The following is a summary of the Beam Global (BEEM) Q4 2023 Earnings Call Transcript:
Financial Performance:
Beam Global reported a record Q4 2023 revenue of $20 million, a 154% increase over Q4 2022 and annual revenue of $67.4 million, a 206% increase from 2022.
Gross profit for Q4 2023 was $0.4 million, improving from a gross loss in Q4 2022 and a gross profit of $1.2 million for 2023.
The company decreased its operating expenses to $5.5 million for Q4 2023 compared to $7.1 million in Q4 2022.
The net loss for 2023 was $16.1 million, an improvement from the previous year's net loss of $19.7 million.
Cash balance at the end of 2023 was significantly higher at $10.4 million, as compared to $1.7 million in December 2022.
Business Progress:
Beam Global successfully expanded its manufacturing team helping to improve the company's growth trajectory.
The company added significant value to its intellectual property portfolio with new patents.
Beam maintained a debt-free status and ensured a $100 million line of credit is active.
The company expanded its engineering team, contributing to an increase in overheads.
The company's pipeline is about $150 million, derived from the U.S. market, and had over $20 million in contracted backlog at 2023 end.
Beam has expanded into Europe, winning its first European government supplier agreement, the U.K.'s Crown Commercial Services.
Beam Global's Serbian operation, Beam Europe, is operational and producing EV products in that market to enhance profitability.
Company remains focused on improving engineering, operational activities, and leadership teams, solidifying customer relationships, and plans to invest in utility-scale energy storage products and seek new contracts in different European nations.
More details: Beam Global IR
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