Revenue Performance - Revenues for the first nine months of 2025 were $19.2 million, a 53% decrease from $40.9 million in the same period of 2024[116] - For the three months ended September 30, 2025, revenues decreased 50% to $5.8 million compared to $11.5 million in 2024, with non-government commercial entities representing 82% of total revenues[134] - For the nine months ended September 30, 2025, revenues decreased 53% to $19.2 million compared to $40.9 million in the same period in 2024, with international customers comprising 39% of revenues[137] - Revenues increased by 144% from 2021 to 2022 and 206% from 2022 to 2023, despite a 27% decrease from 2023 to 2024[149] Customer Segmentation - International customers accounted for 39% of total revenue as of September 30, 2025, up from 20% in the same period of 2024[116] - Sales to federal, state, and local governments represented 34% of revenues in 2025, down from 70% in 2024[116] - The company recorded $1.1 million in revenues from federal customers for the nine months ended September 30, 2025, compared to $14.9 million in the same period of 2024[120] Product Development and Expansion - The company expanded its product portfolio in the second half of 2024 with new charging infrastructure for electric bicycles, scooters, and motorcycles[114] - The acquisition of All-Cell enables the company to create bespoke engineered battery solutions, enhancing product offerings[122] - The company introduced the BeamWell™ self-sufficient water treatment system, powered by 100% renewable energy, for disaster preparedness[114] - Beam Global acquired Amiga (now Beam Europe), expanding its presence into the European, Middle Eastern, and African markets, focusing on EV charging infrastructure due to the EU's mandate for zero-emission vehicles by 2035[123] - Beam acquired Telcom d.o.o. Beograd, enhancing its capabilities in power electronics and telecommunications, which is expected to improve product offerings and reduce costs[124] Financial Performance - The gross profit for the three months ended September 30, 2025, was a loss of $28 thousand, resulting in a -0.5% gross margin, compared to a gross profit of $1.2 million and a 10.7% gross margin in 2024[135] - The gross profit for the nine months ended September 30, 2025, was $1.9 million, or 9.9% of sales, down from $5.1 million, or 12.4% of sales in the same period in 2024[138] - Total operating expenses for the nine months ended September 30, 2025, were $26.8 million, compared to $11.6 million for the same period in the prior year, including a $10.8 million goodwill impairment[139] - Net loss for the nine months ended September 30, 2025, was $24.7 million, which included $17.0 million of non-cash expenses[144] Cash Flow and Assets - Cash decreased to $3.3 million as of September 30, 2025, down from $4.6 million at December 31, 2024[143] - Net cash used in operating activities was $6.7 million for the nine months ended September 30, 2025, compared to $3.1 million for the same period in 2024[144] - Cash used in investing activities was $0.4 million for the nine months ended September 30, 2025, compared to $3.7 million in the prior year[146] - Cash provided by financing activities was $6.6 million for the nine months ended September 30, 2025, up from $1.2 million in 2024[147] - Current assets decreased to $21.9 million at September 30, 2025, from $27.1 million at December 31, 2024[148] - Working capital decreased to $10.9 million at September 30, 2025, compared to $13.8 million at December 31, 2024[148] Market Outlook - The company expects significant growth in the electric vehicle market over the next decade, increasing demand for EV charging infrastructure[121] - The company expects to see costs of goods sold decrease over time due to lean manufacturing improvements and cost-effective production in Serbian facilities[131] - Beam Europe is expected to enhance production capabilities and reduce costs, allowing for more competitive pricing in the EV charging infrastructure market[131] - Beam Global's joint venture with the Platinum Group in Abu Dhabi aims to capture growth in a region projected to invest over $1 trillion in renewable energy by 2030[130] Financing Activities - The Company entered into a Supply Chain Line of Credit with OCI Limited for up to $100 million, but has not drawn on this line of credit to date[152] - The At Market Issuance Sales Agreement generated net proceeds of $6.7 million during the nine months ended September 30, 2025[153]
BEAM GLEQ.WARRT(BEEMW) - 2025 Q3 - Quarterly Report