Beam Global (BEEM), a San Diego-based clean technology firm known for sustainable EV charging infrastructure, reported first quarter 2025 results showing significant operational milestones and a strategic pivot toward global markets and enterprise customers, even as overall revenues fell year over year. Shares of BEEM were down 13% following the announcement.
For the quarter ended March 31, Beam posted revenue of $6.3 million, down from $14.6 million in Q1 2024. The company attributed this decline primarily to shifting U.S. federal government procurement strategies amid election-year uncertainty. Despite the top-line decline, commercial customer revenue increased to 53% of total revenue from just 16% in the same period last year, and international sales rose to 25% of revenue, more than doubling from 11% the prior year.
Gross profit was $0.5 million, representing an 8% gross margin. Excluding non-cash depreciation and amortization expenses, Beam’s adjusted gross margin stood at 21%, an increase from 12% in Q1 2024. Net loss widened to $15.5 million, primarily due to a non-cash goodwill impairment charge of $10.8 million triggered by a market cap decline. Excluding non-cash items, the adjusted net loss was $2.8 million.
CEO Desmond Wheatley highlighted that despite domestic policy hurdles, Beam’s broader strategy is gaining traction stating that the company is managing through the loss of immediate benefits from U.S. government sales and is building a foundation for growth resistant to such upheavals.
The company’s EV ARC™ product line, which includes solar-powered, off-grid EV charging stations, saw increased sales in the quarter. Beam also achieved CE certification for the EV ARC™, enabling further European market penetration.
Recent operational highlights include:
- Deliveries of EV ARC™ and ARC Mobility™ systems to multiple U.S. states and four European countries
- Launch of BeamPatrol™ in partnership with Zero Motorcycles
- Entry into the Middle Eastern market via a new partner, Solvana
- Expansion of its European distribution network to Romania, North Macedonia, and Albania
The company closed the quarter with $2.5 million in cash and a $6.3 million order backlog. It remains debt-free and has a $100 million untapped credit line. Management reaffirmed its focus on expanding internationally and targeting enterprise clients to diversify revenue sources and mitigate dependence on U.S. federal contracts.
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