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 POLAR POWER, INC. (Exact name of registrant as specified in its charter) 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 current 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 and whereotherwise noted. Share and per share data have been retroactively adjusted to reflect the decreased number of shares resulting from a POLAR POWER, INC.CONDENSED BALANCE SHEETS POLAR POWER, INC.UNAUDITED CONDENSED STATEMENTS OF OPERATIONS 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’sproducts integrate DC generator, proprietary electronic control systems, lithium batteries and solar photovoltaic (“PV”) technologies to Going concern The accompanying financial statements have been prepared under the assumption that the Company will continue as a goingconcern. In accordance with Accounting Standards Codification (“ASC”) 205-40,Going Concern, the Company’s management hasevaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’sability to continue as a going concern within one year after the date the accompanying financial statements were issued. For the threemonths ended March 31, 2026, the Company recorded a net loss of $178 and used cash in operations of $2,191. In addition, ourindependent registered public accounting firm, in its audit report to the financial statements included in our Annual Report on Form The Company manufactures and assembles its DC power systems at two production facilities located in Gardena, California.It is currently delinquent in rent payments to its landlords for office and warehouse facilities. The landlord for its headquarters andmanufacturing facility at 249 E. Gardena Blvd., Gardena, California filed a summons for eviction on October 24, 2025. On February23, 2026, the landlord stopped the actions for eviction and continued discussions with the Company to resolve the delinquent rents andexpired lease agreement. The Company expects to be in the position to make significant payment towards the delinquent rents in thenear term and/or provide a payment plan mutually agreeable to both parties. The landlord for the other facility for which the Company On May 11, 2026, the Company entered into a Settlement Agreement with the landlord for each of its headquarters facilityand its warehouse facility that became effective as of May 7, 2026. The Settlement Agreement addressed the matter of delinquent rentsand an expired lease. Regarding the Company’s headquarters facility, the Company agreed to make immediate payment of $400towards past due rents, and the landlord agreed to cease eviction procedures. The landlord also agreed to extend the property leasecom