Beam Global: Hold Rating Amid Revenue Shortfalls and Political Challenges, Yet Strategic Expansion Offers Long-Term PotentialWe reiterate our Hold rating on BEEM following Q3 results and commentary. Revenue came in below expectations, with the US government shut down pushing out planned deliveries, with high levels administration views towards electric vehicles continuing to be a headwind for BEEM and peers levered to EV adoption. BEEM is leaning in to new geographies and new products, but the EV ARC continues to be the driver of comparative results, given the products high ASP relative to BEEM's other products as well as fixed cost absorption at BEEM's San Diego manufacturing facility. We see the stock fairly valued trading at ~10x our 2029E adj. EBITDA estimate discounted back, with the current share price discounting the longer term global opportunity with investors more focused on shorter term execution and policy risks.