Beam (US:BEEM)2025-05-15 20:29Revenue Performance - Revenues for 2024 were $49.3 million, more than double any previous year's revenue in the company's history excluding 2023, with a five-year revenue CAGR of 68%[5] - Revenues from non-government commercial entities increased by 229% from 2023 to 2024, accounting for 38% of total revenues in 2024[7] - GAAP total revenue for 2024 was $49,336 million, a decrease of 26.7% from $67,353 million in 2023[23] Profitability and Margins - Gross profit was $7.3 million, representing a gross margin of 15%, an improvement of 13 percentage points over 2023[8] - GAAP gross profit increased to $7,296 million in 2024 from $1,204 million in 2023, reflecting a significant improvement[23] - Non-GAAP gross profit for 2024 was $10,451 million, compared to $2,174 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 $2.2 million, a significant decrease from $13.3 million in 2023[11] - Loss from operations decreased to $11.7 million in 2024, compared to $16.3 million in 2023, reflecting improved gross profit and management of operating expenses[10] - Non-GAAP loss from operations decreased to $8,905 million in 2024 from $11,775 million in 2023[25] - Operating expenses increased to $19.0 million in 2024, primarily due to a full year of expenses from the Serbian acquisition[9] - Operating expenses for 2024 were $18,953 million, up from $17,465 million in 2023[23] Financial Position - The company maintained a backlog of $5.6 million as of December 31, 2024, and remains debt-free with a $100 million line of credit available and unused[5] - The net loss for 2024 was $11,282 million, an improvement from a net loss of $16,060 million in 2023[23] - Total comprehensive loss for 2024 was $13,063 million, compared to $15,436 million in 2023, indicating a reduction in overall losses[23] - Interest income decreased to $205 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]