The following is a summary of the Beam Global (BEEM) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Beam Global reported Q1 2024 revenues of $14.6 million, a 12% increase over the same period in 2023, largely driven by an increase in federal sales.

• The company achieved a highest ever gross profit margin of 10.2%, mainly due to cost reductions implemented in late 2023.

• Operating expenses for Q1 2024 was $4.5 million or 31% of revenue, a minor increase from 30% of revenue for Q1 2023.

• Improvements were seen in net loss, which stood at $3 million or 21% of revenue, a year-over-year improvement of 8%.

• Cash balance as of March 2024 was $5 million.

Business Progress:

• Beam Global commenced production of EV ARCs in its Serbian facility, with its first sale to the Ministry of Defense expected in Q2.

• The company expressed intentions of expanding business in the Middle East, following its recent growth in Europe.

• Beam Global expects about 20% gross profit post Q1, leveraging from engineering and operational improvements and price increases.

• In Q1, the company completed its first million-dollar order in Europe and procured important new patents for product development.

• Beam Global expanded its international presence with favorable reception in Serbia and Abu Dhabi.

• For the remainder of 2024, Beam Global aims to improve efficiency and gross profitability and to further its global expansion and innovations in the EV market.

• The acquisition of Beam Europe has allowed for better product production opportunities, significantly contributing to their bottom line.

More details: Beam Global IR

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