• Generac for off-grid DC power systems.
• A specialized Generac, providing robust DC power solutions for remote telecom towers and critical infrastructure.

• DC Generators: Diesel, natural gas, and propane-powered generators designed to provide direct current power for remote or grid-independent applications.
• Integrated DC Power Systems: Complete, customizable power solutions that combine generators, batteries, solar inputs, and intelligent controls for various industrial and commercial needs.
• Solar Hybrid Systems: Power systems that integrate solar photovoltaic technology with traditional generators to provide efficient, reliable, and often renewable energy solutions.

Polar Power (POLA) primarily sells its products and services to other companies (B2B).

According to its annual report (10-K) for the fiscal year ended December 31, 2022, Polar Power has significant customer concentration: two customers accounted for approximately 73% and 13% of its revenue, respectively, totaling 86% of its revenue.

While Polar Power does not explicitly name these major customers in its public filings or recent investor presentations, it consistently refers to them as "Tier 1 Telecom Carriers" in its investor materials. Based on their market position and the types of solutions Polar Power provides (e.g., DC power systems for telecommunications infrastructure), these major customers likely include large telecommunications companies. It's important to note that these specific companies are probable based on their market and industry, rather than being directly named by Polar Power in its official documents.

The probable major customer companies include:

• AT&T Inc. (Symbol: T)
• Verizon Communications Inc. (Symbol: VZ)
• T-Mobile US, Inc. (Symbol: TMUS)

Polar Power also serves other B2B segments such as military, commercial and industrial, and oil & gas; however, the revenue concentration figures indicate that the "Tier 1 Telecom Carriers" constitute their primary major customers.

Arthur D. Sams, President, Chief Executive Officer and Chairman of the Board

Arthur D. Sams has served as Polar Power's President, Chief Executive Officer, and Chairman of the Board since August 1991, and as Secretary since October 2016. He is also the founder of Polar Power, Inc., established in 1979. Under his leadership, the company has become a prominent brand in designing and manufacturing DC power systems for various markets including telecommunications, military, automotive, marine, and industrial. Mr. Sams specializes in the design of thermodynamics and power generation systems. His early career involved extensive industry experience as a machinist, engineer, project manager, chief technical officer, and consultant for Fortune 500 companies, the U.S. Department of Defense, and the U.S. Department of Energy. He studied at California State Polytechnic University Pomona and the University of California at Irvine, with a dual major in biology and engineering.

Luis Zavala, Chief Financial Officer

Luis Zavala has served as Polar Power's Chief Financial Officer since April 2018, having previously been the Acting Chief Financial Officer from March 2016 to April 2018, and Vice President Finance from August 2009 to March 2016. Before joining Polar Power, Mr. Zavala was President of Sky Limited Enterprises, a general contractor, from June 2006 to August 2009. Prior to that, he served as Director of Finance for Legacy Long Distance International, a telecommunications and operator service provider company, from March 2001 to May 2006. Mr. Zavala has over 20 years of experience managing accounting and finance departments across various industries, including banking and telecommunications. He holds a Bachelor's Degree in Business Administration from California State University of Northridge and an MBA from Keller Graduate School of Management, Long Beach.

Balwinder Samra, Executive Vice President

Balwinder Samra holds the position of Executive Vice President at Polar Power, Inc.

Nilesh Singh, Regional Managing Director - Asia Pacific

Nilesh Singh serves as the Regional Managing Director - Asia Pacific for Polar Power, Inc.

Adam Szczepanek, Vice President of Business Development, North America

Adam Szczepanek is the Vice President of Business Development, North America at Polar Power.

The increasing maturity and adoption of hydrogen fuel cell technology for remote, off-grid, and backup power applications. As fuel cells become more cost-effective and reliable, they present a direct alternative to Polar Power's diesel/hybrid generator-based DC power systems in key markets such as telecommunications, military, and critical infrastructure, offering advantages like lower emissions, reduced noise, and potentially lower maintenance requirements.

Polar Power, Inc. (POLA) designs and manufactures direct current (DC) power generation and distribution systems, including solar hybrid power systems, DC gensets, and DC power modules, for various applications. The company's main markets include telecommunications, military, and marine sectors, and its products also support electric vehicle charging infrastructure.

The addressable markets for Polar Power's main products and services are sized as follows:

• Global DC Power Systems Market: The global DC power systems market was valued at US$476.9 million in 2024 and is projected to reach US$635.9 million by 2030, growing at a compound annual growth rate (CAGR) of 4.9% from 2024 to 2030. Another estimate indicates the global DC power systems market is expected to reach USD 508.8 million in 2025 and grow to USD 813.2 million by 2035, at a CAGR of 4.8%. North America holds the largest share of this market.
• Global DC Power System for Telecom Market: This market was valued at $5.2 billion in 2024 and is forecasted to reach $9.7 billion by 2033, exhibiting a robust CAGR of 7.1%. North America currently dominates the broader telecom power systems market, holding 35.7% of the market share in 2024, with the U.S. accounting for approximately 84.40% of the North American market.
• Global Next Generation Military Power Supply Market: This market is anticipated to expand from $13.8 billion in 2024 to $22.2 billion by 2034, growing at a CAGR of approximately 4.9%. Another report estimated the market at USD 9.82 billion in 2023, expected to reach USD 18.04 billion by 2030, with a CAGR of 9.07% during 2024-2030. North America dominated this market in 2023.
• Global Marine Power Systems Market: The marine power systems market size is forecast to increase by USD 3.42 billion, at a CAGR of 3.49% between 2023 and 2028.
• Global DC Power Supplies Market (relevant to EV charging infrastructure): This market, which includes solutions for electric vehicle charging infrastructure, is poised at USD 447.4 billion in 2025 and is projected to reach USD 668.7 billion by 2035, expanding at a CAGR of 4.1%. The surge in electric vehicle adoption is a significant driver for this market.

Polar Power, Inc. (POLA) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market opportunities:

1. Expansion of Aftermarket Parts and Services: The company is actively focusing on enhancing operational efficiency and boosting sales in aftermarket parts and services. This segment contributed 28% to total net sales in Q1 2025 and saw a significant 288% increase in Q2 2025 compared to the same period in the prior year. Polar Power has also implemented a remote monitoring system on legacy units, a move expected to further increase future aftermarket revenues.
2. Diversification into New Markets: Polar Power is strategically expanding into new markets, notably with the planned release of a 30 kW mobile EV charger during the fourth quarter of 2025. The company is also exploring solar hybrid DC power generation, aligning with the global push for sustainable energy solutions and diversifying its revenue streams beyond traditional markets.
3. Continued Growth in Key End Markets (Telecom and Military): The telecommunications sector remains a dominant customer base for Polar Power's DC power systems, representing 82% of total sales in Q1 2025 and 92% in Q2 2025, indicating sustained demand. Concurrently, sales to military customers have shown robust growth, doubling in 2024 and increasing to 6% of total net sales in Q2 2025 from 3% in the same period of 2024.
4. Leveraging Increased Manufacturing Capacity: Polar Power has improved its manufacturing capacity, which now enables potential revenue production exceeding $50 million annually. This enhanced capacity positions the company to meet higher order volumes as demand for its products increases across its existing and new markets.

Capital Allocation Decisions of Polar Power (POLA)

Share Repurchases

• Polar Power authorized a share repurchase program of up to $500,000 of its common stock in August 2019, which expired on February 28, 2020.
• As of the trailing twelve months ended June 2025, there were no reported share repurchases.

Share Issuance

• In February 2021, Polar Power completed a public offering of 750,000 shares of common stock at $18.00 per share, generating gross proceeds of $13,500,000.
• In December 2023, the company closed a public offering of 4,600,000 shares of common stock at $0.40 per share, raising gross proceeds of $1,840,000.
• In October 2025, Polar Power entered into an at-the-market (ATM) sales agreement to offer and sell up to $2,382,043 of common stock.

Capital Expenditures

• In 2023, Polar Power indicated investments in state-of-the-art equipment, additions to manufacturing plant space, and employee training, aimed at improving gross margins and liquidity.
• Proceeds from a December 2023 public offering were intended, in part, for capital expenditures.
• For the six months ended June 30, 2024, the acquisition of property and equipment amounted to $18,000, compared to $194,000 for the same period in 2023.