Polar Power, Inc. (NASDAQ: POLA) stocks made progress Tuesday. The Gardena, Calif.-based firm, a global provider of prime, backup, and solar hybrid power solutions, announces approximately $2.5 million in additional new bookings from both military and telecom customers. Combined with the $2.9 million in previously announced new bookings in January, Polar Power has announced $5.4 million in new bookings for the first quarter of 2024, which compares to $3.7 million in new bookings for the first quarter in 2023, an increase of 46%.
CEO Arthur Sams commented, “The acceleration in bookings, especially those received from international customers, is an encouraging trend in the early part of 2024. The orders represent business we’ve earned from three different customers, in industries we’ve proudly served since our founding. The military order is with an international defense contractor for our Series 6250 alternator, which is our unique Permanent Magnet Hybrid Homopolar (PMHH) alternator with six phases, which can regulate voltage and current either in a fixed speed or variable speed operation.”
“Our product portfolio,” reads this morning’s news release, “known for innovation, durability, and efficiency, presently includes standard products for telecom, military, renewable energy, marine, automotive, residential, commercial, oil field and mining applications. Polar’s systems can be configured to operate on any energy source including photovoltaics, diesel, LPG (propane and butane), and renewable fuels.”
POLA added four cents, or 10.1%, in price, to 45 cents.
