Revenue Growth - Revenues for Q1 2023 were $13.0 million, a 245% increase from $3.8 million in Q1 2022, driven by a significant backlog of orders [71]. - Federal customer revenues increased to $10.6 million in Q1 2023 from $0.8 million in Q1 2022, reflecting strong federal support for EV charging infrastructure [71]. - The State of California accounted for 60% of total revenues, highlighting a strong concentration in government contracts [82]. - Revenues increased by 245% from Q1 2022 to Q1 2023, demonstrating successful marketing and sales efforts [91]. Profitability and Margins - Gross profit improved to a positive margin in Q1 2023, compared to an 8.1% gross loss in Q1 2022, aided by increased EV ARC deliveries from 45 to 152 units [78]. - For the quarter ended March 31, 2023, the company recorded a gross profit margin of 0.04% of revenues, an improvement of 8.1% compared to a gross loss of $0.3 million or 8.1% of sales in the prior year [83]. - The company anticipates improvements in gross profit margins as material costs decline and production levels increase in 2023 [91]. - The acquisition of All Cell is anticipated to enhance gross margins by reducing battery costs and enabling bespoke battery solutions [74]. Operating Expenses and Cash Flow - Total operating expenses for Q1 2023 were $3.8 million, or 30% of revenues, down from $2.0 million, or 52% of revenues in Q1 2022, reflecting a 22% improvement in operating expense ratio [84]. - Cash used in operating activities was $0.6 million for Q1 2023, a decrease from $1.9 million in Q1 2022, indicating improved cash flow management [86]. Assets and Liabilities - Current assets increased to $23.4 million at March 31, 2023, up from $19.9 million at December 31, 2022, primarily due to a $2.5 million increase in accounts receivable [90]. - Current liabilities increased to $17.9 million at March 31, 2023, from $13.2 million at December 31, 2022, primarily due to a $4.2 million increase in accounts payable [90]. Strategic Initiatives - The company is developing new patented products, EV Standard™ and UAV ARC™, to expand its market offerings [77]. - The company has invested in federal lobbying and business development resources to identify opportunities and increase product awareness [71]. - A new three-year statewide contract with California allows procurement by various government entities across the U.S., streamlining the purchasing process [72]. - The company has a Common Stock Purchase Agreement allowing it to sell up to $30.0 million in common stock over 24 months to support operations and product development [92]. Financial Performance - The company experienced a net loss of $4.1 million for Q1 2023, which included $0.9 million of non-cash expense items [86]. - Cash generated from financing activities included $0.2 million from stock sales and $0.1 million from warrant exercises in Q1 2023 [89]. - The company expects continued growth in the electric vehicle market, necessitating additional EV charging infrastructure [73].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report under Section 13 or 15 (d) of Securities Exchange Act of 1934 For the fiscal year ended December 31, 2022 or ☐ Transition Report under Section 13 or 15 (d) of Securities Exchange Act of 1934 For the transition period from __________ to __________ Commission File Number 001-38868 Beam Global (Exact name of Registrant as specified in its charter) Nevada 26-1342810 (State of Incorporation) (IRS E ...