Polar Power, Inc.
POLA Industrials Electrical Equipment & Parts
Polar Power, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $6.3 million, down 54.9% from fiscal 2024. In the quarter to June 2026, revenue fell 62.4%, EPS fell 345.5%, free cash flow grew 105.0% and total debt fell 48.5%, each against the same quarter a year earlier.
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Polar Power, Inc. (POLA) Beneish M-score
Polar Power, Inc.'s Beneish M-score for fiscal 2025 cannot be worked out: gross margin index cannot be worked out.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2024 | −4.47 | (5.11) |
| FY2023 | 0.64 | 3.57 |
| FY2022 | −2.93 | (0.52) |
| FY2021 | −2.40 | (9.02) |
| FY2019 | 6.61 | 6.96 |
| FY2018 | −0.35 | 2.21 |
| FY2017 | −2.56 | (2.58) |
| FY2016 | 0.03 | 1.14 |
| FY2015 | −1.12 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.34 | — | 0.31 | |
| Gross margin index | — | — | n/a | — |
| Asset quality index | 0.27 | — | 0.11 | |
| Sales growth index | 0.45 | — | 0.40 | |
| Depreciation index | 1.34 | — | 0.15 | |
| SG&A index | 1.88 | — | −0.32 | |
| Total accruals to total assets | (0.77) | — | −3.62 | |
| Leverage index | 2.02 | — | −0.66 | |
| Beneish M-score | n/a — gross margin index cannot be worked out | — | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| ELPW Elong Power Holding Limited compare | −114× |
| ADNH Advent Technologies Holdings, Inc. compare | −21.2× |
| DFLI Dragonfly Energy Holdings Corp. compare | −4.3× |
| CCTG CCSC Technology International Holdings Limited compare | −2.4× |
| XPON Expion Energy, Inc. compare | −1.5× |
| GWHT ESS Tech, Inc. compare | — |
| POLA Polar Power, Inc. | — |
| NXUR Nxu, Inc. compare | — |
| EPOW E-Power Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI