Beam (BEEM) - 2025 Q2 - Quarterly Report

PART I. FINANCIAL INFORMATION This section details Beam Global's unaudited financial statements, management's analysis, market risk, and internal controls for the period ending June 30, 2025 Item 1. Financial Statements (Unaudited) This section presents Beam Global's unaudited condensed consolidated financial statements, including balance sheets, operations, equity, cash flows, and detailed notes Condensed Consolidated Balance Sheets This section presents Beam Global's financial position, detailing assets, liabilities, and equity as of June 30, 2025, and December 31, 2024 Condensed Consolidated Balance Sheets (in thousands) | Metric (in thousands) | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------- | :------------ | :---------------- | | Total Assets | $46,744 | $61,459 | | Total Liabilities | $19,852 | $20,171 | | Total Stockholders' Equity | $26,892 | $41,288 | - Total assets decreased by $14.7 million (23.9%) from December 31, 2024, to June 30, 2025, primarily due to a significant reduction in goodwill and current assets[9] - Goodwill decreased from $10,580 thousand at December 31, 2024, to $0 at June 30, 2025, indicating a full impairment during the period[9] Condensed Consolidated Statements of Operations and Comprehensive Loss This section presents Beam Global's revenues, gross profit, and net loss for the three and six months ended June 30, 2025, and 2024 Condensed Consolidated Statements of Operations and Comprehensive Loss (in thousands) | Metric (in thousands) | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenues | $7,075 | $14,812 | $13,399 | $29,373 | | Gross profit | $1,434 | $2,356 | $1,935 | $3,835 | | Loss from operations | $(4,467) | $(4,791) | $(20,011) | $(7,839) | | Net Loss | $(4,278) | $(4,916) | $(19,801) | $(7,953) | | Net Loss per share - basic/diluted | $(0.28) | $(0.34) | $(1.30) | $(0.55) | - Revenues for the six months ended June 30, 2025, decreased by 54.3% year-over-year, from $29.373 million to $13.399 million[12] - Net loss significantly widened for the six months ended June 30, 2025, to $19.801 million, compared to $7.953 million in the prior year, primarily due to a $10.780 million goodwill impairment[12] Condensed Consolidated Statements of Changes in Stockholders' Equity This section outlines changes in Beam Global's stockholders' equity, including common stock, additional paid-in capital, and accumulated deficit, for the period Condensed Consolidated Statements of Changes in Stockholders' Equity (in thousands) | Metric (in thousands) | December 31, 2024 (in thousands) | June 30, 2025 (in thousands) | | :-------------------- | :---------------- | :------------ | | Common Stock | $15 | $16 | | Additional Paid-in-Capital | $147,072 | $151,382 | | Accumulated Deficit | $(104,643) | $(124,444) | | Total Stockholders' Equity | $41,288 | $26,892 | - Total stockholders' equity decreased by $14.396 million from December 31, 2024, to June 30, 2025, primarily due to the accumulated deficit increasing from $(104,643) thousand to $(124,444) thousand[14] - Additional paid-in-capital increased by $4.31 million, partly due to the sale of stock under a Committed Equity Facility ($2.192 million) and employee stock-based compensation ($2.181 million)[14] Condensed Consolidated Statements of Cash Flows This section presents Beam Global's cash flows from operating, investing, and financing activities for the six months ended June 30, 2025, and 2024 Condensed Consolidated Statements of Cash Flows (in thousands) | Metric (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :-------------------- | :----------------------------- | :----------------------------- | | Net cash used in operating activities | $(2,078) | $(97) | | Net cash used in investing activities | $(838) | $(2,953) | | Net cash provided by financing activities | $2,162 | $1,396 | | Net decrease in cash | $(1,158) | $(1,644) | | Cash at end of period | $3,414 | $8,749 | - Net cash used in operating activities increased significantly to $2.078 million for the six months ended June 30, 2025, compared to $0.097 million in the prior year, despite a $10.780 million goodwill impairment being a non-cash adjustment[16][137] - Cash provided by financing activities increased to $2.162 million in 2025, primarily from the sale of common stock under a committed equity facility, offsetting cash used in operating and investing activities[16][140] Notes To Condensed Consolidated Financial Statements This section provides detailed explanations and disclosures supporting the condensed consolidated financial statements, covering accounting policies, liquidity, and specific financial components 1. NATURE OF OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES This section describes Beam Global's business, its clean-technology focus, product markets, and significant accounting policies, including a goodwill impairment event - Beam Global is a clean-technology innovation company based in San Diego, California, with operations in the U.S., Serbia, and UAE. It designs, manufactures, and sells renewably energized infrastructure products for EV charging, Smart Cities, energy security, and high energy-dense battery solutions[19] - The company's products target markets including EV charging infrastructure, Smart Cities infrastructure, energy storage solutions, energy security and disaster preparedness, transportation infrastructure products, and power electronics and telecommunications equipment[22] - A $10.8 million goodwill impairment was recorded for the three months ended March 31, 2025, due to a sustained decline in the Company's stock price, which resulted in market capitalization being less than the reporting unit's carrying value[31] 2. LIQUIDITY This section assesses Beam Global's financial liquidity, reporting net losses, cash balance, working capital, and available credit lines to support future operations - The Company reported net losses of $19.8 million for the six months ended June 30, 2025, including $15.1 million in non-cash expenses (goodwill impairment, stock-based compensation, depreciation/amortization)[44] - As of June 30, 2025, cash balance was $3.4 million and working capital was $9.8 million. Management believes it has sufficient liquidity for at least twelve months[45] - Beam Global has an undrawn $100 million supply chain line of credit with OCI Group, available to support working capital requirements[46] 3. BUSINESS COMBINATIONS This section details Beam Global's acquisition of Telcom d.o.o Beograd and the formation of a joint venture, Beam Middle East, LLC, for international expansion - On August 30, 2024, Beam Global acquired Telcom d.o.o Beograd, a Serbian manufacturer of power electronics and telecommunications equipment, for cash and Beam common stock, including an earnout consideration of up to EUR 250,000[48][49] - On June 20, 2025, the Company entered into a Joint Venture Agreement with The Platinum Group to establish Beam Middle East, LLC in Abu Dhabi, UAE, for marketing, selling, manufacturing, and distributing Beam Global's products in the Middle East and Africa[56][125] Telcom Acquisition Consideration (in thousands) | Component | Amount (in thousands) | | :------------------ | :----- | | Cash | $481 | | Common Stock | $387 | | Earnout Consideration | $276 | | Total Consideration | $1,144 | 4. PREPAIDS AND OTHER CURRENT ASSETS This section details the composition and changes in Beam Global's prepaid expenses and other current assets, including vendor prepayments and prepaid insurance Prepaid Expenses and Other Current Assets (in thousands) | Metric (in thousands) | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------- | :------------ | :---------------- | | Vendor prepayments | $1,527 | $1,884 | | Prepaid insurance | $75 | $135 | | Other | $67 | $224 | | Total prepaid expenses and other current assets | $1,669 | $2,243 | - Total prepaid expenses and other current assets decreased by $574 thousand (25.6%) from December 31, 2024, to June 30, 2025, primarily driven by a reduction in vendor prepayments[59] 5. INVENTORY This section provides a breakdown of Beam Global's inventory, including finished goods, work in process, and raw materials, and notes changes over the period Inventory (in thousands) | Metric (in thousands) | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------- | :------------ | :---------------- | | Finished goods | $4,996 | $4,929 | | Work in process | $907 | $1,147 | | Raw materials | $5,377 | $6,208 | | Total inventory | $11,280 | $12,284 | - Total inventory decreased by $1.004 million (8.2%) from December 31, 2024, to June 30, 2025, mainly due to a reduction in raw materials and work in process[60] 6. PROPERTY AND EQUIPMENT This section details Beam Global's property and equipment, net of accumulated depreciation, and highlights additions and depreciation expense for the period Property and Equipment (in thousands) | Metric (in thousands) | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------- | :------------ | :---------------- | | Total property and equipment | $20,211 | $18,014 | | Less accumulated depreciation | $(5,382) | $(4,310) | | Property and Equipment, net | $14,829 | $13,704 | - Net property and equipment increased by $1.125 million (8.2%) from December 31, 2024, to June 30, 2025, primarily due to additions in land, buildings, leasehold improvements, and machinery/equipment[61] - Depreciation expense for the six months ended June 30, 2025, was $1.3 million, with $1.1 million recognized in Cost of Goods Sold[61] 7. GOODWILL AND INTANGIBLE ASSETS This section details the goodwill balance, including a significant impairment, and the net values of various intangible assets such as developed technology and trade names Goodwill (in thousands) | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :---------------- | :------------ | :---------------- | | Beginning balance | $10,580 | $10,270 | | Impairments | $(10,780) | – | | Ending balance | $0 | $10,580 | - A goodwill impairment of $10.780 million was recorded during the six months ended June 30, 2025, reducing the goodwill balance to zero[62] Intangible Assets, Net (in thousands) | Asset Type | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------- | :------------ | :---------------- | | Developed technology | $5,627 | $5,994 | | Trade name | $1,171 | $1,258 | | Customer relationships | $265 | $286 | | Patents | $514 | $499 | | Total Intangible assets, net | $7,577 | $8,037 | 8. ACCRUED EXPENSES AND LONG-TERM LIABILITIES This section outlines Beam Global's accrued expenses, including salaries and vendor accruals, and long-term liabilities, such as deferred tax and acquired liabilities Accrued Expenses and Long-Term Liabilities (in thousands) | Metric (in thousands) | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------- | :------------ | :---------------- | | Accrued vacation | $328 | $271 | | Accrued salaries and bonus | $1,786 | $1,498 | | Vendor accruals | $268 | $75 | | Other accrued expense | $522 | $612 | | Total accrued expenses | $2,910 | $2,462 | | Long-term deferred tax liability | $1,815 | $1,290 | | Acquired long-term liability | $3,480 | $3,380 | | Total long-term liabilities | $5,295 | $4,670 | - Total accrued expenses increased by $448 thousand (18.2%) from December 31, 2024, to June 30, 2025, mainly due to higher accrued salaries and bonuses and vendor accruals[64] - Total long-term liabilities increased by $625 thousand (13.4%), driven by an increase in long-term deferred tax liability[64] 9. NOTE PAYABLE This section details Beam Global's short-term notes payable, primarily for financed equipment purchases, with specified interest rates as of June 30, 2025 - The Company has short-term notes payable totaling $65 thousand as of June 30, 2025, for financed purchases of trucks and forklifts, with interest rates ranging from 6.54% to 7.89%[9][65] 10. COMMITMENTS AND CONTINGENCIES This section addresses Beam Global's legal proceedings, potential impacts of trade policies, and details its current and noncurrent operating lease liabilities - The Company is not currently involved in any legal proceedings deemed material to its business, results of operations, or financial condition[66] - The Company faces uncertainty related to tariffs and other trade policies, which may increase costs of securing products from vendors and adversely affect business[68] Lease Liabilities (in thousands) | Metric (in thousands) | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------- | :------------ | :---------------- | | Current operating lease liabilities | $744 | $696 | | Noncurrent operating lease liabilities | $836 | $971 | | Total Lease liabilities | $1,580 | $1,667 | 11. INCOME TAXES This section explains Beam Global's income tax position, noting no federal expense due to net losses and the establishment of a full valuation allowance against deferred tax assets - No Federal income tax expense was recorded for the six months ended June 30, 2025, or 2024, due to net losses, with only minimum state taxes due[73] - A full valuation allowance has been established against deferred tax assets due to the Company's history of operating losses[73] 12. STOCKHOLDERS' EQUITY This section details changes in Beam Global's stockholders' equity, including common stock sales, stock option activity, and a significant stock award to the CEO - On April 11, 2025, the Company entered into an At Market Issuance Sales Agreement to sell up to $8 million in common stock[74] Stock Options Activity (Six Months Ended June 30, 2025) | Metric | Number of Options | | :---------------------- | :---------------- | | Outstanding at Dec 31, 2024 | 663,004 | | Granted | 1,000 | | Forfeited | (24,100) | | Outstanding at June 30, 2025 | 639,904 | | Vested and Exercisable at June 30, 2025 | 406,769 | - A one-time stock award of 870,000 shares of common stock was granted to the CEO, Desmond Wheatley, on June 4, 2025, as bonus compensation for performance and acquisitions[78] 13. REVENUES This section provides a detailed breakdown of Beam Global's revenues by category and geographic area for the three and six months ended June 30, 2025, and 2024 Revenues by Category (in thousands) | Category | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :---------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Product sales | $6,784 | $13,981 | $12,754 | $27,551 | | Maintenance fees | $71 | $26 | $138 | $53 | | Professional services | $78 | $357 | $147 | $422 | | Shipping and handling | $150 | $549 | $406 | $1,526 | | Discounts and allowances | $(8) | $(101) | $(46) | $(179) | | Total revenues | $7,075 | $14,812 | $13,399 | $29,373 | Revenues by Geographic Area (in thousands) | Geographic Area | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :-------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | United States | $3,822 | $12,041 | $8,621 | $25,173 | | Serbia | $1,370 | $1,891 | $2,132 | $2,972 | | Romania | $712 | $448 | $1,103 | $543 | | Croatia | $425 | $174 | $723 | $268 | | Montenegro | $286 | $155 | $360 | $257 | | Bosnia | $329 | $30 | $329 | $87 | | Other | $131 | $73 | $131 | $73 | | Total revenue | $7,075 | $14,812 | $13,399 | $29,373 | - International customers comprised 37% of revenues for the first six months of 2025, a significant increase from 15% in the same period of 2024, primarily from Beam Europe[88][131] 14. SEGMENT REPORTING This section clarifies that Beam Global operates as a single reportable segment, with the CEO assessing performance and allocating resources based on net income or loss - The Company operates as a single reportable segment, focusing on clean-technology innovation for renewably energized products. The CEO, as CODM, assesses performance and allocates resources based on net income (loss)[92] 15. RISKS AND UNCERTAINTIES This section highlights Beam Global's exposure to market risks such as interest rates, inflation, foreign currency, geopolitical developments, and U.S. government policy uncertainty - The Company faces risks from rising interest rates, inflation, foreign currency exchange rate changes, and geopolitical developments (e.g., tariffs), which may lead to a global economic slowdown and decreased demand[93] - Uncertainty in U.S. government zero-emission vehicle strategy has particularly impacted larger federal customers, contributing to a decrease in revenue[113] 16. SUBSEQUENT EVENTS This section reports on the passage of the One Big Beautiful Bill Act by the U.S. Congress and the Company's ongoing evaluation of its potential financial effects - On July 4, 2025, the United States Congress passed the One Big Beautiful Bill Act (OBBBA), and the Company is currently evaluating its potential effects on consolidated financial statements[95] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This section provides management's analysis of Beam Global's financial condition and operations, addressing revenue decline, international growth, product expansion, and liquidity SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This section cautions that the report contains forward-looking statements subject to various risks and uncertainties that could cause actual results to differ materially - The report contains forward-looking statements based on current expectations, estimates, forecasts, and projections, subject to numerous assumptions, risks, and uncertainties that could cause actual results to differ materially[97][98] - Key risks include stock price volatility, quarterly result fluctuations, failure to earn revenues or profits, inadequate capital, reduced demand, litigation, and rapid changes in raw material costs or foreign regulations[99] Overview This section provides an overview of Beam Global's clean-technology innovation business, its renewably energized infrastructure products, and proprietary energy storage solutions - Beam Global is a clean-technology innovation company specializing in renewably energized infrastructure for EV charging, Smart Cities, energy security, and high energy-dense battery solutions, with a global presence[102] - The company's EV charging infrastructure products are rapidly deployable, do not require construction or electrical work, and operate during grid outages, offering a cost-effective alternative to traditional grid-tied installations[103][104] - Beam's proprietary energy storage technologies enhance battery safety, longevity, and efficiency, serving specialized needs in mobility, energy security, and stationary applications[105][111] Overall Business Outlook This section discusses Beam Global's business outlook, including revenue decline due to U.S. policy uncertainty, growth in international markets, and strategic product and geographic expansion - Revenues for the first six months of 2025 decreased by 54% to $13.4 million, primarily due to uncertainty in the U.S. government's zero-emission vehicle strategy impacting federal customers[113] - International customers comprised 37% of total revenue as of June 30, 2025, up from 15% in the prior year, driven by expansion into Europe, the Middle East, and Africa[113][116] - The company is expanding its product portfolio (e.g., BeamWell™ water treatment system, BeamSpot™, UAV ARC™) and geographic footprint through resellers and joint ventures (e.g., Beam Middle East LLC) to diversify revenue streams and reduce reliance on large federal orders[114][124][125] Critical Accounting Estimates This section identifies Beam Global's significant accounting estimates, including those for acquisitions, goodwill impairment, leases, and income taxes, which are based on management's judgment - Significant estimates in financial statements include accounting for acquisitions, goodwill impairment testing, leases, fair value of financial instruments, income taxes, inventory, and commitments/contingencies[127] - Management bases estimates on historical experience and reasonable assumptions, continually evaluating and modifying them as needed, with no changes since December 31, 2024[127] Results of Operations This section analyzes Beam Global's financial performance, comparing revenues, gross profit, and operating expenses for the three and six months ended June 30, 2025, and 2024 Revenue Comparison (in thousands) | Period | 2025 (in thousands) | 2024 (in thousands) | Change (%) | | :-------------------- | :---------- | :---------- | :--------- | | Three Months Ended June 30 | $7,075 | $14,812 | -52% | | Six Months Ended June 30 | $13,399 | $29,373 | -54% | Gross Profit Comparison (in thousands) | Period | 2025 (in thousands) | 2024 (in thousands) | Gross Margin 2025 | Gross Margin 2024 | Change (pp) | | :-------------------- | :---------- | :---------- | :---------------- | :---------------- | :---------- | | Three Months Ended June 30 | $1,434 | $2,356 | 20.3% | 15.9% | +4.4 | | Six Months Ended June 30 | $1,935 | $3,835 | 14.4% | 13.0% | +1.4 | - Operating expenses for the six months ended June 30, 2025, increased to $21.9 million from $11.7 million in the prior year, primarily due to a $10.8 million goodwill impairment and a $1.5 million increase from European acquisitions[133] Liquidity and Capital Resources This section discusses Beam Global's liquidity and capital resources, detailing cash flows from operating, investing, and financing activities, and changes in working capital Cash Flow Summary (in thousands) | Activity | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :---------------------------- | :----------------------------- | :----------------------------- | | Net cash used in operating activities | $(2,078) | $(97) | | Net cash used in investing activities | $(838) | $(2,953) | | Net cash provided by financing activities | $2,162 | $1,396 | - Working capital decreased to $9.8 million at June 30, 2025, from $13.8 million at December 31, 2024, due to decreases in current assets (accounts receivable, cash, inventory) and a smaller decrease in current liabilities[141] - The Company generated $2.2 million in net proceeds from its At Market Issuance Sales Agreement during the six months ended June 30, 2025, to fund operations[145] Off-Balance Sheet Arrangements This section confirms that Beam Global does not have any material off-balance sheet arrangements that significantly impact its financial condition or liquidity - The Company does not have any material off-balance sheet arrangements that significantly affect its financial condition, revenues, expenses, liquidity, or capital resources[147] Item 3. Quantitative and Qualitative Disclosures About Market Risk This section states that there are no applicable quantitative and qualitative disclosures about market risk for the reporting period - The Company has no applicable quantitative and qualitative disclosures about market risk for the period[148] Item 4. Controls and Procedures This section details the evaluation of the company's disclosure controls and procedures, concluding they were not effective as of June 30, 2025, due to identified material weaknesses. It also outlines the ongoing remediation efforts to strengthen internal control over financial reporting Evaluation of Disclosure Controls and Procedures This section reports that Beam Global's disclosure controls and procedures were ineffective as of June 30, 2025, due to identified material weaknesses in internal controls - As of June 30, 2025, the Company's disclosure controls and procedures were deemed not effective due to material weaknesses in internal controls[150] - Identified material weaknesses include ineffective design and implementation of IT General Controls (ITGCs), insufficient inventory tracking, inadequate documentation of reconciliation reviews, lack of proper segregation of duties, and incomplete Sarbanes-Oxley (SOX) Section 404A assessment[151] Changes in Internal Control Over Financial Reporting This section outlines Beam Global's ongoing remediation efforts to address material weaknesses in internal controls, including ERP access review, inventory management, and staffing - The Company is actively remediating material weaknesses by reviewing NetSuite ERP access for segregation of duties, enhancing inventory management processes, increasing staffing for control documentation, and retaining outside consulting support for ITGCs[152][155] - Remediation efforts include additional training, managing inventory processes in NetSuite ERP, and formalizing reconciliation reviews with proper segregation of duties[155] PART II. OTHER INFORMATION This section covers Beam Global's legal proceedings, risk factors, equity sales, defaults, mine safety, other information, exhibits, and required signatures Item 1. Legal Proceedings This section states that the Company is not currently involved in any legal proceedings that are considered material to its business, results of operations, or financial condition, although litigation can still have an adverse impact due to costs and management time diversion - The Company is not currently involved in any legal proceedings that are individually or in aggregate material to its business, results of operations, or financial condition[156] Item 1A. Risk Factors This section refers readers to the comprehensive discussion of risk factors in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, noting that additional unknown or immaterial risks could also adversely affect the business - Readers should refer to the risk factors discussed in Part I, Item 1A of the Annual Report on Form 10-K for the year ended December 31, 2024, as these could materially affect the business[157] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds This section indicates that there were no unregistered sales of equity securities or use of proceeds during the reporting period - There were no unregistered sales of equity securities or use of proceeds during the quarter ended June 30, 2025[158] Item 3. Defaults Upon Senior Securities This section confirms that there were no defaults upon senior securities during the reporting period - There were no defaults upon senior securities during the quarter ended June 30, 2025[159] Item 4. Mine Safety Disclosures This section states that mine safety disclosures are not applicable to the Company - Mine safety disclosures are not applicable to the Company[160] Item 5. Other Information This section reports that no director or officer adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement during the quarter ended June 30, 2025 - No director or officer adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the quarter ended June 30, 2025[161] Item 6. Exhibits This section lists all exhibits filed with the Form 10-Q, including articles of incorporation, bylaws, sales agreements, consulting agreements, joint venture agreements, lease extension agreements, and certifications - The report includes various exhibits such as Articles of Incorporation, Bylaws, Common Stock Purchase Warrant, At Market Issuance Sales Agreement, Joint Venture Agreement, Lease Extension Agreement, and CEO/CFO certifications[162] SIGNATURES This section contains the required signatures of Beam Global's Chairman and Chief Executive Officer, Desmond Wheatley, and Chief Financial Officer, Lisa A. Potok, certifying the report on August 14, 2025 - The report is signed by Desmond Wheatley, Chairman and Chief Executive Officer, and Lisa A. Potok, Chief Financial Officer, on August 14, 2025[165]