Polar Power, Inc. (POLA) Balance Sheet
POLA balance sheet, 2025
December 31, 2025 · U.S. dollars$10.4M assets = $10.3M liabilities + $144,000 equity
Both columns are drawn to the same scale: what POLA owns equals what it owes plus shareholders’ equity. Hover a block for its value.
POLA financial health
Descriptive bands, not a rating. Fiscal 2025.
POLA balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $26.6M2016 | $10.4M2025 | −9.9%/yr | |
| Total liabilities | $3.0M2016 | $10.3M2025 | +14.8%/yr | |
| Shareholders’ equity | $23.7M2016 | $144,0002025 | −43.3%/yr | |
| Cash & short-term investments | $16.2M2016 | $200,0002025 | −38.6%/yr | |
| Total debt | $348,7992016 | $5.6M2025 | +36.0%/yr | |
| Net cash (debt) | $15.9M2016 | −$5.4M2025 | −$21.3M | |
| Working capital | $22.9M2016 | −$262,0002025 | −$23.2M | |
| Book value per share | $21.892016 | $0.062025 | −48.4%/yr | |
| Current ratio | 9.372016 | 0.972025 | −8.39 | |
| Debt / equity | 0.012016 | 38.622025 | +38.60 | |
| Shares outstanding | 1.1M2016 | 2.5M2025 | +10.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
POLA assets
POLA liabilities and equity
POLA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
POLA balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $200,000 | $498,000 | $549,000 | $211,000 | $5.1M | $1.6M | $2.8M | $5.6M | $13.2M | $16.2M |
| Cash & equivalents | $200,000 | $498,000 | $549,000 | $211,000 | $5.1M | $1.6M | $2.8M | $5.6M | $13.2M | $16.2M |
| Short-term investments | — | — | — | — | — | — | — | — | $1.0M | — |
| Receivables | $330,000 | $2.2M | $4.5M | $5.0M | $7.0M | $3.5M | $934,000 | $8.4M | $3.6M | $4.4M |
| Inventory | $9.4M | $12.9M | $16.5M | $15.5M | $9.0M | $9.1M | $13.9M | $8.5M | $5.6M | $4.8M |
| Other current assets | $76,000 | $53,000 | $455,000 | $2.6M | $4.0M | $358,000 | $1.5M | $468,666 | $1.2M | $178,569 |
| Total current assets | $10.0M | $15.6M | $22.0M | $23.3M | $25.2M | $14.6M | $19.2M | $23.0M | $23.6M | $25.7M |
| Property, plant & equipment (net) | $406,000 | $1.8M | $3.2M | $778,000 | $1.9M | $3.1M | $4.3M | $2.1M | $824,076 | $737,586 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $0 | $108,000 | $108,000 | $93,000 | $93,000 | $94,000 | $94,001 | $94,001 | $87,496 | $227,433 |
| Total assets | $10.4M | $17.5M | $25.3M | $24.2M | $27.2M | $17.8M | $23.6M | $25.2M | $24.5M | $26.6M |
| Liabilities | ||||||||||
| Accounts payable | $2.5M | $408,000 | $1.8M | $230,000 | $328,000 | $311,000 | $575,000 | $1.1M | $757,753 | $659,355 |
| Short-term debt | $5.6M | $6.4M | $5.7M | $2.4M | $963,000 | $2.4M | $945,801 | $283,388 | $110,237 | $111,368 |
| Deferred revenue | $764,000 | $607,000 | $1.6M | $2.1M | $897,000 | $703,000 | $197,487 | $79,184 | $40,039 | $71,954 |
| Total current liabilities | $10.3M | $8.6M | $10.2M | $6.0M | $3.4M | $4.5M | $2.7M | $1.9M | $1.5M | $2.7M |
| Long-term debt | $0 | $0 | $0 | $57,000 | $268,000 | $796,000 | $777,930 | $924,540 | $126,820 | $237,430 |
| Lease obligations | $475,000 | $1.9M | $3.0M | $268,000 | $989,000 | $1.7M | $2.3M | — | — | — |
| Other long-term liabilities | $39,000 | $474,000 | $1.9M | $0 | $268,000 | $989,999 | $1.7M | $0 | $0 | $153,448 |
| Total liabilities | $10.3M | $9.0M | $12.1M | $6.0M | $3.9M | $6.3M | $5.2M | $2.9M | $1.6M | $3.0M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | — | $2,000 | $2,000 | $1,000 | $1,000 | $1,000 | $1,014 | $1,014 | $1,014 | $1,014 |
| Retained earnings (deficit) | −$39.5M | −$30.3M | −$25.7M | −$19.1M | −$13.5M | −$12.1M | −$1.2M | $2.8M | $3.6M | $4.4M |
| Treasury stock | — | — | — | — | — | −$40,000 | −$39,940 | — | $0 | — |
| Accumulated other comprehensive income | $0 | — | $0 | $0 | $0 | $0 | $0 | −$1.5M | −$1.1M | −$818,889 |
| Minority interest | — | — | — | — | — | — | — | — | $0 | — |
| Total shareholders' equity | $144,000 | $8.5M | $13.2M | $18.2M | $23.2M | $11.5M | $18.4M | $22.4M | $22.9M | $23.7M |
| Key figures | ||||||||||
| Total debt | $5.6M | $6.9M | $7.5M | $2.4M | $1.5M | $4.2M | $3.4M | $1.2M | $237,057 | $348,799 |
| Net cash (debt) | −$5.4M | −$6.4M | −$7.0M | −$2.2M | $3.6M | −$2.5M | −$543,120 | $4.4M | $13.0M | $15.9M |
| Working capital | −$262,000 | $7.0M | $11.8M | $17.4M | $21.8M | $10.1M | $16.4M | $21.1M | $22.1M | $22.9M |
| Tangible book value | $144,000 | $8.5M | $13.2M | $18.2M | $23.2M | $11.5M | $18.4M | $22.4M | $22.9M | $23.7M |
| Book value per share | $0.06 | $3.39 | $6.95 | $9.88 | $12.79 | $7.44 | $12.70 | $2.21 | $2.26 | $21.89 |
| Shares outstanding | 2.5M | 2.5M | 1.9M | 1.8M | 1.8M | 1.5M | 1.4M | 10.1M | 10.1M | 1.1M |
| Current ratio | 0.97 | 1.82 | 2.15 | 3.92 | 7.41 | 3.24 | 6.98 | 11.91 | 15.79 | 9.37 |
| Quick ratio | 0.05 | 0.31 | 0.49 | 0.88 | 3.57 | 1.15 | 1.37 | 7.28 | 11.23 | 7.54 |
| Debt / equity | 38.62 | 0.81 | 0.57 | 0.13 | 0.06 | 0.36 | 0.18 | 0.05 | 0.01 | 0.01 |
| Equity / assets | 1.4% | 48.5% | 52.2% | 75.2% | 85.5% | 64.6% | 78.0% | 88.7% | 93.4% | 88.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $183,000 | $27,000 | $200,000 | $4,000 | $175,000 | $68,000 | $498,000 | $498,000 | $1.1M | $212,000 | $549,000 | $296,000 |
| Cash & equivalents | $183,000 | $27,000 | $200,000 | $4,000 | $175,000 | $68,000 | $498,000 | $498,000 | $1.1M | $212,000 | $549,000 | $296,000 |
| Receivables | $566,000 | $1.5M | $330,000 | $856,000 | $2.0M | $1.7M | $2.2M | $2.9M | $2.3M | $4.1M | $1.7M | $4.4M |
| Inventory | $9.2M | $9.5M | $9.4M | $10.9M | $13.0M | $13.1M | $12.9M | $15.0M | $15.8M | $16.2M | $16.5M | $19.2M |
| Other current assets | $60,000 | $78,000 | $76,000 | $70,000 | $42,000 | $74,000 | $53,000 | $171,000 | $387,000 | $444,000 | $3.2M | $942,000 |
| Total current assets | $10.0M | $11.2M | $10.0M | $11.8M | $15.2M | $15.0M | $15.6M | $18.6M | $19.6M | $20.9M | $22.0M | $24.8M |
| Property, plant & equipment (net) | $162,000 | $284,000 | $406,000 | $416,000 | $1.2M | $1.5M | $1.8M | $2.2M | $2.5M | $2.8M | $3.2M | $3.5M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $0 | $0 | $0 | $108,000 | $108,000 | $108,000 | $108,000 | $108,000 | $108,000 | $108,000 | $108,000 | $108,000 |
| Total assets | $10.2M | $11.4M | $10.4M | $12.3M | $16.5M | $16.6M | $17.5M | $20.9M | $22.2M | $23.9M | $25.3M | $28.4M |
| Liabilities | ||||||||||||
| Accounts payable | $2.5M | $2.6M | $2.5M | $1.5M | $858,000 | $709,000 | $408,000 | $346,000 | $597,000 | $1.2M | $1.8M | $2.0M |
| Short-term debt | $3.9M | $4.9M | — | $6.0M | $6.9M | $6.6M | $6.4M | $6.2M | $6.2M | $6.4M | — | $6.6M |
| Deferred revenue | $1.1M | $756,000 | — | $723,000 | $638,000 | $758,000 | $607,000 | $750,000 | $1.5M | $2.5M | — | $1.7M |
| Total current liabilities | $7.5M | $9.1M | $10.3M | $9.4M | $9.5M | $9.1M | $8.6M | $8.5M | $9.4M | $11.3M | $10.2M | $11.4M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $76,000 | $197,000 | $475,000 | $840,000 | $1.2M | $1.5M | $1.9M | $2.2M | $2.5M | $2.7M | $3.0M | $3.2M |
| Other long-term liabilities | $1.8M | $39,000 | $0 | $75,999 | $75,999 | $196,999 | $474,000 | $839,999 | $1.2M | $1.5M | $1.9M | $2.2M |
| Total liabilities | $9.3M | $9.1M | $10.3M | $9.5M | $9.6M | $9.3M | $9.0M | $9.4M | $10.6M | $12.8M | $12.1M | $13.6M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | — | — | — | — | — | — | $2,000 | $2,000 | $2,000 | $2,000 | — | $1,000 |
| Retained earnings (deficit) | −$41.5M | −$39.6M | −$39.5M | −$36.0M | −$31.9M | −$31.6M | −$30.3M | −$27.3M | −$27.3M | −$27.8M | −$25.7M | −$22.5M |
| Accumulated other comprehensive income | — | $0 | — | — | $0 | $0 | — | — | $0 | $0 | — | $0 |
| Total shareholders' equity | $857,000 | $2.4M | $144,000 | $2.8M | $7.0M | $7.3M | $8.5M | $11.6M | $11.5M | $11.0M | $13.2M | $14.8M |
| Key figures | ||||||||||||
| Total debt | $3.9M | $4.9M | — | $6.1M | $6.9M | $6.8M | $6.9M | $7.1M | $7.4M | $7.9M | — | $8.7M |
| Net cash (debt) | −$3.8M | −$4.8M | — | −$6.1M | −$6.8M | −$6.7M | −$6.4M | −$6.6M | −$6.3M | −$7.7M | — | −$8.4M |
| Working capital | $2.5M | $2.1M | −$262,000 | $2.4M | $5.8M | $5.8M | $7.0M | $10.1M | $10.2M | $9.7M | $11.8M | $13.3M |
| Tangible book value | $857,000 | $2.4M | $144,000 | $2.8M | $7.0M | $7.3M | $8.5M | $11.6M | $11.5M | $11.0M | $13.2M | $14.8M |
| Book value per share | $0.23 | $0.69 | $0.05 | $1.12 | $2.78 | $2.89 | $3.39 | $4.61 | $4.60 | $4.40 | $5.26 | $7.99 |
| Shares outstanding | 3.7M | 3.5M | 2.7M | 2.5M | 2.5M | 2.5M | 2.5M | 2.5M | 2.5M | 2.5M | 2.5M | 1.8M |
| Current ratio | 1.34 | 1.23 | 0.97 | 1.25 | 1.61 | 1.64 | 1.82 | 2.19 | 2.08 | 1.86 | 2.15 | 2.16 |
| Quick ratio | 0.10 | 0.17 | 0.05 | 0.09 | 0.23 | 0.19 | 0.31 | 0.40 | 0.36 | 0.38 | 0.22 | 0.41 |
| Debt / equity | 4.60 | 2.04 | — | 2.15 | 0.99 | 0.93 | 0.81 | 0.61 | 0.64 | 0.72 | — | 0.59 |
| Equity / assets | 8.4% | 20.9% | 1.4% | 22.9% | 42.2% | 43.7% | 48.5% | 55.3% | 52.1% | 46.3% | 52.2% | 52.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed April 15, 2026); data from EODHD.
POLA financial position
At the end of fiscal 2025 (December 31, 2025), Polar Power had total assets of $10.4 million (down 40.5% from a year earlier), total liabilities of $10.3 million and shareholders' equity of $0.1 million. It held $0.2 million in cash and short-term investments against $5.6 million of debt, net debt of $5.4 million. Its current ratio was 0.97. In the latest quarter (ended June 30, 2026) total assets were $10.2 million and equity $0.9 million.
Related: POLA income statement, POLA cash flow statement, POLA key metrics. See the POLA stock overview for the latest quote and news.
POLA balance sheet FAQ
What are Polar Power's total assets?
Polar Power reported total assets of $10.4 million at the end of fiscal 2025 (December 31, 2025), compared with $17.5 million a year earlier.
How much debt does Polar Power have?
Polar Power had $5.6 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 38.62.
How much cash does Polar Power have?
Polar Power held $0.2 million in cash and short-term investments at the end of fiscal 2025; with $5.6 million of debt that is net debt of $5.4 million.
What is Polar Power's book value?
Polar Power's shareholders' equity (book value) was $0.1 million at the end of fiscal 2025, or $0.06 per share.
What is Polar Power's current ratio?
Polar Power had current assets of $10.0 million and current liabilities of $10.3 million, a current ratio of 0.97 (current liabilities exceed current assets).