Polar Power Announces $2.9M In New Bookings During January 2024
Portfolio Pulse from Benzinga Newsdesk
Polar Power, Inc. (NASDAQ:POLA) announced $2.9 million in new bookings for January 2024, from both international and domestic Tier-1 customers, focusing on DC backup power generation systems. This figure is compared to $3.7 million in new bookings for Q1 2023. The bookings are driven by increased power demand, diminishing grid power availability, rising diesel fuel costs, and the need for broadband in rural areas. A significant portion of the orders came from repeat and expanded business in Puerto Rico, where Polar Power's products have excelled in extreme weather conditions. The company's use of super capacitors over traditional batteries is highlighted as a key success factor. Polar Power is optimistic about continued financial recovery and improvement in 2024, noting progress in diversification and competitive advantages in fuel efficiency and maintenance.
February 20, 2024 | 1:40 pm
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Polar Power, Inc. announced $2.9 million in new bookings for January 2024, showcasing strong demand for its DC backup power generation systems, especially from repeat and expanded business in Puerto Rico.
The announcement of $2.9 million in new bookings for January 2024 indicates a strong start to the year for Polar Power, Inc., especially when considering the context of the previous year's Q1 bookings of $3.7 million. The emphasis on repeat and expanded business in Puerto Rico, where the company's products have proven reliability in extreme weather conditions, suggests a solid foundation for future growth. The company's optimism about continued financial recovery and improvement throughout 2024, along with its competitive advantages in fuel efficiency and maintenance, are likely to positively impact investor sentiment and the stock price in the short term.
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