Strong Q4 Sequential and Year-over-Year Recovery
Q4 2025 revenue was $9.0M, up 56% sequentially (Q3→Q4) and up 7% year-over-year, demonstrating a strong finish to the year after mid-year headwinds.
Diversification of Revenue Mix
Commercial customers represented 72% of 2025 revenue (vs. 38% in 2024), a 34 percentage-point shift away from federal dependence; nonfederal government sales expanded dramatically (management cited growth from ~20% historically to ~96% in 2025 in areas of focus).
New Products Driving Q4 Demand
70% of Q4 revenue came from new and expanded products, signaling product portfolio breadth and adoption across energy storage, smart cities and mobility solutions.
International Expansion and Backlog Growth
Products deployed in 23 countries; Beam Middle East JV established with Platinum Group (Abu Dhabi). Backlog grew from $6M at year-end to $9M (management-stated current backlog), with >50% of backlog from international operations and >30% from energy storage.
Improved Unit Economics and Non-GAAP Gross Margin
Full-year GAAP gross margin was 13% and Q4 gross margin 18%; non-GAAP gross margin (excluding noncash D&A) rose to 23% in 2025 from 21% in 2024 (+2 percentage points). Management cites unit economics >40% gross margin at unit level.
Operating Expense Discipline (Excluding Noncash Items)
Operating expenses were $31.1M including ~ $15M of noncash charges; excluding noncash items, operating expenses were ~$16.1M, a 17% year-over-year reduction, reflecting cost controls.
Zero/Low Debt and Strong Liquidity Options
Company reports no debt (except minor vehicle payments), ended year with $8.9M working capital, access to a $100M undrawn credit facility (SOFR + 300 bps), and management stated cash at March 31 was twice Dec 31 levels. Cash burn for full year 2025 was ~$6M.
Technology Wins and Pipeline Momentum
New patents in energy storage in 2025; won a Fortune 500 automotive battery customer; battery solutions deployed in military and drone applications; partnerships and products highlighted include BeamFlight (drone recharging), wireless autonomous AV charging (patented) and partnership with HEVO; record smart cities weekly sales of $1.0M and $1.7M in Q1 announcements.
Manufacturing Footprint & Operational Flexibility
Manufacturing capacity expanded with factories in San Diego, Chicago and Europe (Serbia). Beam Europe enables faster shipping into Middle East and Africa and supports planned local assembly in UAE as volumes grow.