Polar Power Completes Phase 1 of Strategic Restructuring, Reducing Annualized Costs by More Than $1 Million
Key Highlights
- ➤$1.03 million annualized cost reductions completed in Phase 1 restructuring
- ➤$4.5 million sales backlog targeted for conversion into shipments and cash flow
- ➤$727,000 annualized personnel savings identified through restructuring
- ➤$300,000 annualized facility savings identified through restructuring
- ➤50-unit trial order secured from major Southeast Asian telecommunications operator
Expert Statements
Chris Mayer, Co-Chief Executive Officer of Polar Power
“Phase 1 was about taking immediate action to strengthen the business”
Chris Mayer, Co-Chief Executive Officer of Polar Power
“We have removed more than $1 million from our annualized cost structure, but reducing expenses is only the beginning. Our objective is to create a stronger, more scalable company that can execute on the opportunities in front of us.”
Chris Mayer, Co-Chief Executive Officer of Polar Power
“We are not restructuring Polar simply to become a smaller company”
Chris Mayer, Co-Chief Executive Officer of Polar Power
“We are restructuring it to compete and grow at a much higher level. Polar has decades of engineering experience, intellectual property, manufacturing capabilities and customer relationships. We believe there are significant opportunities to build on that foundation, but we need the financial discipline and operating execution to capture them.”
Chris Mayer, Co-Chief Executive Officer of Polar Power
“There is work to do, and we are doing it”
Chris Mayer, Co-Chief Executive Officer of Polar Power
“We are reducing costs, strengthening the financial foundation, converting backlog and aggressively pursuing growth. We intend to measure our progress through execution.”
Company strengthens operating platform while focusing on backlog conversion and accelerating growth across telecom, defense and distributed power markets
GARDENA, Calif., Oct. 19, 2026 (GLOBE NEWSWIRE) -- Polar Power, Inc. (NASDAQ: POLA) (“Polar Power” or the “Company”), a global provider of prime, backup and solar hybrid power solutions, today announced the completion of Phase 1 of its strategic restructuring initiative, representing approximately $1.03 million in annualized cost reductions.
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