World News: 14:00 GMT Wednesday 15th May 2019. [Polar Power, Inc. via Globe Newswire via SPi World News]
GARDENA, Calif., May 15, 2019 (GLOBE NEWSWIRE) -- (NASDAQ: POLA), a global provider of prime, backup and solar hybrid DC power solutions, today reported its financial results for the first quarter ended March 31, 2019.
“In the past year we have been limited by production capacity and supply chain, which made it challenging to pursue business outside of the U.S Tier-1 telecoms and in some cases even to meet their demand in a timely fashion. In November of 2018, we opened our second manufacturing plant and this expansion is expected to nearly double our production capacity when it is operating at full efficiency. However, simply adding a manufacturing facility is not enough on its own. We recently completed a 6-month project to restructure our operations management with industry-leading consultants with the goal of reducing the number of responsibilities key management had and increase the overall production management experience and resources. As such, we have added several key personnel to the organization as well, which we expect to leverage going forward.”
“As our revenues increase, we expect to increase our engineering staff to speed up new product development and provide a higher level of pre-sales support. We also expect to pursue R&D contracts with the military. We believe diversification of sales into different markets will provide us with long term stable growth and improved gross margins.”
Mr. Sams continued, “Internationally, we experienced repeat orders during the quarter from customers we acquired during the fourth quarter. This is encouraging, as we currently have programs active in five countries and international customers are becoming increasingly familiar with our products and their advantages. As we have highlighted previously, infrastructure growth in the international telecom market is significantly higher when compared to the U.S. market, and therefore ideal target markets for our hybrid renewable energy products, a key part of our short-term and long-term growth strategy.”
“During the quarter, our technology road map remained focused on three key products, our hybrid renewable energy systems, our backup power systems, and our products for military applications. We expect to launch our new LPG and natural gas DC power systems designed for hybrid solar residential, natural gas-powered air-conditioning and natural gas-powered electric vehicle charging stations, during the second half of 2019. Military opportunities continue with power for robotic vehicles and mobile power systems,” concluded Mr. Sams.
Polar Power CEO Arthur Sams, COO Rajesh Masina and CFO Luis Zavala will host the conference call, followed by a question and answer period.
To access the call, please use the following information:
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Integra Investor Relations at 415-233-7094.
The conference call will be broadcast live and available for replay at and via the investor relations section of the Company’s website at .
A replay of the conference call will be available after 1:00 p.m. Eastern time through May 22, 2019.
Gardena, California-based Polar Power, Inc. (NASDAQ: POLA), 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, electric vehicle charging, cogeneration, distributed power and uninterruptable power supply. Within the telecommunications market, Polar’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 . or follow us on
Globe Newswire: 14:00 GMT Wednesday 15th May 2019
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