Polar Power, Inc. (POLA) Cash Flow Statement
Where POLA’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$1.1M
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- −$1.1M −16.8% margin
- Returned to shareholders
- —
- Change in cash
- −$298,000 cash at year-end $200,000
Cash from operations
−$1.1M
Net borrowing (repayment)
+$6,000
Shares issued
+$757,000
Change in cash
−$298,000
Drawn to scale: where the cash came from and how it was used. Hover for values.
POLA operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
POLA cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $627,0562016 | −$1.1M2025 | — | |
| Capital expenditures | $165,0882016 | $02025 | −100.0% | |
| Free cash flow | $461,9682016 | −$1.1M2025 | — | |
| Free cash flow margin | 2.0%2016 | −16.8%2025 | −18.9 pts | |
| Stock-based compensation | −$44,3632016 | $8,0002025 | — | |
| Share buybacks (net) | $02016 | $02020 | — | |
| Capex / revenue | 0.7%2016 | 0.0%2025 | −0.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
POLA cash flow by activity
OperatingInvestingFinancingChange in cash
POLA net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
POLA cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$9.1M | −$4.7M | −$6.5M | −$5.6M | −$1.4M | −$10.9M | −$4.0M | −$848,252 | −$777,576 | $4.4M |
| Depreciation & amortization | $67,000 | $167,000 | $387,000 | $507,000 | $549,000 | $622,000 | $1.3M | $385,583 | $255,631 | $207,857 |
| Stock-based compensation | $8,000 | — | $0 | $515,000 | $0 | — | $79,000 | — | $8,240 | −$44,363 |
| Change in working capital | $5.6M | $3.1M | $2.3M | −$1.9M | −$2.8M | $301,000 | $240,296 | −$7.7M | −$1.1M | −$4.0M |
| Other non-cash items | $2.4M | $900,000 | $450,000 | $0 | −$5.7M | $3.4M | $269,944 | $327,471 | $0 | $81,863 |
| Cash from operating activities | −$1.1M | −$536,000 | −$3.4M | −$6.5M | −$9.4M | −$6.5M | −$2.2M | −$7.8M | −$1.6M | $627,056 |
| Investing activities | ||||||||||
| Capital expenditures | $0 | −$19,000 | −$194,000 | −$25,000 | −$71,000 | −$19,000 | −$338,190 | −$574,990 | −$342,121 | −$165,088 |
| Investments (net) | — | −$19,000 | −$194,000 | −$25,000 | −$71,000 | −$19,000 | −$338,190 | −$574,990 | −$342,121 | −$296,303 |
| Acquisitions & other investing | — | $19,000 | $194,000 | $25,000 | $71,000 | $19,000 | $338,190 | $574,990 | $342,121 | $165,088 |
| Cash from investing activities | — | −$19,000 | −$194,000 | −$25,000 | −$71,000 | −$19,000 | −$338,190 | −$574,990 | −$342,121 | −$296,303 |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | $0 | — |
| Share repurchases & issuance (net) | — | — | — | — | — | $4.0M | −$40,000 | — | $17.0M | $17.0M |
| Net borrowing (repayment) | $6,000 | $504,000 | $2.4M | $1.6M | −$267,000 | $1.4M | −$255,145 | −$138,402 | −$111,744 | −$1.3M |
| Shares issued | $757,000 | $0 | $1.6M | $0 | $12.5M | $2.8M | $0 | $0 | $0 | $0 |
| Other financing | $0 | $0 | $0 | $0 | $707,000 | −$2.8M | $58 | $0 | −$17.0M | $4 |
| Cash from financing activities | $763,000 | $504,000 | $4.0M | $1.6M | $12.9M | $5.4M | −$295,087 | −$138,402 | −$111,744 | $15.6M |
| Summary | ||||||||||
| Net change in cash | −$298,000 | −$51,000 | $338,000 | −$4.9M | $3.5M | −$1.2M | −$2.8M | −$8.6M | −$2.0M | $16.0M |
| Cash at end of period | $200,000 | $498,000 | $549,000 | $211,000 | $5.1M | $1.6M | $2.8M | $5.6M | $14.2M | $16.2M |
| Free cash flow | −$1.1M | −$555,000 | −$3.6M | −$6.5M | −$9.5M | −$6.6M | −$2.5M | −$8.4M | −$1.9M | $461,968 |
| Free cash flow margin | −16.8% | −4.0% | −23.7% | −40.7% | −55.9% | −72.7% | −10.1% | −35.0% | −13.4% | 2.0% |
| Capex / revenue | 0.0% | 0.1% | 1.3% | 0.2% | 0.4% | 0.2% | 1.4% | 2.4% | 2.4% | 0.7% |
| Operating cash flow / net income | — | — | — | — | — | — | — | — | — | 0.14 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$1.8M | −$178,000 | −$3.5M | −$4.1M | −$271,000 | −$1.3M | −$3.0M | $13,000 | $501,000 | −$2.1M | −$3.2M | −$1.8M |
| Depreciation & amortization | $16,000 | $16,000 | $16,000 | $17,000 | $17,000 | $17,000 | $21,000 | $25,000 | $55,000 | $66,000 | $78,000 | $83,000 |
| Stock-based compensation | $298,000 | $8,000 | — | — | — | — | — | — | — | — | $0 | — |
| Change in working capital | $1.7M | −$1.6M | $3.0M | $2.0M | −$150,000 | $664,000 | $2.0M | −$628,000 | −$1.6M | $1.1M | $2.3M | $1.5M |
| Other non-cash items | −$210,000 | −$435,000 | $8,000 | $2.4M | $0 | $0 | $900,000 | $0 | $0 | $0 | $450,000 | $0 |
| Cash from operating activities | $20,000 | −$2.2M | −$472,000 | $399,000 | −$404,000 | −$584,000 | −$136,000 | −$590,000 | −$1.1M | −$989,000 | −$346,000 | −$280,000 |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | −$1,000 | −$18,000 | −$18,000 | −$194,000 | $0 | $0 |
| Investments (net) | — | — | — | $0 | — | — | −$1,000 | $0 | — | — | $0 | $0 |
| Acquisitions & other investing | — | — | — | — | — | — | $1,000 | — | $0 | $388,000 | — | — |
| Cash from investing activities | — | — | — | — | — | — | −$1,000 | — | −$18,000 | $194,000 | — | — |
| Financing activities | ||||||||||||
| Net borrowing (repayment) | $136,000 | −$406,000 | −$89,000 | −$570,000 | $511,000 | $154,000 | $137,000 | −$31,000 | — | — | — | — |
| Shares issued | $0 | $2.4M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $0 | $757,000 | $0 | $0 | $0 | $0 | $0 | $2.0M | $652,000 | $599,000 | $284,000 |
| Cash from financing activities | $136,000 | $2.0M | $668,000 | −$570,000 | $511,000 | $154,000 | $137,000 | −$31,000 | $2.0M | $652,000 | $599,000 | $284,000 |
| Summary | ||||||||||||
| Net change in cash | $156,000 | −$173,000 | $196,000 | −$171,000 | $107,000 | −$430,000 | $0 | −$621,000 | $907,000 | −$337,000 | $253,000 | $4,000 |
| Cash at end of period | $183,000 | $27,000 | $200,000 | $4,000 | $175,000 | $68,000 | $498,000 | $498,000 | $1.1M | $212,000 | $549,000 | $296,000 |
| Free cash flow | $20,000 | −$2.2M | −$472,000 | $399,000 | −$404,000 | −$584,000 | −$137,000 | −$590,000 | −$1.1M | −$989,000 | −$346,000 | −$280,000 |
| Free cash flow margin | 2.0% | −126.8% | −78.7% | 31.3% | −14.9% | −33.9% | −5.2% | −12.0% | −23.3% | −55.7% | −9.6% | −14.7% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.4% | 0.4% | 10.9% | 0.0% | 0.0% |
| Operating cash flow / net income | — | — | — | — | — | — | — | −45.38 | −2.13 | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
POLA cash generation
In fiscal 2025 (ended December 31, 2025), Polar Power generated -$1.1 million of cash from operations and spent $0 on capital expenditures, leaving free cash flow of -$1.1 million, −16.8% of revenue. Cash and equivalents fell by $0.3 million over the year.
Related: POLA income statement, POLA balance sheet. See the POLA stock overview for the latest quote and news.
POLA cash flow FAQ
What is Polar Power's free cash flow?
Polar Power's free cash flow was -$1.1 million in fiscal 2025: -$1.1 million of operating cash flow minus $0 of capital expenditures It was -$0.6 million a year earlier..
How much cash does Polar Power generate from operations?
Polar Power generated -$1.1 million of cash from operating activities in fiscal 2025.