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- Going Concern (new) — Auditor raised substantial doubt about the company's ability to continue as a going concern in the 2025 10-K audit report.
- Covenant Violation (new) — Company violated tangible net worth covenant with Pinnacle Bank at both period-ends, triggering forbearance agreement requiring full repayment by July 31, 2026.
Polar Power evicted from headquarters, faces supplier cutoffs amid covenant breach
Filed May 20, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 15, 2025 · ~1 min read
Key Changes
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Company evicted from Gardena headquarters on May 19, 2026 under court order; now operating from warehouse facility which must be vacated by August 31, 2026 or face second eviction.
Legal Proceedings verify on EDGAR → -
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Violated tangible net worth covenant with Pinnacle Bank; forbearance agreement requires $475k in payments/receivables assignments by July 31, 2026 or lender can seize collateral.
MD&A: Liquidity verify on EDGAR → -
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Auditor expressed substantial doubt about ability to continue as going concern in 2025 10-K; operating cash burn worsened 275% to negative $2.2M in Q1 2026.
MD&A: Going Concern verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Source-verified from EDGAR · Narrative written by AI · May 25, 2026 · How we verify