Beam Global ( (BEEM) ) has released its Q4 earnings. Here is a breakdown of the information Beam Global presented to its investors.
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Beam Global, a leader in sustainable infrastructure solutions for transportation electrification and energy security, has reported its financial results for the fiscal year 2024, showcasing significant growth and strategic advancements. The company, known for its innovative EV charging solutions, operates in the clean technology sector with a presence in the U.S. and Europe.
Beam Global’s 2024 earnings report highlights a record revenue of $49.3 million, marking a 124% increase from 2022, despite a year-over-year decrease from 2023. The company achieved a positive gross margin of 15%, a significant improvement from the previous year, and reported a reduction in net cash used in operations to $2.2 million. Beam Global remains debt-free with an available $100 million line of credit.
Key strategic moves in 2024 included the acquisition of Serbia-based Telcom, enhancing in-house production capabilities, and the launch of new products such as BeamSpot™ and BeamWell™. The company expanded its market reach into the Middle East and Africa and secured significant orders from the U.S. Army and Department of Homeland Security. Additionally, Beam Global strengthened its leadership team and expanded its patent portfolio, further solidifying its competitive edge.
Looking forward, Beam Global’s management is optimistic about continued growth in 2025, driven by its expanded geographic and product portfolios. The company is poised to capitalize on its strategic initiatives and technological innovations, despite potential political and economic uncertainties in the U.S.