Polar Power (NASDAQ: POLA) said it has reduced its outstanding debt to Pinnacle Bank to approximately $1.667 million from about $4.7 million, a decline of roughly 65%.
Chairman and CEO Arthur Sams highlighted the pace of repayment in recent months, noting that since June 30 the balance fell by about $1 million—from approximately $2.7 million to the current $1.667 million.
"Reducing our Pinnacle Bank debt from approximately $4.7 million to $1.667 million represents meaningful progress in strengthening our balance sheet," Sams said. "Looking specifically at the period since June 30, the balance has declined from approximately $2.7 million to approximately $1.7 million currently."
The company expects to repay the remaining Pinnacle Bank balance by the end of September 2026.
Sams said the firm has been focusing on reducing leverage, improving liquidity and positioning itself to invest in opportunities that support long-term growth.
Polar Power, headquartered in Gardena, California, designs, manufactures and sells direct-current power generators, renewable energy systems and other power solutions for markets including telecommunications, drone defense, robotics, electric-vehicle charging, micro-grids, military and commercial sectors.
