Revenue Performance - Revenues for 2024 were 49.3million,morethandoubleanypreviousyear′srevenueinthecompany′shistoryexcluding2023,withafive−yearrevenueCAGRof6849,336 million, a decrease of 26.7% from 67,353millionin2023[23]ProfitabilityandMargins−Grossprofitwas7.3 million, representing a gross margin of 15%, an improvement of 13 percentage points over 2023[8] - GAAP gross profit increased to 7,296millionin2024from1,204 million in 2023, reflecting a significant improvement[23] - Non-GAAP gross profit for 2024 was 10,451million,comparedto2,174 million in 2023, resulting in a gross margin of 21%[25] - The company reported a gross margin improvement from 3% in 2023 to 21% in 2024, indicating better cost management[25] Operational Efficiency - Net cash used in operations for 2024 was 2.2million,asignificantdecreasefrom13.3 million in 2023[11] - Loss from operations decreased to 11.7millionin2024,comparedto16.3 million in 2023, reflecting improved gross profit and management of operating expenses[10] - Non-GAAP loss from operations decreased to 8,905millionin2024from11,775 million in 2023[25] - Operating expenses increased to 19.0millionin2024,primarilyduetoafullyearofexpensesfromtheSerbianacquisition[9]−Operatingexpensesfor2024were18,953 million, up from 17,465millionin2023[23]FinancialPosition−Thecompanymaintainedabacklogof5.6 million as of December 31, 2024, and remains debt-free with a 100millionlineofcreditavailableandunused[5]−Thenetlossfor2024was11,282 million, an improvement from a net loss of 16,060millionin2023[23]−Totalcomprehensivelossfor2024was13,063 million, compared to 15,436millionin2023,indicatingareductioninoveralllosses[23]−Interestincomedecreasedto205 million in 2024 from $261 million in 2023[23] Product Development and Market Expansion - The company launched four new products: BeamSpot™, BeamBike™, BeamPatrol™, and BeamWell™[5] - Beam Global expanded its geographic reach into Middle Eastern and African markets through reselling partnerships[5] - The company achieved CE certification and compliance with the Build America, Buy America Act for its EV ARC™ systems[5] Shareholder Information - The weighted average shares outstanding increased to 14,621 million in 2024 from 12,345 million in 2023[23]
