GARDENA, CA - Polar Power, Inc. (NASDAQ: POLA), a global provider of power solutions, has announced net new bookings totaling approximately $2.9 million for January 2024 from both international and domestic Tier-1 customers. This figure is in comparison to the $3.7 million in new bookings reported for the entire first quarter of 2023.
The company's CEO, Arthur Sams, attributes the growth in their telecom market business to several factors, including the increased power demand for network upgrades, diminishing power availability from utility grids, the rising cost of diesel fuel, and the need to provide increased broadband service to rural areas. A notable portion of the new orders, as per Mr. Sams, is repeat and expanded business in Puerto Rico, where the company's products have demonstrated high performance in extreme weather conditions, often causing prolonged interruptions in grid power.
Polar Power's use of super capacitors in their generator sets, as opposed to the 12 Vdc starter batteries used by competitors, is highlighted as a major factor in their product's success. The company also notes the importance of fuel efficiency and lower maintenance with longer run times as competitive advantages that have been central to their equipment for over three decades.
The January bookings and a growing sales pipeline and backlog are seen by Polar Power as indicators of a continued recovery and improvement in financial results throughout 2024. Additionally, the company has made substantial progress in diversifying its sector and geographic market presence.
The information provided is based on a press release statement, which also includes forward-looking statements subject to risks and uncertainties. These statements are based on facts and factors currently known to the company and reflect the good faith judgment of its management. However, actual results may differ materially from the anticipated outcomes.
Polar Power, with a history of pioneering innovations across various industrial applications, offers a wide range of products for sectors including telecom, military, renewable energy, and more. The company's systems are adaptable to operate on multiple energy sources, providing cost savings and efficiency in installation and operation.
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