In This Article:
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Revenue: $49.3 million for 2024, a 124% increase over 2022.
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Gross Margin: 15% for 2024, up from 2% in 2023; adjusted gross margin at 21%.
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Operating Expenses: $19 million for 2024, compared to $17.5 million in 2023.
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Loss from Operations: $11.7 million for 2024, compared to $16.3 million in 2023.
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Non-GAAP Loss from Operations: $8.9 million for 2024, a 24% decrease year over year.
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Cash Balance: $4.6 million at the end of 2024, down from $10.4 million at the end of 2023.
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Net Cash Used for Operating Activities: $2.2 million for 2024, compared to $13.3 million in 2023.
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Backlog: $5.6 million as of December 31, 2024.
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Five-Year Revenue CAGR: 68%.
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Sales Composition: Corporate sales contributed 64% of total in Q4 2024.
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Working Capital: Approximately $14 million, providing about 35 months of run rate.
Release Date: April 11, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Beam Global (NASDAQ:BEEM) achieved a 124% increase in revenue over 2022, reaching $49.3 million in 2024.
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The company reported a significant improvement in gross margin, increasing from 2% in 2023 to 15% in 2024.
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Beam Global (NASDAQ:BEEM) expanded its sales resources in both the US and Europe, enhancing its market reach.
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The company successfully diversified its revenue streams, with corporate sales contributing 64% of total sales in Q4 2024.
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Beam Global (NASDAQ:BEEM) expanded its product portfolio and geographic presence, entering new markets in Europe, the Middle East, and Africa.
Negative Points
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The company's cash balance decreased from $10.4 million in 2023 to $4.6 million in 2024.
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Beam Global (NASDAQ:BEEM) faced challenges due to the US government's negative stance on electric vehicles, impacting federal sales.
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The company experienced a loss from operations of $11.7 million in 2024, although this was an improvement from the previous year.
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Tariffs and global economic uncertainties pose potential risks to Beam Global (NASDAQ:BEEM)'s cost structure and growth trajectory.
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The transition to non-US federal government customers and new product lines is expected to cause some revenue volatility in the short term.
Q & A Highlights
Q: Can you review your product introduction timeline in terms of the new products? Are you expecting initial sales for many of these products this year or could it stretch into 2026 as well? A: We expect to sell these products in 2026, but there's significant interest in BeamBike, particularly in the US and Europe. BeamPatrol also shows potential with law enforcement and border patrol. BeamSpot has already been sold, and BeamWell is on its way to the Middle East. We anticipate traction with our bike and motorcycle products as well.