Revenue Growth - Revenues for the first nine months of 2023 were $47.3 million, a 236% increase from $14.1 million in the same period of 2022, driven by EV ARC™ systems and energy storage solutions [76]. - Year-to-date revenues from the battery storage business reached $6.0 million, attributed to the acquisition of All Cell in March 2022 [76]. - Federal customer revenues increased to $33.2 million in the nine months ended September 30, 2023, compared to $3.2 million in the same period of 2022 [76]. - Revenues for Q3 2023 increased by 149% to $16.5 million compared to $6.6 million in Q3 2022, with federal customer revenues rising by $7.5 million [87]. - For the nine months ended September 30, 2023, revenues increased by 236% to $47.3 million compared to $14.1 million in the same period in 2022 [90]. Gross Profit and Margins - Gross profit as a percentage of sales improved to 1.7% in Q3 2023, compared to a gross loss of -5.1% in Q3 2022 [83]. - Gross profit for Q3 2023 was $0.3 million, or 2% of sales, an improvement from a gross loss of $0.3 million, or 5% of sales in Q3 2022, reflecting a 7% margin increase [88]. - Gross profit for the nine months ended September 30, 2023 was $0.8 million, or 2% of sales, compared to a gross loss of $1.0 million, or 7% of sales in the same period of 2022, reflecting a 9% margin improvement [91]. Operating Expenses - Total operating expenses for Q3 2023 were $4.0 million, or 24% of revenues, down from $6.5 million, or 98% of revenues in Q3 2022, marking a 73% decrease as a percentage of revenues [89]. - Total operating expenses for the nine months ended September 30, 2023 were $11.9 million, or 25% of revenues, compared to $10.9 million, or 78% of revenues in the same period in 2022, showing a 53% improvement as a percentage of revenues [92]. Cash and Liquidity - Cash at September 30, 2023 was $14.8 million, up from $1.7 million at December 31, 2022, indicating improved liquidity [93]. - Cash used in operating activities for the nine months ended September 30, 2023 was $13.8 million, a decrease from $15.7 million in the same period in 2022 [94]. - Current assets increased to $45.8 million at September 30, 2023, from $19.9 million at December 31, 2022, primarily due to a $13.1 million increase in cash [98]. Capital Needs and Funding - The Company may need to raise capital until it achieves positive cash flow, which depends on increasing sales volumes and production cost reductions [101]. - In September 2022, the Company entered a Common Stock Purchase Agreement allowing the sale of up to $2 million of common stock over 24 months [101]. - The Company has outstanding warrants to purchase 618,395 shares, potentially generating an additional $6.0 million over the next 4.5 years [101]. - Proceeds from capital raises are expected to fund business operations and new product development [101]. - Management cannot predict when or if positive cash flow will be achieved, and there is no guarantee of profitable operations or timely capital availability [101]. - Obtaining additional funding could result in significant dilution to stockholders [101]. Business Development and Acquisitions - Beam Global completed the acquisition of Amiga on October 20, 2023, expanding its manufacturing capabilities in Europe [80]. - Beam Global's acquisition of All Cell is anticipated to improve gross margins by reducing costs associated with battery vendors [79]. - The company is developing new products, including EV Standard™ and UAV ARC™, which leverage proprietary technology to expand market offerings [82]. - Beam Global's energy security business enhances the value proposition of its charging products by providing emergency power during grid failures [81]. Product Deliveries - The number of EV ARC deliveries increased from 136 in the first nine months of 2022 to 537 in the same period of 2023 [83]. Market Outlook - The company expects continued growth in the electric vehicle market, driving demand for additional EV charging infrastructure [78]. Financial Condition - The Company does not have any off-balance sheet arrangements that materially affect its financial condition [102]. - There are no applicable quantitative and qualitative disclosures about market risk [104].

Revenue Growth - The company's revenues for the first six months of 2023 reached $30.8 million, a 312% increase from $7.5 million in the same period of 2022, primarily driven by federal customer orders for EV ARC™ systems [76]. - Federal customer revenues amounted to $23.4 million in the first half of 2023, compared to $0.9 million in the same period of 2022 [76]. - Revenues for Q2 2023 increased 379% to $17.8 million compared to $3.7 million in Q2 2022, with federal customer revenues rising by $12.7 million [88]. - For the first six months of 2023, revenues increased 312% to $30.8 million compared to $7.5 million in the same period in 2022, with federal customer revenues up by $22.5 million [91]. Profitability and Margins - The gross profit margin improved to 2.8% in Q2 2023, up from 0.03% in Q1 2023 and a loss of 8.8% in Q2 2022 [84]. - Gross profit for Q2 2023 was $0.5 million, or 3% of sales, compared to a gross loss of $0.3 million, or 9% of sales in Q2 2022, reflecting a 12% margin improvement [89]. - Gross profit for the first half of 2023 was $0.5 million, or 2% of sales, compared to a gross loss of $0.6 million, or 8% of sales in the same period of 2022, indicating a 10% margin improvement [92]. Operating Expenses - Total operating expenses for Q2 2023 were $4.0 million, or 23% of revenues, down from $2.5 million, or 67% of revenues in Q2 2022, marking a 44% decrease as a percentage of revenues [90]. - Total operating expenses for the first half of 2023 were $7.9 million, or 26% of revenues, down from $4.5 million, or 60% of revenues in the same period of 2022, showing a 34% improvement [93]. Cash Flow and Liquidity - Cash increased to $23.7 million as of June 30, 2023, up from $1.7 million at December 31, 2022 [94]. - Cash used in operating activities for the first half of 2023 was $5.1 million, an improvement from $7.4 million in the same period of 2022 [95]. - The company has a supply chain line of credit agreement with OCI Group for up to $100 million, aimed at improving liquidity [101]. - The company may need to raise additional capital until it achieves positive cash flow, with potential proceeds of $6.0 million from outstanding warrants [102]. Market Expansion and Acquisitions - Beam Global executed a binding Letter of Intent to acquire Amiga DOO Kraljevo, expected to close in Q4 2023, which will enhance its presence in the European market [81]. - The acquisition of All Cell Technologies is anticipated to improve gross margins by reducing costs associated with battery vendors [79]. - The company has been awarded a $5.3 million contract from the Department of Citywide Administrative Services to deploy units in New York City [77]. - Beam Global's products are eligible for federal grants and tax credits, providing a competitive advantage over traditional EV charging infrastructure [76]. Operational Efficiency - The number of EV ARC deliveries increased from 74 in the first half of 2022 to 354 in the first half of 2023, contributing to improved labor efficiencies [84]. - The company is implementing lean manufacturing processes and engineering changes to further reduce costs and improve gross margins [84]. - The company expects continued growth in the electric vehicle market, which will drive demand for additional EV charging infrastructure [78].

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 ...