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].
BEAM GLEQ.WARRT(BEEMW) - 2024 Q1 - Quarterly Report