vehicle charging and integrated home power systems via natural gas or propane feedstocks, optimizing performance and system costs. Polar Power’s micro / nano grid solutions provide lower cost energy in “bad-grid or no-grid” environments. Its commitment to technological advancement extends to hybrid propulsion systems for marine and specialty vehicles, ensuring efficiency, comfort, reliability, and cost savings. For more information, please visit www.polarpower.com. or follow Polar Power on www.linkedin.com/company/polar-power-inc/. Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 This news release contains certain statements of a forward-looking nature relating to future events or future business performance. Forward-looking statements can be identified by the words “expects,” “anticipates,” “believes,” “intends,” “estimates,” “plans,” “will,” “outlook” and similar expressions. Forward-looking statements are based on management’s current plans, estimates, assumptions and projections, and speak only as of the date they are made. With the exception of historical information, the matters discussed in this press release including, without limitation, that the Company plans to improve its operational efficiencies or expand its customer base in all market segments, that the Company plans to release its 30 kW mobile EV charger during the fourth quarter, and that the Company plans to continue to improve its sales and marketing proficiency, further diversifying its customer base, are forward-looking statements and considerations that involve a number of risks and uncertainties. The actual future results of Polar Power could differ from those statements. Factors that could cause or contribute to such differences include, but are not limited to, adverse domestic and foreign economic and market conditions, including demand for its; trade tariffs on raw materials; changes in domestic and foreign governmental regulations and policies; the impact of inflation and changing prices on raw materials; supply chain constraints causing significant delays in sourcing raw materials; labor shortages as a result of the pandemic, low unemployment rates, or other factors limiting the availability of qualified workers; and other events, factors and risks. The Company undertakes no obligation to update any forward-looking statement in light of new information or future events, except as otherwise required by law. Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and are generally beyond Polar Power’s control. Actual results or outcomes may differ materially from those implied by the forward-looking statements as a result of the impact of a number of factors, many of which are discussed in more detail in Polar Power’s reports filed with the Securities and Exchange Commission. Company Contact: Polar Power, Inc. 249 E. Gardena Blvd. Gardena, CA 90248 Tel: 310-830-9153 [email protected] www.polarpower.com POLAR POWER, INC. CONDENSED BALANCE SHEETS (in thousands, except share and per share data) POLAR POWER, INC. UNAUDITED CONDENSED STATEMENTS OF OPERATIONS (in thousands, except share and per share data) POLAR POWER, INC. UNAUDITED CONDENSED STATEMENTS OF CASH FLOW (in thousands)

The major averages were little changed near noon following the release of downbeat consumer sentiment data and as April housing starts came in slightly below consensus estimates. Investors continue to weigh potentially easing trade tensions as well. Meanwhile, President Trump said in a post on Truth Social that Republican lawmakers “must unite” to pass his “beautiful” tax bill. Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter Looking to commodities, gold prices are slipping after yesterday’s rebound, while oil is up fractionally, keeping the commodity above the $60 threshold. Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1. STOCK NEWS: Charter (CHTR) and Cox will combine in a deal valuing Cox at an enterprise value of $34.5B Take-Two (TTWO) reported mixed Q4 results and provided a conservative outlook for FY26 following the delay of “Grand Theft Auto VI” Applied Materials (AMAT) reported mixed Q2 results and provided its outlook for Q3 Novo Nordisk (NVO) CEO Lars Fruergaard Jorgensen will step down Boeing (BA) has reached a tentative non-prosecution deal with U.S. prosecutors, Reuters says 2. WALL STREET CALLS: Oppenheimer upgraded Charter (CHTR) to Outperform, calls Cox deal a “major positive” Cisco (CSCO) downgraded at New Street, prefers to wait for a better entry point Carnival (CCL) upgraded to Hold from Reduce at HSBC SolarEdge (SEDG) downgraded to Underperform at Northland Astera Labs (ALAB) initiated with neutral view at Susquehanna 3. AROUND THE WEB: Nvidia (NVDA) isn’t sending GPU plans to China following a report that the AI chipmaker is working on a research and development center in Shanghai, CNBC says Microsoft (MSFT) is set to dodge an antitrust fine after the European Commission said they’re seeking feedback on the company’s offer to settle an investigation into illegal bundling of its Teams app, Bloomberg reports Intel (INTC) recently argued with EU antitrust regulators over a $421.4M fine levied two years ago for excluding rivals from the market, stating it was disproportionate and unfair, Reuters says Citi (C) is cutting up to 200 information technology, IT, contractor roles in China, with around 100 IT staff informed this week their contracts will not be renewed and another 100 likely to receive their termination notices soon, Reuters says Google (GOOGL) has surpassed IBM (IBM) to become the leader in generative AI-related patents and also leads in the emerging area of agentic AI, Axios says 4. MOVERS: Acadia Pharmaceuticals (ACAD) gains after a decision posted to the site of the U.S. District Court for the District of Delaware indicated the court found Aurobindo infringed on Acadia’s patent claims Evolv (EVLV) and Bit Digital (BTBT) higher reporting quarterly results CoreWeave (CRWV) increases after Nvidia (NVDA) disclosed a 13G stake in the company Travere Therapeutics (TVTX) falls after announcing the U.S. FDA acceptance of sNDA for Filspari Globant (GLOB) and Doximity (DOCS) lower in New York reporting quarterly results 5. EARNINGS/GUIDANCE: RBC Bearings (RBC) reported Q4 results, with EPS beating consensus Brady (BRC) reported Q3 results and narrowed its guidance for FY25 Flowers Foods (FLO) reported Q1 results and cut its guidance for FY25 Polar Power (POLA) reported Q1 results, with EPS higher year-over-year Metalla Royalty & Streaming (MTA) reported Q1 results, with CEO Brett Heath commenting, “Q1 2025 marked further progress for several royalties in the Company’s portfolio” INDEXES: Near midday, the Dow was up 0.02%, or 9.94, to 42,332.69, the Nasdaq was down 0.06%, or 12.07, to 19,100.25, and the S&P 500 was up 0.07%, or 3.92, to 5,920.85. Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See Insiders’ Hot Stocks on TipRanks >> Read More on CHTR: Disclaimer & DisclosureReport an Issue Pivotal ups Charter price target on ‘no brainer’ Cox deal Strategic Acquisition of Cox Communications Positions Charter for Growth and Market Leadership Early notable gainers among liquid option names on May 16th Charter upgraded, Cisco downgraded: Wall Street’s top analyst calls Oppenheimer upgrades Charter to Outperform, calls Cox deal ‘major positive’

GARDENA, CA, May 16, 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, reports its financial results for the three months ended March 31, 2025. Q1 2025 Financial Highlights Arthur Sams, Chairman and CEO of Polar Power, commented, “We continue to improve our operational efficiency and increase sales in aftermarket parts and service, which provide higher margins, as we expand our customer base. During the first quarter, we received orders and shipped products to first time customers who are in process of evaluating and integrating our products into their operations. Our focus on addressing aftermarket parts and service on a large equipment fleet has resulted in sales of aftermarket parts and services representing 28% of our total net sales in the first quarter of 2025. During this quarter, we jointly worked with our telecom customer to implement monitoring equipment on legacy units to report performance and maintenance data, which we believe improves product uptime and longevity. We plan to jointly implement this remote monitoring system on over five thousand legacy units during the next twelve months, which we expect to generate additional aftermarket parts and service revenue. During the first quarter of 2025, sales to our telecom customers represented 82% of total net sales, compared to 71% in the same period in 2024. Sales to international markets represented 18% of total net sales in the first quarter of 2025, compared to 6% in the same period in 2024. Sales to military customers represented 17% of total net sales in the first quarter of 2025, compared to 26% in the same period in 2024.” “We have seen a steady decline in excess inventory at our largest customer which was reflected by higher bookings towards the end of the first quarter. During the first quarter, we have seen benefits of implementation of companywide ERP systems which helped streamlined manufacturing operations, thereby improving our labor efficiencies and manufacturing lead times. During the forty years of our business, we have significant installed base of our equipment in the field, which are still being used by second or third-tier users. We are contacting these users to promote product upgrades, repairs or new equipment sales opportunities. Currently, we have approximately $13 million of raw materials in inventory which helps reduce our cash burn for the rest of the year. We have also made substantial improvements to our manufacturing capacity in recent years, giving us the potential to produce products of more than $50 million in revenue per year, assuming sufficient bookings are in place,” concluded Mr. Sams. Polar Power, Inc. Polar Power (NASDAQ: POLA) is pioneering technological changes that radically change the production, consumption, and environmental impact of power generation and is a provider of DC advanced power and cooling systems, pioneering innovations across diverse industrial applications. Its product portfolio, known for innovation, durability, and efficiency, presently includes standard products for telecom, military, renewable energy, marine, automotive, residential, commercial, oil field and mining applications. Polar Power’s systems can be configured to operate on any energy source including photovoltaics, diesel, LPG (propane and butane), and renewable fuels. Polar Power’s telecom power solutions offer significant cost savings with installation, permitting, site leases, and operation. Its military solutions provide compact, lightweight, fuel efficient, reliable power solutions for robotics, drone, communications, hybrid propulsion, and other applications. Its mobile rapid battery charging technology enables on-demand roadside charging for electric vehicles. Its combined heat and power (CHP) residential systems offer innovative vehicle charging and integrated home power systems via natural gas or propane feedstocks, optimizing performance and system costs. Polar Power’s micro / nano grid solutions provide lower cost energy in “bad-grid or no-grid” environments. Its commitment to technological advancement extends to hybrid propulsion systems for marine and specialty vehicles, ensuring efficiency, comfort, reliability, and cost savings. For more information, please visit www.polarpower.com. or follow Polar Power on www.linkedin.com/company/polar-power-inc/. Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 This news release contains certain statements of a forward-looking nature relating to future events or future business performance. Forward-looking statements can be identified by the words “expects,” “anticipates,” “believes,” “intends,” “estimates,” “plans,” “will,” “outlook” and similar expressions. Forward-looking statements are based on management’s current plans, estimates, assumptions and projections, and speak only as of the date they are made. With the exception of historical information, the matters discussed in this press release including, without limitation, Polar Power’s expectations to see higher sales due to reductions in inventory at our largest customer; that implementation of remote monitoring will lead to higher after market service sales; that the Company will be successful in increasing sales of aftermarket parts with second and third-tier users; or that it’s improvements in it’s manufacturing capacity will produce in excess of $50 million in revenue per year in the future are forward-looking statements and considerations that involve a number of risks and uncertainties. The actual future results of Polar Power could differ from those statements. Factors that could cause or contribute to such differences include, but are not limited to, adverse domestic and foreign economic and market conditions, including demand for its; trade tariffs on raw materials; changes in domestic and foreign governmental regulations and policies; the impact of inflation and changing prices on raw materials; supply chain constraints causing significant delays in sourcing raw materials; labor shortages as a result of the pandemic, low unemployment rates, or other factors limiting the availability of qualified workers; and other events, factors and risks. The Company undertakes no obligation to update any forward-looking statement in light of new information or future events, except as otherwise required by law. Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and are generally beyond Polar Power’s control. Actual results or outcomes may differ materially from those implied by the forward-looking statements as a result of the impact of a number of factors, many of which are discussed in more detail in Polar Power’s reports filed with the Securities and Exchange Commission. Company Contact: Polar Power, Inc. 249 E. Gardena Blvd. Gardena, CA 90248 Tel: 310-830-9153 [email protected] www.polarpower.com POLAR POWER, INC. CONDENSED BALANCE SHEETS (in thousands, except share and per share data) POLAR POWER, INC. UNAUDITED CONDENSED STATEMENTS OF OPERATIONS (in thousands, except share and per share data) POLAR POWER, INC. UNAUDITED CONDENSED STATEMENTS OF CASH FLOW (in thousands)

GARDENA, CA, April 01, 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, reports its financial results for the three months and full year ended December 31, 2024. 2024 Financial Highlights Sales of $14 million represent a 6.7% decline from 2023 Gross profit increased 89% to $1.3 million, or 9.4% of sales, compared with $695,000, or 4.5% of sales, in 2023 Operating expenses declined $1 million to $5.7 million compared to $6.7 million in the prior year Net loss declined $1.9 million to $4.6 million, or $(1.86) per basic and diluted share in 2024, compared to a net loss of $6.5 million, or $(3.45) per basic and diluted share in 2023 Inventories were down $3.5 million, driven primarily by utilization of existing inventory versus inventory acquisitions during the year, and also by $900,000 accounting adjustment for slow-moving inventory Cash used in operating activities was $536,000 in 2024 compared to $3.4 million in 2023 Total net debt was $5.0 million and total liquidity was $1.1 million, consisting of cash and availability under the line of credit as of December 31, 2024 Chairman and CEO of Polar Power, Arthur Sams commented, “We continue to spend time and resources educating the market on the unique benefits of our power platform to deliver solutions that reduce cost and harmful emissions while providing a source of reliable and virtually maintenance-free power. And although we experienced volatility in our bookings and sales during 2024, we were profitable in two of this year’s quarters, which involved production of our standard DC generators for both backup and prime power applications. Much of our raw material needs in 2024 were met by inventory we had purchased in prior years, which helped conserve cash and achieve manufacturing efficiencies during the year, mitigating the effect of lower sales. We’ve added an important new reference account, in the United Nations High Commissioner for Refugees (“UNHCR”), a United Nations organization, which has experienced exceptional results.” “The hybrid solution that we provided with partners to the UNHCR in Lagos, Nigeria, has performed even better than originally anticipated, enabling significant total power generation savings compared to some of the outdated and stale technology platforms they had been using. Besides the huge fuel savings from up to a 70% reduction in diesel cost, the uninterruptable power supply (UPS) with the DC generator and solar PV array also provides UNHCR for complete shielding of application loads from the grid’s power fluctuations and interruptions. This high efficiency hybrid system continues to serve us well as a model that we can show off to other government agencies, and we expect to see follow-on orders from this customer and from others, around the world.” “We have been successful in reducing our customer concentration in telecom business and reported the doubling in our military/government revenues to nearly $1.5 million for the year. We have begun to implement some internal changes to our sales and marketing protocol to broaden product penetration in our traditional markets as well as new ones, such as mobile electric vehicle chargers, a product line which we successfully tested in 2024 and plan to launch this year,” concluded Mr. Sams. Polar Power, Inc. Polar Power (NASDAQ: POLA) is pioneering technological changes that radically change the production, consumption, and environmental impact of power generation and is a provider of DC advanced power and cooling systems, pioneering innovations across diverse industrial applications. Its product portfolio, known for innovation, durability, and efficiency, presently includes standard products for telecom, military, renewable energy, marine, automotive, residential, commercial, oil field and mining applications. Polar Power’s systems can be configured to operate on any energy source including photovoltaics, diesel, LPG (propane and butane), and renewable fuels. Polar Power’s telecom power solutions offer significant cost savings with installation, permitting, site leases, and operation. Its military solutions provide compact, lightweight, fuel efficient, reliable power solutions for robotics, drone, communications, hybrid propulsion, and other applications. Its mobile rapid battery charging technology enables on-demand roadside charging for electric vehicles. Its combined heat and power (CHP) residential systems offer innovative vehicle charging and integrated home power systems via natural gas or propane feedstocks, optimizing performance and system costs. Polar Power’s micro / nano grid solutions provide lower cost energy in “bad-grid or no-grid” environments. Its commitment to technological advancement extends to hybrid propulsion systems for marine and specialty vehicles, ensuring efficiency, comfort, reliability, and cost savings. For more information, please visit www.polarpower.com. or follow Polar Power on www.linkedin.com/company/polar-power-inc/. Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 This news release contains certain statements of a forward-looking nature relating to future events or future business performance. Forward-looking statements can be identified by the words “expects,” “anticipates,” “believes,” “intends,” “estimates,” “plans,” “will,” “outlook” and similar expressions. Forward-looking statements are based on management’s current plans, estimates, assumptions and projections, and speak only as of the date they are made. With the exception of historical information, the matters discussed in this press release including, without limitation, Polar Power’s expectations to see follow-on orders from the UNHCR and from other customers around the world; that current discussions with customers will lead to new sales during 2025 or subsequent years are forward-looking statements and considerations that involve a number of risks and uncertainties. The actual future results of Polar Power could differ from those statements. Factors that could cause or contribute to such differences include, but are not limited to, adverse domestic and foreign economic and market conditions, including demand for its Summit Series, 27 kW DC generator product line; trade tariffs on raw materials; changes in domestic and foreign governmental regulations and policies; the impact of inflation and changing prices on raw materials; supply chain constraints causing significant delays in sourcing raw materials; labor shortages as a result of the pandemic, low unemployment rates, or other factors limiting the availability of qualified workers; and other events, factors and risks. The Company undertakes no obligation to update any forward-looking statement in light of new information or future events, except as otherwise required by law. Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and are generally beyond Polar Power’s control. Actual results or outcomes may differ materially from those implied by the forward-looking statements as a result of the impact of a number of factors, many of which are discussed in more detail in Polar Power’s reports filed with the Securities and Exchange Commission. Company Contact: Polar Power, Inc. 249 E. Gardena Blvd. Gardena, CA 90248 Tel: 310-830-9153 [email protected] www.polarpower.com POLAR POWER, INC. BALANCE SHEETS (in thousands, except share and per share data) POLAR POWER, INC. CONDENSED STATEMENTS OF OPERATIONS (in thousands, except share and per share data) POLAR POWER, INC. STATEMENTS OF CASH FLOW (in thousands)