Polar Power, Inc. announced unaudited earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported net sales of $3,979,965 compared to $7,276,263 a year ago. Loss from operations was $414,741 compared to income of $3,043,334 a year ago. Loss before income taxes was $398,146 compared to income of $2,995,121 a year ago. Net loss was $611,424 or $0.06 per basic and diluted share compared to income of $1,682,802 or $0.22 per basic and diluted share a year ago.

For the year, the company reported net sales of $14,418,726 compared to $22,801,494 a year ago. Loss from operations was $721,960 compared to income of $7,403,923 a year ago. Loss before income taxes was $677,416 compared to income of $7,263,857 a year ago. Net loss was $777,576 or $0.08 per basic and diluted share compared to income of $4,402,810 or $0.58 per basic and diluted share a year ago. Net cash used in operating activities was $1,587,130 compared to net cash provided by operating activities of $627,056 a year ago. Acquisition of property and equipment was $342,121 compared to $165,088 a year ago. The decrease in net sales were primarily a result of a decline in sales of DC power systems to its prior largest Tier-1 wireless carrier customer, coupled with a price reduction in DC power systems that took effect in March 2017.

Outlook for 2018, the company expects to see tailwinds from the new effective federal tax rate of 21% from 35% as return to profitability.