Polar Power Inc 2026年季度报告

FORM 10-Q (Mark One)☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedMarch 31, 2026 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For 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 of(I.R.S. Employer incorporation or organization) 249 E. Gardena Blvd., Gardena, California90248(Address of principal executive offices)(Zip Code) (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 suchreports), and (2) has been subject to such filing requirements for the past 90 days. Yes☒No☐ 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 thepreceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes☒No☐ 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 reportingcompany” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one): Large Accelerated Filer☐Non-Accelerated Filer☒ Accelerated Filer☐Smaller Reporting Company☒Emerging Growth 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, $0.0001 par value, as of May 20, 2026 was 3,640,159. TABLE OF CONTENTS PART I – FINANCIAL INFORMATION1ITEM 1. Condensed Financial Statements1ITEM 2. Management’s Discussion And Analysis Of Financial Condition And Results Of Operations12ITEM 3. Quantitative and Qualitative Disclosures About Market Risk18ITEM 4. Controls and Procedures18PART II – OTHER INFORMATION19ITEM 1. Legal Proceedings19ITEM 1A. Risk Factors19ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds36ITEM 3. Defaults Upon Senior Securities36ITEM 4. Mine Safety Disclosure36ITEM 5. Other Information36ITEM 6. Exhibits36i 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 and recovery on matters including U.S., local and foreign economies, wars and internationalconflicts including the current military actions involving the Russian Federation and Ukraine and conflicts between Israel and Hamas,our business operations, the ability of financing and the health and productivity of our employees; the competitive nature of andanticipated growth in our industry; production capacity and goals; our ability to consummate acquisitions and integrate theiroperations successfully; and our prospective needs for additional capital. These forward-looking statements are based on our currentexpectations, estimates, approximations and projections about our industry and business, management’s beliefs, and certainassumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as“anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “may,” “will,” “should,” “would,”“could,” “potential,” “continue,” “ongoing,” s