Polar Power Completes Phase 1 Of Its Strategic Restructuring Initiative, Representing ~$1.03M In Annualized Cost Reductions

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.

The actions include approximately $727,000 in annualized personnel-related savings and approximately $300,000 in annualized facility savings.

Management believes the restructuring creates a leaner operating platform while allowing the Company to direct more resources toward production, customer deliveries, working capital and growth.

Polar Power is currently focused on converting its existing sales backlog into shipments and cash flow while pursuing larger opportunities across telecommunications, defense, data center infrastructure and distributed power.

The Company’s current sales backlog (representing the aggregate price of all firm orders from customers that are yet to be delivered) is approximately $4.5 million, subject to final order-level reconciliation. Management is focused on accelerating conversion of that backlog while strengthening liquidity and production capacity.

Recent commercial activity includes a 50-unit trial order from a major Southeast Asian telecommunications operator and continued expansion into defense, drone and robotics applications. The Company is also actively pursuing additional opportunities that, if successfully converted into commercial programs, could materially expand Polar Power’s revenue base.

Management continues to evaluate additional opportunities to reduce structural costs, strengthen liquidity and working capital, and concentrate resources on the markets where Polar believes it has the strongest potential for growth.