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EXCHANGE COMMISSION**\n\n**Washington,\nD.C. 20549**\n\n \n\n**FORM\n10-Q**\n\n \n\n(Mark\nOne)\n\n☒\n**QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\nFor\nthe quarterly period ended **March 31, 2026**\n\n \n\n**OR**\n\n \n\n☐\n**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\nFor\nthe transition period from _____________ to _____________\n\n \n\nCommission\nfile number: 001-37960\n\n \n\n**POLAR\nPOWER, INC.**\n\n(Exact\nname of registrant as specified in its charter)\n\n \n\n**Delaware**\n \n**33-0479020**\n\n(State\nor other jurisdiction of\n\nincorporation\nor organization)\n\n \n\n(I.R.S.\nEmployer\n\nIdentification\nNumber)\n\n \n \n \n\n**249\nE. Gardena Blvd., Gardena, California**\n \n**90248**\n\n(Address\nof principal executive offices)\n \n**(**Zip\nCode)\n\n \n\n**(310)\n830-9153**\n\n(Registrant’s\ntelephone number, including area code)\n\n \n\n**Not\nApplicable**\n\n(Former\nname, former address and former fiscal year, if changed since last report)\n\n \n\nSecurities\nregistered pursuant to Section 12(b) of the Act:\n\n \n\nTitle\nof each class\n \nTrading\nSymbol(s)\n \nName\nof each exchange on which registered\n\nCommon\nStock, par value $0.0001 per share\n \nPOLA\n \nThe\nNASDAQ Stock Market, LLC\n\n \n\nIndicate\nby check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange\nAct of 1934 during the preceding 12 months (or for such shorter period that registrant was required to file such reports), and (2) has\nbeen subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\n \n\nIndicate\nby check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data\nFile required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.05 of this chapter) during the preceding 12\nmonths (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐\n\n \n\nIndicate\nby check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company\nor emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller\nreporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):\n\n \n\n \nLarge\nAccelerated Filer ☐\n \nAccelerated\nFiler ☐\n\n \nNon-Accelerated\nFiler ☒\n \nSmaller\nReporting Company ☒\n\n \n \n \nEmerging\nGrowth Company ☐\n\n \n\nIf\nan emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying\nwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n \n\nIndicate\nby check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\n \n\nThe\nnumber of shares outstanding of the Registrant’s common stock, $0.0001 par value, as of May 20, 2026 was 3,640,159.\n\n \n\n \n\n \n\n \n\n \n\n \n\n**TABLE\nOF CONTENTS**\n\n \n\n[PART I – FINANCIAL INFORMATION](#sq_001)\n1\n\n \n \n\n[ITEM 1. Condensed Financial Statements](#sq_002)\n1\n\n \n \n\n[ITEM 2. Management’s Discussion And Analysis Of Financial Condition And Results Of Operations](#sq_003)\n12\n\n \n \n\n[ITEM 3. Quantitative and Qualitative Disclosures About Market Risk](#VR_001)\n18\n\n \n \n\n[ITEM 4. Controls and Procedures](#VR_002)\n18\n\n \n \n\n[PART II – OTHER INFORMATION](#VR_003)\n19\n\n \n \n\n[ITEM 1. Legal Proceedings](#VR_004)\n19\n\n \n \n\n[ITEM 1A. Risk Factors](#VR_005)\n19\n\n \n \n\n[ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds](#VR_006)\n36\n\n \n \n\n[ITEM 3. Defaults Upon Senior Securities](#VR_007)\n36\n\n \n \n\n[ITEM 4. Mine Safety Disclosure](#VR_008)\n36\n\n \n \n\n[ITEM 5. Other Information](#VR_009)\n36\n\n \n \n\n[ITEM 6. Exhibits](#VR_010)\n36\n\n \n\n****\n\ni\n\n \n\n** **\n\n**FORWARD\nLOOKING AND CAUTIONARY STATEMENTS**\n\n \n\n*All\nstatements included or incorporated by reference in this Quarterly Report on Form 10-Q, other than statements or characterizations of\nhistorical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities\nAct, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Examples of forward-looking statements\ninclude, but are not limited to, statements concerning projected net sales, costs and expenses and gross margins; our accounting estimates,\nassumptions and judgments; the demand for our products; the effect and consequences of the novel coronavirus, or COVID-19, pandemic and\nrecovery on matters including U.S., local and foreign economies, wars and international conflicts including the current military actions\ninvolving the Russian Federation and Ukraine and conflicts between Israel and Hamas, our business operations, the ability of financing\nand the health and productivity of our employees; the competitive nature of and anticipated growth in our industry; production capacity\nand goals; our ability to consummate acquisitions and integrate their operations successfully; and our prospective needs for additional\ncapital. These forward-looking statements are based on our current expectations, estimates, approximations and projections about our\nindustry and business, management’s beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking\nstatements can often be identified by words such as “anticipates,” “expects,” “intends,” “plans,”\n“predicts,” “believes,” “seeks,” “estimates,” “may,” “will,”\n“should,” “would,” “could,” “potential,” “continue,” “ongoing,”\nsimilar expressions and variations or negatives of these words. These statements are not guarantees of future performance and are subject\nto risks, uncertainties and assumptions that are difficult to predict. Therefore, our actual results could differ materially and adversely\nfrom those expressed in any forward-looking statements as a result of various factors, some of which are listed under “Risk Factors”\nin Part II, Item 1A, and in “Management’s Discussion and Analysis of Financial Condition and Results of Operations”\nin Part I, Item 2 of this Quarterly Report on Form 10-Q. These forward-looking statements speak only as of the date of this Quarterly\nReport on Form 10-Q. We undertake no obligation to revise or update publicly any forward-looking statement for any reason, except as\notherwise required by law.*\n\n \n\n*References\nin this Quarterly Report on Form 10-Q to “Polar,” the “Company,” “we,” “us,” and “our”\nrefer to Polar Power, Inc., a Delaware corporation, and its consolidated subsidiaries.*\n\n \n\n**FINANCIAL\nPRESENTATION**\n\n \n\n*All\ndollar amounts in this Quarterly Report on Form 10-Q are presented in thousands, except share and per share data and where otherwise\nnoted. Share and per share data have been retroactively adjusted to reflect the decreased number of shares resulting from a 1 for 7 reverse\nstock split which took effect on November 18, 2024.*\n\n \n\nii\n\n \n\n \n\n**PART\nI – FINANCIAL INFORMATION**"}