Beam (US:BEEM) Globenewswire·2025-04-11 20:05Financial Highlights - Revenues for 2024 were $49.3 million, more than double any previous year's revenue in the company's history excluding 2023, but a decrease from $67.4 million in 2023 [4][6] - The five-year revenue CAGR is 68% [4] - Revenues from non-government commercial entities increased by 229% from 2023 to 2024, accounting for 38% of total revenues in 2024 [4][6] - Positive full-year gross margins of 15%, an improvement of 13 percentage points over 2023 [4][7] - Adjusted non-GAAP gross margins were 21% [4][7] - Net cash used in operations for 2024 was $2.2 million, a significant decrease from $13.3 million in 2023 [4][11] - The company remains debt-free with a $100 million line of credit available and unused [4][5] Operational Highlights - The backlog as of December 31, 2024, was $5.6 million [4] - The company launched four new products: BeamSpot™, BeamBike™, BeamPatrol™, and BeamWell™ [4] - Achieved CE certification and compliance with the Build America, Buy America (BABA) Act for EV ARC™ [4] - Expanded into Middle Eastern and African markets through reselling partnerships [4] - Enhanced leadership team with key appointments in operations and sales [4] Strategic Developments - Acquired Serbia-based Telcom, providing in-house production capabilities for power electronics [4] - Received significant orders from the U.S. Army ($7.4 million) and the U.S. Department of Homeland Security ($4.8 million) for EV ARC systems [4] - Expanded global patent portfolio with new patents awarded for thermal management technology and wireless electric vehicle charging [9] Management Commentary - The CEO highlighted 2024 as a year of tremendous expansion, introducing more new products in the last quarter than in the previous decade [5] - The company is positioned for growth in 2025 due to geographic and product portfolio expansions despite political and economic uncertainties [5]