Polar Pwr Inc SEC Filings

Polar Power, Inc. (POLA) reported a sharp downturn in Q3 2025, with net sales of $1,273 versus $4,914 a year earlier and a net loss of $4,085 versus prior net income of $13. For the nine months ended September 30, 2025, net sales fell to $5,704 from $11,348 and the net loss widened to $5,621 from $1,628.

Gross margin turned negative, driven by a $1,967 inventory write-down and a $455 impairment of lease right-of-use assets and deposits. Cash fell to $4 with a $4,652 line-of-credit balance and total stockholders’ equity of $2,899, leading auditors and management to express substantial doubt about the company’s ability to continue as a going concern.

The company is delinquent on facility rent, faces an eviction summons for its main plant, and is out of compliance with key covenants on its $7,500 Pinnacle Bank revolving credit facility. To bolster liquidity, Polar Power established an ATM equity program for up to $2,382 and had raised about $714 by selling 147,144 shares as of November 19, 2025. Despite current stress, backlog reached $5,283, including a $674 military generator contract, a $1,700 mobile EV charger order and about $850 of new telecom orders.

Polar Power, Inc. filed a Form 12b-25 to notify that it will not submit its Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 by the normal deadline. The company cites delays in completing its financial statements and related disclosures, which it attributes to staffing shortages, and notes that its independent registered public accounting firm also needs more time to complete its review.

Polar Power states that it expects to file the delayed Form 10-Q no later than the fifth calendar day following the prescribed due date, using the standard extension period allowed under SEC rules for late quarterly reports.

Polar Power, Inc. (POLA) filed its definitive proxy for the 2025 annual meeting. The meeting is set for 10:00 a.m. on December 15, 2025 at the company’s Gardena, CA headquarters. Holders of record as of November 6, 2025 may vote.

Stockholders will vote to elect four directors; ratify Weinberg & Company, P.A. as independent auditor for 2025; approve the 2026 Equity Incentive Plan reserving 750,000 shares; approve, on an advisory basis, executive compensation; set the preferred frequency of future say‑on‑pay votes; and approve discretionary authority to adjourn the meeting to solicit additional proxies if needed for the equity plan proposal.

The Board recommends voting “FOR” all proposals and “every two years” for say‑on‑pay frequency. Common stock outstanding was 2,658,676 shares as of the record date.

Polar Power, Inc. (POLA) filed a preliminary proxy for its 2025 annual meeting. Stockholders will vote to elect four directors (Arthur D. Sams, Keith Albrecht, Michael G. Field and Katherine Koster), ratify Weinberg & Company, P.A. as independent auditor, and approve the 2026 Equity Incentive Plan.

The 2026 Plan would reserve 750,000 shares for awards and, if approved, become effective on January 1, 2026. Advisory items include a say‑on‑pay vote and the preferred frequency of future say‑on‑pay votes. Stockholders are also asked to grant discretionary authority to adjourn the meeting to solicit additional proxies for the equity plan if needed.

The Board recommends voting FOR all director nominees and FOR each proposal, and to hold say‑on‑pay votes every three years.

Polar Power, Inc. filed a prospectus supplement to offer up to $4.20-priced common stock sales under an at-the-market program, potentially issuing up to 567,153 additional shares. The company reports 2,511,532 shares outstanding before the offering and up to 3,078,685 outstanding if all offered shares are sold at the referenced October 3, 2025 closing price.

The shares will be sold under a Sales Agreement with a sales agent using any method permitted as an at the market offering under Rule 415. Net proceeds are intended for general corporate purposes and working capital. The filing reiterates that investing involves a high degree of risk and directs readers to the Risk Factors and incorporated reports for details.

Polar Power, Inc. entered into an at-the-market sales agreement with ThinkEquity LLC, allowing it to offer and sell shares of its common stock up to an aggregate offering price of $2,382,043 under an existing shelf registration. Sales can be made from time to time on The Nasdaq Capital Market or through other permitted methods at prevailing or related market prices. Polar Power will pay ThinkEquity a 3.0% commission on gross proceeds and reimburse up to $30,000 of initial fees and expenses, plus specified annual and transaction-based expense caps. Either party may terminate the agreement on ten days’ notice, giving the company flexibility to raise equity capital as market conditions permit.

Polar Power, Inc. filed a current report to notify investors that it has released financial results for the three months ended June 30, 2025. On August 14, 2025, the company issued a press release with these quarterly results, which is attached as Exhibit 99.1 and incorporated by reference. The disclosure is furnished under items covering results of operations and Regulation FD, and is specifically stated as not being deemed filed for liability purposes under certain sections of the securities laws.

This Schedule 13G/A reports that Bard Associates, Inc. beneficially owns 386,389 shares of Polar Power common stock, representing 15.4% of the class. The filing is an amendment to a prior Schedule 13G.

Of the shares reported, Bard Associates has sole voting and dispositive power over 13,286 shares, shared dispositive power over 373,103 shares and zero shared voting power. The statement certifies the securities are held in the ordinary course of business and were not acquired to change or influence control of the issuer.