BEEM · Beam Global

Beam Global's Q1 2026 results reflect challenges from order timing, with two large orders shifting out of the quarter, seasonally slow European operations, and reduced U.S. federal EV infrastructure spending, driving a 51% revenue decline to $3.1 million. International revenue share rose to 51% from 25% year-over-year, and non-government commercial sales grew 48% to 78% of total, signaling diversification progress. Gross margins turned negative at -13.3% due to fixed overhead on lower volumes, though adjusted non-GAAP margins remain solid at 9.4% excluding non-cash items, with product margins over 30%. CEO Desmond Wheatley noted these dynamics but highlighted backlog growth to $9 million (up 50%) and Q2 revenue already surpassing full Q1 as evidence of diversification into autonomous wireless charging, drone batteries, and European expansion. Operating expenses fell to $6.3 million from $16.0 million after excluding a prior-year $10.8 million goodwill impairment, though a $1.8 million credit loss provision offset some savings. Net loss improved to $6.9 million from $15.5 million, with non-GAAP net loss stable at ~$3.7 million despite revenue drop, demonstrating operating leverage. Balance sheet remains strong with no debt, $100 million credit line, and $6.2 million working capital. Operational highlights include first Abu Dhabi EV ARC deployment, record Beam Europe orders, and new patents, positioning for H1 growth amid global EV and smart city demand.