Polar Power Announces $5.1 Million in New Bookings to Date in Q1 2024

Additional $2.5 Million in New Bookings includes International Military and Telecom Customers Choosing Polar Power's Unique Power Technology Platforms

GARDENA, CA, March 12, 2024 (GLOBE NEWSWIRE) -- Polar Power, Inc. ("Polar Power" or the "Company") (NASDAQ: POLA), a global provider of prime, backup, and solar hybrid power solutions, announces approximately $2.5 million in additional new bookings from both military and telecom customers. Combined with the $2.9 million in previously announced new bookings in January, Polar Power has announced $5.4 million in new bookings for the first quarter of 2024, which compares to $3.7 million in new bookings for the first quarter in 2023, an increase of 46%.

Arthur Sams, CEO of Polar Power, commented, "The acceleration in bookings, especially those received from international customers, is an encouraging trend in the early part of 2024. The orders represent business we've earned from three different customers, in industries we've proudly served since our founding. The military order is with an international defense contractor for our Series 6250 alternator, which is our unique Permanent Magnet Hybrid Homopolar (PMHH) alternator with six phases, which can regulate voltage and current either in a fixed speed or variable speed operation.

From the increase in bid requests and the number of systems per request along increasing purchase orders coming in we are confident that the bookings strength will continue to grow in the coming months of 2024 and expect to convert these bookings into revenue recognized in 2024."

About Polar Power, Inc.

Polar Power (NASDAQ: POLA), an innovative provider of DC advanced power and cooling systems across diverse industrial applications, is pioneering technological changes that radically change the production, consumption, and environmental impact of power generation. Our product portfolio, known for innovation, durability, and efficiency, presently includes standard products for telecom, military, renewable energy, marine, automotive, residential, commercial, oil field and mining applications. Polar's systems can be configured to operate on any energy source including photovoltaics, diesel, LPG (propane and butane), and renewable fuels.

Our telecom power solutions offer significant cost savings with installation, permitting, site leases, and operation. Our military solutions provide compact, lightweight, fuel efficient, reliable power solutions for robotics, drone, communications, hybrid propulsion, and other applications.

Our mobile rapid battery charging technology enables on-demand roadside charging for electric vehicles. Our combined heat and power (CHP) residential systems offer innovative vehicle charging and integrated home power systems via natural gas or propane feedstocks, optimizing performance and system costs.

Our micro / nano grid solutions provide lower cost energy in "bad-grid or no-grid" environments. Our commitment to technological advancement extends to hybrid propulsion systems for marine and specialty vehicles, ensuring efficiency, comfort, reliability, and cost savings.

For more information, please visit www.polarpower.com. or follow us on www.linkedin.com/company/polar-power-inc/.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements regarding us and our business, financial condition, results of operations and prospects. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this press release. Additionally, statements concerning future matters such as revenue projections, projected profitability, growth strategies, and other statements regarding matters that are not historical are forward-looking statements.

Forward-looking statements in this press release reflect the good faith judgment of our management and the statements are based on facts and factors as we currently know them. Forward-looking statements are subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, but are not limited to, those discussed in this press release, and other risks, including, but not limited to, those described in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings and submissions with the SEC. Readers are urged not to place undue reliance on these forward-looking statements which speak only as of the date of this press release. We undertake no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this press release.

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Investor Relations Contact:

At CORE IR

Peter Seltzberg, SVP Investor Relations and Corporate Advisory
516-419-9915
peters@coreir.com

At Polar Power Inc.

IR@PolarPowerinc.com

Released March 12, 2024