Revenue Growth - Revenues for Q1 2024 were $14.6 million, a 12% increase from $13.0 million in Q1 2023, primarily driven by EV ARC™ system deliveries to government entities [81]. - Federal customers generated $12.2 million in revenues for Q1 2024, up from $11.2 million in the same period in 2023 [81]. - Revenues for Q1 2024 increased by 12% to $14.6 million compared to $13.0 million in Q1 2023, with federal customer revenues rising by $1.0 million and an additional $1.4 million from the Amiga acquisition [92]. - The company experienced significant revenue growth from 2020 to 2023, with annual increases of 45%, 144%, and 206% respectively, indicating successful marketing and sales efforts [101]. Acquisitions and Market Expansion - The acquisition of Amiga in October 2023 contributed $1.4 million in revenues for the period, enhancing Beam's presence in the European market [81]. - Beam's acquisition of All Cell Technologies is anticipated to improve gross margins and expand customer opportunities through advanced energy storage solutions [84]. - Amiga's capabilities are expected to reduce production costs in Europe, allowing for more competitive pricing in the market [88]. Profitability and Margins - Gross profit margin improved to 10.2% in Q1 2024, up from 10.1% in Q1 2023, with a non-cash expense adjustment resulting in a gross profit of 11.4% [88]. - Gross profit for Q1 2024 was $1.5 million, representing 10.2% of sales, a significant improvement from 0.04% in Q1 2023, driven by cost reductions and increased production levels [93]. Operating Expenses and Cash Flow - Total operating expenses rose to $4.5 million, or 31% of revenues, in Q1 2024, up from $3.8 million, or 30% of revenues, in Q1 2023, primarily due to increased consultant costs and expenses related to Amiga operations [94]. - Cash used in operating activities for Q1 2024 was $3.0 million, compared to $0.6 million in Q1 2023, with a net loss of $3.0 million adjusted by $1.1 million of non-cash expenses [96]. - The company has historically met cash needs through debt and equity financing, and may need to raise additional capital until achieving positive cash flow [103]. Current Assets and Liabilities - Current assets decreased to $38.8 million as of March 31, 2024, from $40.7 million at December 31, 2023, while current liabilities increased to $21.0 million, resulting in a working capital decrease to $17.8 million [100]. - The company has a Supply Chain Line of Credit with OCI Limited for up to $100 million based on approved accounts receivable, but has not yet drawn on this line of credit [102]. Product Development and Market Outlook - Beam Global's patented EV ARC™ and Solar Tree® products are rapidly deployable and require no construction or electrical work, providing a competitive edge over traditional grid-tied installations [77]. - The company expects significant growth in the electric vehicle market over the next decade, driving demand for additional EV charging infrastructure [83]. - The EV Standard™ product is under development and is expected to become Beam's largest selling product upon release [87]. Foreign Currency Risks - The company is exposed to foreign currency risks, particularly with the Serbian Dinar and Euro, but the impact on net earnings for Q1 2024 was not significant [105].

Product Innovation and Development - Beam's EV ARC™ is the world's first transportable, solar-powered EV charging infrastructure product, generating and storing its own energy, eliminating utility bills, and capable of charging up to 12 EVs simultaneously[25]. - Beam's SolarTree® product is positioned to provide charging solutions in underserved locations, contributing to the National Electric Vehicle Infrastructure program's requirement for 600kW of DC fast charging every 50 miles on US highways[28]. - Beam's EV Standard™ product, currently in development, will utilize existing streetlamp infrastructure to provide sustainable Level II EV charging without extensive construction[28]. - Beam's proprietary energy storage solutions enhance safety and performance, preventing thermal events and extending battery life, making them unique in the EV charging industry[29]. - The company is developing new products, including EV Standard™ and UAV ARC™, to expand its market offerings[143]. Market Growth and Trends - The global lithium-ion battery market is projected to grow from $41.1 billion in 2021 to $116.6 billion by 2030, with a CAGR of 12.3%[29]. - The EV infrastructure market is projected to reach $224.8 billion by 2032, with a compound annual growth rate (CAGR) of 27.5% from 2024 to 2032[42]. - The electric vehicle market is expected to grow rapidly, with increasing urgency for EV charging infrastructure deployment as consumer adoption accelerates[41]. Financial Performance - Revenues increased from $22.0 million in 2022 to $67.4 million in 2023, driven by a 569% increase in federal customer sales[140]. - Revenues for the year ended December 31, 2023, increased 206% to $67.4 million compared to $22.0 million for 2022, with 64% of product sales to Federal customers[150]. - The company reported a positive gross profit of $1.2 million for 2023, compared to a gross loss of $1.7 million in 2022[144]. - Net loss for the year ended December 31, 2023, was $16,060,000, a reduction from a net loss of $19,682,000 in 2022, reflecting an 18% improvement[212]. - Total assets as of December 31, 2023, were $77,643,000, up from $37,730,000 in 2022, representing a 106% increase[210]. Customer and Revenue Concentration - 80% of the company's revenue in 2023 came from federal, state, and local governments, compared to 63% in 2022, highlighting increased reliance on government contracts[65]. - Beam's EV ARC™ systems have been sold to 41 states, three international countries, Puerto Rico, and the U.S. Virgin Islands, with the U.S. Army being the largest customer in 2023[37]. - In 2023, Beam's major customer contracts with the State of California and the General Services Administration accounted for 77% and 60% of revenues, respectively[50]. - The company faces risks related to customer concentration, with significant revenue derived from a few large customers, including the U.S. Army and the Department of Veterans Affairs, which accounted for 38% and 16% of revenues in 2023, respectively[72]. Acquisitions and Strategic Growth - The company acquired Amiga on October 20, 2023, enhancing its manufacturing capabilities in Europe for current and new products[32]. - Beam completed the acquisition of Amiga DOO Kraljevo, which represents 5.0% of the Company's 2023 revenues and 2.3% of its net loss[162][171]. - The acquisition of Amiga may take longer to realize anticipated benefits, potentially affecting the company's business and financial condition[78]. - Beam expects to generate an increasing portion of its revenue internationally following the acquisition of Amiga, which introduces additional risks[82]. Operational Efficiency and Cost Management - The company anticipates that as unit sales increase, fixed overhead costs will be spread over more units, potentially reducing the cost per unit[64]. - Total operating expenses decreased to $17.5 million in 2023 from $18.0 million in 2022, benefiting from a significant reduction in contingent consideration expenses[152]. - Cash used in operating activities was $13.3 million in 2023, a decrease from $18.1 million in 2022, reflecting better operational efficiency[154]. Risks and Challenges - The company faces intense competition in the solar renewable energy and EV charging industries, with competitors having greater resources[85]. - Tariffs imposed on solar products could significantly increase costs and restrict supply, adversely affecting revenues and margins[89]. - Existing regulations and potential changes may present barriers to the purchase and use of solar power products, reducing demand[90]. - The company may incur significant costs and liabilities from product liability claims, which could damage its reputation and sales[94]. - The rapid technological change in the EV industry necessitates that the company keeps up with advancements to maintain its competitive position[95]. Internal Controls and Compliance - A material weakness in internal controls over financial reporting has been identified, which could impact the accuracy and timeliness of financial reporting[115]. - The company has implemented a new accounting system in Q4 2023 to automate inventory tracking, aiming to alleviate previously identified material weaknesses[116]. - The company plans to improve internal controls by assigning access to ensure proper segregation of duties and adequate employee training[173]. Cash Flow and Liquidity - Cash at December 31, 2023, was $10.4 million, up from $1.7 million at December 31, 2022, indicating improved liquidity[153]. - The company may need to raise capital to fund operations until achieving positive cash flow, with the right to sell up to $30.0 million in common stock over 24 months[160]. - The Company entered into a Supply Chain Line of Credit with OCI Limited for up to $100 million based on approved accounts receivable[161].

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].

EV Charging Infrastructure - Beam's EV ARC™ product is the world's first transportable, solar-powered EV charging infrastructure that can charge between one and six EVs simultaneously and can support up to 12 parking spaces[26] - The National Electric Vehicle Infrastructure program (NEVI) requires 600kW of DC fast charging every 50 miles on U.S. highways, highlighting the need for Beam's Solar Tree® product in underserved locations[29] - Beam's EV ARC™ systems are designed to operate during grid outages, providing emergency power and reducing reliance on traditional utility connections[25] - Beam's products are positioned to meet the increasing demand for rapidly deployable EV charging infrastructure that does not rely on the utility grid[26] - The electric vehicle (EV) infrastructure market is projected to reach $222 billion by 2030, representing a 31% compound annual growth rate (CAGR) from 2023 to 2030[43] - California has approved nearly $2.9 billion in funding for 90,000 new EV chargers through its California Energy Commission as of December 2022[43] - The company has sold 234 EV ARCs™ through the California contract, totaling $16.4 million, with 73 units sold in 2022 for $5.2 million[52] - The GSA MAS contract resulted in the sale of 96 EV ARCs™ for a total of $7.9 million in 2022[53] - The U.S. Department of Transportation's new Charging and Fueling Infrastructure Grant Program will provide $2.5 billion over five years for EV charging projects[49] - The company has expanded its market presence to 29 U.S. states, Puerto Rico, and Canada, with products used in over 170 municipalities[43] Financial Performance - In 2022, the company reported a net loss of $19.7 million, compared to a net loss of $6.6 million in 2021, with an accumulated deficit of $77.3 million as of December 31, 2022[71] - The company's backlog as of December 31, 2022, was $59.3 million, significantly up from $4.1 million in 2021, with $58.8 million deliverable within twelve months[67] - 62% of the company's revenue in 2022 was attributable to federal, state, and local governments, down from 87% in 2021[66] - Revenues increased from $9.0 million in 2021 to $22.0 million in 2022, representing a growth of 144% due to the maturation of the electric vehicle ecosystem and increased urgency for charging infrastructure[128] - The company reported total liabilities of $14.523 million as of December 31, 2022, compared to $4.680 million in 2021, an increase of 210%[211] - The company's cash position decreased to $1.681 million in 2022 from $21.949 million in 2021, a decline of 92%[211] - The net loss for the year ended December 31, 2022, was $19,682 thousand, compared to a net loss of $6,596 thousand for 2021, indicating a significant increase in losses[217] Product Development and Innovation - The EV-Standard™ product, currently in development, will utilize existing streetlamp infrastructure to provide Level II EV charging without extensive construction[30] - The patented BeamTrak™ solar tracking technology can generate up to 25% more electricity than fixed arrays, providing a significant competitive advantage[62] - The company has developed five product lines, including the EV ARC™ and Solar Tree®, which are rapidly deployable and powered by renewable energy[125] - The company plans to implement design changes to the EV ARC™ in 2023 to reduce component costs and streamline manufacturing processes[132] - The company expects significant growth in the electric vehicle market, with 61 new electric vehicles launched in 2022, necessitating additional EV charging infrastructure[128] Market and Regulatory Environment - The global lithium-ion battery market is projected to grow from USD 41.1 billion in 2021 to USD 116.6 billion by 2030, with a CAGR of 12.3%[31] - The company is positioned to benefit from government initiatives supporting clean energy and EV charging infrastructure[50] - The federal government currently offers a 30% tax credit for solar power system installations, effective until 2032, which is crucial for maintaining demand[102] - Changes in regulations and policies may present barriers to the purchase and use of solar power products, significantly reducing demand[83] Operational Challenges - The company has a customer concentration risk, with significant revenue derived from a few large customers, including the State of California and the City of New York, which accounted for 16% and 6% of revenues in 2022, respectively[73] - The company is dependent on a limited number of suppliers for battery cells, and increased demand for lithium may lead to supply shortages or price increases, adversely affecting business operations[77] - The company faces intense competition in the solar renewable energy and EV charging industries, with competitors having greater resources and market recognition[78] - The company may face product liability claims, which could result in significant costs and adversely affect sales and reputation[88] - The company is exposed to various claims and hazards, and existing insurance may not fully protect against potential liabilities[94] Strategic Initiatives - The company aims to monetize its EV ARC™ systems through corporate sponsorships, similar to the Citibike program, with potential long-term recurring revenue streams[34] - The company has engaged government relations experts to educate decision-makers on the value of its "Made in America" products[45] - The company intends to make acquisitions to add complementary companies, products, or technologies, which may require significant management attention and could disrupt business operations[76] - The company is working with The Superlative Group to secure corporate sponsorships for its outdoor media advertising business, which can be replicated in other cities[130] Internal Controls and Governance - A material weakness in internal controls over financial reporting has been identified, which could affect the accuracy and timeliness of financial reporting[110] - The Company has not maintained effective internal control over financial reporting as of December 31, 2022, due to pervasive weaknesses identified[178] - The Company has initiated improvements in manual inventory processes and selected an ERP system for implementation scheduled from January to June 2023[181]