2025 and Recent Company Highlights:
Financial:
- Revenue increased 56% from Q3 to Q4 2025.
- Commercial revenue grew to 72% in 2025 from 38% in 2024 (non-government customers).
- 70% of Q4 2025 revenue generated from our new and expanded product portfolio.
- 18% Gross Margin Q4 2025 and 13% Full Year 2025.
- 23% Gross Margin for Full Year 2025 excluding non-cash items.
- 17% Reduction in year-over-year operating expenses excluding non-cash items.
- Backlog of
$6.0 million atDecember 31, 2025 , of which 50% was derived from international sources. - Backlog of
$9.0 million atMarch 31, 2026 . - No Debt, No Going Concern,
$100 million unused line of credit.
Operational:
- Formed Beam Middle East, a 50/50 joint venture with Platinum Group
UAE , headquartered in Masdar City,Abu Dhabi to expand sales of Beam’s patented technologies across theMiddle East andAfrica . - Delivered products to 20+
U.S. States,Canada , multiple European markets andMiddle East . - Launched patented autonomous wireless charging system for autonomous vehicles.
- Awarded renewal of the
U.S. General Services Administration (GSA) Multiple Award Schedule (MAS) contract throughOctober 31, 2030 . - Awarded purchasing contract by Sourcewell, simplifying procurement for government agencies and educational institutions across
North America to easily purchaseBeam Global products without the requirement for competitive bidding or request for proposal (RFP) processes. - Selected by
UK -based drone manufacturerRay Systems Ltd. to develop and deliver advanced battery systems for their underwater drones. - Expanded battery business through the addition of a Fortune 500 automotive manufacturer and innovative drone manufacturer.
- Deployed new BeamBike™ e-bike sharing solution in
U.S. ,Europe andMiddle East . - Deployed BeamWell™ product for the Royal Jordanian Armed Forces.
- Expanded
Europe footprint with a new office in Belgrade,Serbia and installed 530 kW of solar at Beam Europe manufacturing facilities to improve efficiency and reduce operating costs. - Launched BeamPatrol™ through strategic partnership with
Zero Motorcycles . - Strengthened intellectual property portfolio and competitive positioning with multiple patents and certifications including:
U.S. patents for high-volume battery assembly, fast charging batteries, and passive thermal management.- European patent for smart battery thermal management.
- Chinese patent for solar and wind power tracking technology.
- TUV SUD 1090-2 EXC4 certification and CE certification for EV ARC™.
“2025 was a year of significant expansion for
2025 Financial Summary
Revenues
Fourth quarter 2025 revenue was
For the year ended
Gross Profit
For the year ended
Excluding non-cash depreciation and amortization of
- 2025 gross profit
$6.5 million , 23% margin - 2024 gross profit
$10.5 million , 21% margin
Despite lower revenue, non-GAAP gross margin improved by 2 percentage points, reflecting continued improvements in unit economics. GAAP Margin compression was primarily due to lower production volume and resulting increased impact of fixed overhead costs on a lower revenue base.
Operating Expenses
Operating expenses were
2025 included non-cash expenses of
$10.8 million goodwill impairment$2.6 million non-cash compensation
The goodwill impairment in no way reflects management’s objective view of the value of our acquisitions which, we believe, are adding great value to the Company. The impairment comes as a result of accounting rules, whereas the fair value of goodwill fell below its book value due to the sustained decline in our stock price in early 2025.
Excluding non-cash items, operating expenses were approximately
Net Loss from Operations before Income Tax
Net Loss from operations before income tax was
Working Capital
Working capital at
The Company continues to demonstrate strong working capital efficiency, with the majority of short-term assets typically converting to cash within approximately 180 days. This disciplined approach to asset management enables effective liquidity optimization while supporting ongoing operations and growth.
Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements, which are prepared in accordance with GAAP, we present Non-GAAP Net Loss from Operations before Income Tax which is non-GAAP financial measures, in this press release. We use Non-GAAP Net Loss from Operations in conjunction with GAAP measures as part of our overall assessment of our performance to evaluate the effectiveness of our business strategies and to communicate with our board of directors concerning our financial performance. We believe Non-GAAP Net Loss from Operations is also helpful to investors, analysts and other interested parties because it can assist in providing a more consistent and comparable overview of our operations across our historical financial periods. Non-GAAP Net Loss from Operations has limitations as an analytical tool. Therefore, you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Because of these limitations, you should consider Non-GAAP Net Loss from Operations alongside other financial performance measures, including net loss attributable to other GAAP measures. In evaluating Non-GAAP Net Loss from Operations you should be aware that in the future we may incur expenses that are the same as, or similar to, some of the adjustments reflected in this press release. Our presentation of Non-GAAP Net Loss from Operations should not be construed to imply that our future results will be unaffected by the types of items excluded from the calculations of Non-GAAP Net Loss from Operations. Non-GAAP Net Loss from Operations is not presented in accordance with GAAP and the use of these terms vary from others in our industry. Reconciliation of this non-GAAP measure has been provided in the financial statement tables included within this press release, and investors are encouraged to review this reconciliation.
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About
Forward-Looking Statements
This Beam Global Press Release may contain forward-looking statements. All statements in this Press Release other than statements of historical facts are forward-looking statements. Forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may,” or other words and similar expressions that convey the uncertainty of future events or results. These statements relate to future events or future results of operations. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, which may cause Beam Global’s actual results to be materially different from these forward-looking statements. Except to the extent required by law,
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| Consolidated Balance Sheets | |||||||
| (In thousands, except share and per share data) | |||||||
| 2025 | 2024 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash | $ | 969 | $ | 4,572 | |||
| Accounts receivable, net of allowance for credit losses of | 8,236 | 8,027 | |||||
| Prepaid expenses and other current assets | 2,070 | 2,243 | |||||
| Inventory, net | 9,766 | 12,284 | |||||
| Total current assets | 21,041 | 27,126 | |||||
| Property and equipment, net | 13,093 | 13,704 | |||||
| Operating lease right of use assets | 1,358 | 1,893 | |||||
| - | 10,580 | ||||||
| Intangible assets, net | 7,127 | 8,037 | |||||
| Deposits | 113 | 119 | |||||
| Total assets | $ | 42,732 | $ | 61,459 | |||
| Liabilities and Stockholders' Equity | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 5,925 | $ | 8,959 | |||
| Accrued expenses | 2,885 | 2,462 | |||||
| Sales tax payable | 843 | 195 | |||||
| Deferred revenue, current | 1,800 | 847 | |||||
| Note payable, current | 68 | 63 | |||||
| Contingent consideration, current | 104 | 93 | |||||
| Operating lease liabilities, current | 484 | 696 | |||||
| Total current liabilities | 12,109 | 13,315 | |||||
| Deferred revenue, noncurrent | 690 | 800 | |||||
| Note payable, noncurrent | 131 | 199 | |||||
| Contingent consideration, noncurrent | - | 216 | |||||
| Other liabilities, noncurrent | 2,939 | 3,380 | |||||
| Deferred tax liabilities, noncurrent | 1,203 | 1,290 | |||||
| Operating lease liabilities, noncurrent | 815 | 971 | |||||
| Total liabilities | 17,887 | 20,171 | |||||
| Stockholders' equity | |||||||
| Preferred stock, | $ | - | $ | - | |||
| Common stock, | 19 | 15 | |||||
| Additional paid-in-capital | 156,446 | 147,072 | |||||
| Accumulated deficit | (131,646) | (104,643) | |||||
| Accumulated Other Comprehensive Income (AOCI) | 26 | (1,156) | |||||
| Total stockholders' equity | 24,845 | 41,288 | |||||
| Total liabilities and stockholders' equity | $ | 42,732 | $ | 61,459 | |||
| Financial Snapshot | ||||||||||||||
| (In thousands) | ||||||||||||||
| Three Months Ended | Three Months Ended | |||||||||||||
| '25 v. '24 | Q4 v. Q3 '25 | |||||||||||||
| 2025 | 2024 | Variance % | 2025 | Variance % | ||||||||||
| Revenues | $ | 9,049 | $ | 8,481 | 7% | $ | 5,788 | 56% | ||||||
| Cost of revenues | 7,435 | 6,251 | 19% | 5,816 | 28% | |||||||||
| Gross profit | $ | 1,614 | $ | 2,230 | $ | (28) | ||||||||
| Gross margin % | 17.8% | 26.3% | -8% | -0.5% | 18.3% | |||||||||
| Operating expenses | 4,264 | 7,330 | -42% | 4,844 | -12% | |||||||||
| Impairment of goodwill | - | - | - | - | ||||||||||
| Loss from operations | $ | (2,650) | $ | (5,100) | -48% | $ | (4,872) | -46% | ||||||
| Consolidated Statements of Operations and Comprehensive Loss | ||||||
| (In thousands except per share data) | ||||||
| Year Ended | ||||||
| 2025 | 2024 | |||||
| Revenues | $ | 28,236 | $ | 49,336 | ||
| Cost of revenues | 24,715 | 42,040 | ||||
| Gross profit | 3,521 | 7,296 | ||||
| Gross margin % | 12.5% | 14.8% | ||||
| Operating expenses | 20,273 | 18,953 | ||||
| Impairment of goodwill | 10,780 | - | ||||
| Loss from operations | (27,532) | (11,657) | ||||
| Other income (expense) | ||||||
| Interest income | 56 | 205 | ||||
| Other income | 93 | 110 | ||||
| Interest expense | (26) | (34) | ||||
| Total Other income (expense) | 123 | 281 | ||||
| Loss before income tax expense | (27,409) | (11,376) | ||||
| Income tax benefit | (406) | (94) | ||||
| Net Loss | $ | (27,003) | $ | (11,282) | ||
| Net foreign currency translation benefit (expense) | 1,182 | (1,781) | ||||
| Total Comprehensive Loss | $ | (25,821) | $ | (13,063) | ||
| Net Loss per share - basic/diluted | $ | (1.61) | $ | (0.77) | ||
| Weighted average shares outstanding - basic/diluted | 16,814 | 14,621 | ||||
| Reconciliation of Net Loss before Income Tax to Non-GAAP Net Loss before Income Tax | ||||||
| (Unaudited, In thousands) | ||||||
| Year Ended | ||||||
| 2025 | 2024 | |||||
| GAAP Total Revenue | $ | 28,236 | $ | 49,336 | ||
| GAAP Total COGS | 24,715 | 42,040 | ||||
| Adjusted to exclude the following: | ||||||
| Depreciation and Amortization | 2,963 | 3,155 | ||||
| Non-GAAP Total COGS | $ | 21,752 | $ | 38,885 | ||
| Non-GAAP Gross Profit | $ | 6,484 | $ | 10,451 | ||
| Non-GAAP Gross Margin % | 23.0% | 21.2% | ||||
| GAAP Total Operating Expenses | $ | 31,053 | $ | 18,953 | ||
| Adjusted to exclude the following: | ||||||
| Depreciation and Amortization | ||||||
| Non-cash Compensation | 2,645 | 3,000 | ||||
| Allowance for Credit Losses | 681 | 392 | ||||
| Warrant Amortization | 322 | 322 | ||||
| Change in fair value of contingent consideration liabilities (1) | (50) | (4,675) | ||||
| Impairment of | 10,780 | |||||
| Non-GAAP Total Adjustments | $ | 14,917 | $ | (403) | ||
| Non-GAAP Total Operating Expenses | $ | 16,136 | $ | 19,356 | ||
| GAAP Other Expenses | ||||||
| GAAP Net Loss before Income Tax | ||||||
| Non-GAAP Total Adjustments | 17,880 | 2,752 | ||||
| Non-GAAP Net Loss before Income Tax | ||||||
(1) Fair value of contingent consideration is non-cash. The Earnout Consideration is paid in the Company’s stock. See the financial statement notes included in prior quarterly and annual filings.
