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Beam Global Announces First Quarter 2025 Operating Results
Globenewswire· 2025-05-15 20:33
Core Viewpoint - Beam Global reported its Q1 2025 financial results, highlighting a revenue of $6.3 million and a focus on international expansion despite challenges in the U.S. market [1][4]. Financial Highlights - Revenues for Q1 2025 were $6.3 million, with a revenue CAGR of 60% over the past 60 months [5][7]. - Gross profit for the quarter was $0.5 million, representing an 8% gross margin, down from $1.5 million and 10% in Q1 2024 [8]. - The company reported a net loss of $15.5 million for Q1 2025, which included $12.5 million in non-cash expenses [10]. Operational Highlights - Sales of the flagship product EV ARC™ increased in Q1 2025, with a significant shift towards enterprise customers, which accounted for 53% of revenues compared to 16% in Q1 2024 [5][4]. - International customers contributed 25% of total revenue, up from 11% in the same period last year [5]. - The company achieved CE certification for EV ARC™ and expanded its European sales network with three new distribution partners [7]. Cash and Liquidity - As of March 31, 2025, the company had cash of $2.5 million, down from $4.6 million at the end of 2024 [11]. - The net cash used in operations for Q1 2025 was $1.8 million, an improvement from $3.0 million in Q1 2024 [11]. Goodwill and Operating Expenses - Total operating expenses for Q1 2025 were $16.0 million, including a $10.8 million goodwill impairment due to a decrease in market capitalization [9]. - Operating expenses, net of non-cash items, were $4.1 million, a slight increase from $3.8 million in Q1 2024 [9]. Future Outlook - The CEO expressed confidence in the company's ability to return to growth, citing a strong foundation for future opportunities despite current market uncertainties [4].