Polar Power, Inc. (NASDAQ: POLA) is a Gardena, California-based designer and manufacturer of direct current (DC) power generation systems serving telecommunications, military, commercial, and industrial markets globally.
As of the quarter ended September 30, 2025 and filed on November 19, 2025, POLA was in severe financial distress. Primary-source review confirms $4K cash, sharp year-over-year sales deterioration in Q3 2025, and material pressure on liquidity and financing. The original draft referenced a going concern warning from auditors, an eviction summons on the headquarters facility, lender covenant breach, and a $5.3M backlog. Of these, the cash position and broader distress are confirmed directly by the 10-Q; some of the more specific legal and audit formulations require direct supporting passages beyond what was fully retrieved in this review.
This remains a binary turnaround speculation, not an investment-grade opportunity. Execution on backlog, continued lender tolerance, and facility continuity could support survival. Failure on one or more of those fronts would materially increase restructuring or bankruptcy risk.