Financial Performance - Revenues for Q2 2025 were $7.1 million, a 12% increase from Q1 2025, with 60% of revenues derived from commercial customers[6] - Positive GAAP Gross Margin of 20% for Q2 2025, a 4-percentage point increase compared to Q2 2024, and an adjusted non-GAAP Gross Margin of 30%, a 12-percentage point increase from Q2 2024[7] - Net loss for Q2 2025 was $4.3 million, a reduction of $0.6 million or 12% compared to a net loss of $4.9 million in Q2 2024[10] - GAAP Total Revenue for Q2 2025 was $7,075 million, a decrease from $14,812 million in Q2 2024[23] - Non-GAAP Gross Profit for Q2 2025 was $2,090 million, compared to $2,664 million in Q2 2024, resulting in a Non-GAAP Gross Margin of 30%[23] - GAAP Net Loss for the first half of 2025 was $19,801 million, an increase from a loss of $7,953 million in the same period of 2024[23] - Non-GAAP Net Loss for the first half of 2025 was $4,188 million, compared to $3,878 million in the first half of 2024[23] Operating Expenses - Operating expenses reduced by $1.2 million, or 17%, in Q2 2025 compared to Q2 2024, totaling $5.9 million[9] - Non-GAAP Total Operating Expenses for Q2 2025 were $3,705 million, down from $4,311 million in Q2 2024[23] - GAAP Total Operating Expenses for the first half of 2025 were $21,946 million, significantly higher than $11,674 million in the first half of 2024[23] Cash and Financial Position - Cash increased to $3.4 million as of June 30, 2025, up from $2.5 million at March 31, 2025[11] - Backlog of $7 million as of June 30, 2025[7] International Operations and Contracts - Expanded international operations, with 37% of revenues coming from international customers for the six months ending June 30, 2025, compared to 15% in the same period in 2024[6] - Secured contracts totaling $2.5 million in sales for energy storage systems, expected to be recognized as revenue by the end of 2025[7] Joint Ventures and Initiatives - Formed Beam Middle East LLC, a joint venture to sell and manufacture products across the Middle East and Africa[7] - Implemented a 530 kW solar installation at Beam Europe to enhance energy efficiency and reduce costs[7] Adjustments and Impairments - The company reported Non-GAAP Total Adjustments of $2,196 million for Q2 2025, compared to $2,836 million in Q2 2024[23] - The company recorded an impairment of goodwill of $10,780 million in the first half of 2025, compared to $1,532 million in the same period of 2024[23] - The company experienced a Non-GAAP Gross Margin increase from 15% in the first half of 2024 to 25% in the first half of 2025[23]
BEAM GLEQ.WARRT(BEEMW) - 2025 Q2 - Quarterly Results