Financial Data and Key Metrics Changes - Beam Global reported record first quarter revenues of $14.6 million, a 12% increase compared to the same period in 2023, attributed to increased federal sales [4][10] - The gross profit margin reached 10.2%, the highest margin ever, due to cost reductions implemented in late 2023 [4][10] - Operating expenses for Q1 2024 were $4.5 million, or 31% of revenue, compared to $3.8 million, or 30% of revenue in Q1 2023 [5] - The net loss narrowed to $3 million, or 21% of revenue, from $3.8 million, or 29% of revenue in the same period last year, marking an 8% year-over-year improvement [5][10] - Cash balance decreased to $5 million from $10.4 million at the end of 2023, primarily due to cash payments for the acquisition of Amiga [6] Business Line Data and Key Metrics Changes - The majority of revenue in Q1 2024 came from EV ARC deliveries, with contributions from European business and batteries [12] - Beam Europe's legacy business typically sees slower revenue in the first quarter but is expected to improve in the second and third quarters [19][20] - Purchase orders from Beam Europe increased by about 30% year-over-year, indicating strong demand [22][27] Market Data and Key Metrics Changes - Significant increase in commercial orders, approximately 300%, due to efforts to diversify revenue opportunities [27] - A notable $7.4 million order from the US Army was received, adding to a previous $30 million order in 2022 [27] - The company secured its first large government contract in Europe with the UK Crown Commercial Services, leading to a million-dollar order from the British Army [28][29] Company Strategy and Development Direction - The company is focused on efficiency and improving gross profitability, with cash flow as a primary objective for 2024 [35] - Beam Global is expanding its operations in Europe and the Middle East, leveraging new opportunities and partnerships [7][31] - The introduction of the EV Standard product is anticipated to generate significant gross profit, with plans for demonstration in the second half of 2024 [56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's trajectory towards cash flow, emphasizing the importance of operational improvements and cost management [18][35] - The company is optimistic about the European market, noting rapid progress and strong interest from major players [31][66] - Management highlighted the importance of the UK government's zero-emission vehicle mandates as a growth opportunity [66] Other Important Information - The company has instituted a price increase of approximately 8.25% on its base model, which is expected to positively impact future revenues [14][15] - The acquisition of Amiga has allowed Beam Global to create inventory for future periods, enhancing operational efficiency [23][24] Q&A Session Summary Question: What does the backlog and pipeline comprise of geographically and between AllCell, EV ARC, and Amiga? - The majority of the backlog is from Beam Global EV Charging Infrastructure products, with Beam Europe contributing about $3 million [38] Question: Should we expect Amiga to do around 30% over last year's amount? - Purchase orders from Amiga are up about 30% over historical norms, but this does not directly translate to a 30% increase in revenues [42][43] Question: Were there any inefficiencies in making the EV ARCs in Europe? - Initial units produced in Europe experienced some inefficiencies, but the quality is high and future production is expected to be more efficient [48][49] Question: Is the gross margin improvement simply due to increased sales volume? - Both increased sales volume and further engineering efficiencies will contribute to gross margin improvements [52][53] Question: What is the margin profile for the EV Standard product? - The first units will be more expensive, but future models are expected to have better unit economics and higher gross profitability [55][56] Question: What is the timing of the $4.3 million non-cash contingent consideration? - The $4.3 million is a current liability expected to impact the next 12 months, tied to earnouts for Beam Europe [60]

Exhibit 99.1 Beam Global Announces Record First Quarter 2024 Operating Results Conference Call Tuesday May 21, 2024 at 4:30 p.m. ET SAN DIEGO, CA – May 21, 2024 – Beam Global, (Nasdaq: BEEM), (the "Company"), the leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, today announced its first quarter results for the period ended March 31, 2024. Q1 2024 Financial and Recent Company Highlights · Record first quarter revenue of $14 ...

SAN DIEGO, May 21, 2024 (GLOBE NEWSWIRE) -- Beam Global, (NASDAQ:BEEM), (the "Company"), the leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, today announced its first quarter results for the period ended March 31, 2024. Q1 2024 Financial and Recent Company Highlights Gross profit for the quarter ended March 31, 2024, was a record $1.5 million, or 10% of sales, compared to a gross profit of $5 thousand, or .04% of sales in ...

4 Beam Global Consolidated Statements of Changes in Stockholders' Equity (Unaudited, in thousands) | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------|-------------------------|------------------|-------|--------------------------------------------|-------|--------------------------------------|-------|----------------------------------------------|--------------------------- ...

Core Insights - Beam Global will report its Q1 2024 operating results on May 20, 2024, after market close [1] - A conference call to discuss the financial results and corporate developments is scheduled for May 21, 2024, at 4:30 p.m. ET [1][2] Company Overview - Beam Global is a clean technology innovator focused on sustainable infrastructure products and technologies [4] - The company operates at the intersection of clean energy and transportation, emphasizing sustainable energy infrastructure and scalable EV charging solutions [4] - Beam Global has a significant patent portfolio and operates in the U.S. and Europe, with headquarters in San Diego and facilities in Chicago, Belgrade, and Kraljevo [4]

SAN DIEGO, May 15, 2024 (GLOBE NEWSWIRE) -- Beam Global, (Nasdaq: BEEM), (the "Company"), a leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, today announced that it will report its Q1 2024 operating results on Monday, May 20, 2024 after the market closes. Management will host a conference call on Tuesday May 21, 2024 at 4:30 p.m. ET to review financial results and provide an update on corporate developments. Following mana ...

The stage has been set for the world to transition into a green energy environment. Global economies have already taken steps to shift to clean energy. Nations are gearing up to meet ambitious climate change targets to address the need to reduce carbon footprint and emissions, making investors start hunting for renewable energy stocks to buy. According to the Economist, clean energy investments have increased by 40% since 2020. Based on last year’s data alone, this figure could rise as countries push toward ...

SAN DIEGO, May 09, 2024 (GLOBE NEWSWIRE) -- Beam Global, (NASDAQ:BEEM), a leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, announced that the Federal Railroad Administration has ordered EV ARC™ solar-powered EV charging systems to charge federal fleet vehicles at the Transportation Technology Center (TTC) in Pueblo, CO. The EV ARC™ systems were purchased through the General Services Administration (GSA) Federal Blanket Pur ...

SAN DIEGO, April 25, 2024 (GLOBE NEWSWIRE) -- Beam Global, (NASDAQ:BEEM, BEEMW))), a leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, announced that the U.S. National Park Service (NPS) has deployed EV ARC™ solar-powered EV charging systems to charge federal fleet vehicles at the National Capital Region headquarters at the National Mall in Washington, D.C.. The EV ARC™ systems were purchased through the General Services Ad ...

Since the beginning of 2024, concern for the electric vehicle (EV) market has risen while many EV stocks have trended downward. After enjoying a red-hot surge of enthusiasm, the sector has definitely cooled. These days, car buyers seem more keen on hybrids than even the trendiest EVs. Additionally, some of the EV sector’s leading names — including Tesla (NASDAQ:TSLA) — have opted for layoffs this year, casting further doubt over the space’s growth prospects. At this point, some investors are likely wonderin ...