- Beam Global (BEEM, Financial) achieved 2024 revenues of $49.3 million, a 124% increase over 2022, but a decline from $67.4 million in 2023.
- The company reported a significant improvement in gross margins to 15% for 2024, up 13 percentage points from the previous year.
- Beam Global remains debt-free with a $100 million unused credit line.
Beam Global (BEEM) has announced its financial results for the year ending December 31, 2024. Despite a revenue decline to $49.3 million from $67.4 million in the previous year, the revenues represented a substantial increase of 124% compared to 2022. The decrease from 2023 is attributed primarily to order timing and political uncertainties affecting government contracts.
The company's gross margins improved significantly to 15%, up from 2% in 2023, highlighting increased operational efficiency. This growth in margins was aided by strategic design improvements and vertical integration through the acquisition of Serbia-based Telcom, which provided in-house production capabilities for power electronics.
Non-government commercial revenues saw a notable increase of 229%, constituting 38% of total revenues for 2024. Beam Global maintained a debt-free status and holds $4.6 million in cash, with a robust $100 million credit line fully available to support future growth initiatives.
Operational achievements include major contracts secured with the U.S. Army worth $7.4 million and the Department of Homeland Security for $4.8 million, alongside the successful launch of four new innovative products: BeamSpot™, BeamBike™, BeamPatrol™, and BeamWell™. The company also enhanced its reach globally through strategic partnerships and expansion into new markets.
