Financial Performance - Q3 2024 revenues were $11.5 million, a decrease of 22% from Q2 2024, but the second highest Q3 revenues in history[6] - Revenues for the three months ended September 30, 2024, were $11,482 million, a decrease of 30.4% compared to $16,486 million in the same period of 2023[22] - Net income for Q3 2024 was $1.3 million, a significant improvement from a net loss of $3.6 million in Q3 2023[11] - Net income for the three months ended September 30, 2024, was $1,297 million, compared to a net loss of $3,629 million in the same period of 2023[22] - Total comprehensive income for the three months ended September 30, 2024, was $1,970 million, contrasting with a total comprehensive loss of $3,629 million in the same period of 2023[22] - Net income per share (basic) for the three months ended September 30, 2024, was $0.09, compared to a loss of $0.26 per share in the same period of 2023[22] - Cash decreased to $4.9 million as of September 30, 2024, down from $10.4 million at the end of 2023, primarily due to acquisition payments[13] Gross Margin and Profitability - Gross margin reached 10.7% of sales, a 9 percentage point increase compared to Q3 2023, with a year-to-date gross margin of 12.4%[5][7] - Gross profit for the three months ended September 30, 2024, was $1,231 million, significantly up from $283 million in the same period of 2023, representing a gross margin improvement[22] - Operating expenses for the three months ended September 30, 2024, were $51 million, a significant reduction from $4,037 million in the same period of 2023[22] - Income (loss) from operations for the three months ended September 30, 2024, was $1,282 million, a turnaround from a loss of $3,754 million in the same period of 2023[22] Customer and Market Insights - 47.9% of Q3 revenue was derived from commercial customers, representing an over 80% increase compared to Q3 2023[6] - The company has a record pipeline of over $200 million and a backlog of $7 million[5] Strategic Initiatives - The acquisition of Telcom enhances in-house production capabilities for power electronics, expected to drive future margins[4] - Four new products were launched: BeamSpot™, BeamBike™, BeamPatrol™, and BeamWell™[5] - The company anticipates returning to revenue growth in 2025 with significantly improved profit margins[4] Other Financial Metrics - Interest income for the three months ended September 30, 2024, was $58 million, down from $136 million in the same period of 2023[22] - The company reported net foreign currency translation adjustments of $673 million for the three months ended September 30, 2024, with no adjustments reported in the same period of 2023[22] - Beam Global remains debt-free with a $100 million line of credit available and unused[5]
BEAM GLEQ.WARRT(BEEMW) - 2024 Q3 - Quarterly Results