BEEM · Beam Global

Beam Global's 2025 results reflect a strategic pivot amid U.S. federal policy shifts reversing EV fleet electrification, causing revenue to decline 43% to $28.2 million from $49.3 million in 2024, primarily from halted government orders. Non-government revenue grew 50% year-over-year, with commercial sales rising to 72% of total from 38%, and 70% of Q4 revenue from new/expanded products. Q4 revenue surged 56% sequentially to $9.0 million, signaling momentum. GAAP gross margin compressed to 13% from 15% due to lower volumes amplifying fixed costs, but non-GAAP margin improved to 23% from 21%, highlighting better unit economics excluding $3.0 million depreciation. Operating expenses rose to $31.1 million GAAP due to $10.8 million goodwill impairment from stock price decline and $2.6 million non-cash compensation; excluding non-cash, opex fell 17% to $16.1 million, demonstrating cost discipline. Non-GAAP operating loss widened slightly to $9.5 million from $8.6 million on lower revenue. Balance sheet shows resilience with no debt, $100 million unused credit line, and working capital at $8.9 million despite cash dropping to $0.969 million. Backlog doubled to $9.0 million by March 2026, half international. Operationally, Beam formed Beam Middle East JV, launched autonomous charging and BeamBike/BeamPatrol products, secured GSA renewal through 2030 and Sourcewell contract, expanded battery sales to Fortune 500 auto maker and drone firms, and strengthened IP with multiple patents. CEO Desmond Wheatley emphasized diversification into commercial, international, drone/robotics, and smart cities markets, positioning for 2026 growth from diverse revenue streams and improved margins at scale.