Polar Power Inc 2025年季度报告

FORM10-Q (Mark One) For the quarterly period endedSeptember 30,2025 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from _____________ to _____________Commission file number:001-37960 POLAR POWER, INC. (Exact name of registrant as specified in its charter) Delaware33-0479020(State or other jurisdiction ofincorporation or organization)(I.R.S. EmployerIdentification Number) (310)830-9153(Registrant’s telephone number, including area code) Not Applicable(Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Title of each classTrading Symbol(s)Name of each exchange on which registeredCommon Stock, par value $0.0001 per sharePOLAThe NASDAQ Stock Market, LLC Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrant was required to file such Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, everyInteractive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.05 of this chapter) during the Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smallerreporting company or emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting Accelerated Filer☐Smaller Reporting Company☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition periodfor complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No The number of shares outstanding of the Registrant’s common stock, $0.0001par value, as of November 19, 2025 was TABLE OF CONTENTS FORWARD LOOKING AND CAUTIONARY STATEMENTS All statements included or incorporated by reference in this Quarterly Report on Form 10-Q, other than statements orcharacterizations of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, asamended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Examplesof forward-looking statements include, but are not limited to, statements concerning projected net sales, costs and expenses and grossmargins; our accounting estimates, assumptions and judgments; the demand for our products; the effect and consequences of the novelcoronavirus, or COVID-19, pandemic on matters including U.S., local and foreign economies, wars and international conflictsincluding the current military actions involving the Russian Federation and Ukraine and the conflicts in middle-east, our businessoperations, the ability of financing and the health and productivity of our employees; the competitive nature of and anticipated growthin our industry; production capacity and goals; our ability to consummate acquisitions and integrate their operations successfully;and our prospective needs for additional capital. These forward-looking statements are based on our current expectations, estimates,approximations and projections about our industry and business, management’s beliefs, and certain assumptions made by us, all of References in this Quarterly Report on Form 10-Q to “Polar,” the “Company,” “we,” “us,” and “our” refer to Polar Power,Inc., a Delaware corporation, and its consolidated subsidiaries. FINANCIAL PRESENTATION All dollar amounts in this Quarterly Report on Form 10-Q are presented in thousands, except share and per share data andwhere otherwise noted. Share and per share data have been retroactively adjusted to reflect the decreased number of shares resulting POLAR POWER, INC.NOTES TO CONDENSED FINANCIAL STATEMENTS NOTE 1 –ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company Polar Power, Inc. was incorporated in the State of Washington as Polar Products, Inc. and in 1991 reincorporated in the Stateof California under the name Polar Power, Inc. In December 2016, Polar Power, Inc. reincorporated in the State of Delaware (the“Company”, “we” or “us”). The Company designs, manufactures and sells direct current, or DC, power systems to supply reliable andlow-cost energy to off-grid, bad-grid and backup power, electric vehicle (“EV”) charging, and nano-grid applications. The Company’s Going concern, Liquidity and recent events The accompanying financial statements have been prepared under the assumption that the Company will continue as a goingconcern. For the nine months ended September 30, 2025, the Company recorded a net loss