Beam Global (ticker: BEEM) announced its financial results for the first quarter of 2024, highlighting record revenues and the highest gross margin in its history. The company reported a 12% increase in revenue to $14.6 million, primarily driven by higher federal sales.
Despite an increase in operating expenses, the net loss improved by 8% year-over-year. Beam Global also provided insights into its operational strategies and future plans, which include focusing on efficiency and gross profitability to achieve positive cash flow. Key Takeaways Beam Global's Q1 2024 revenue rose to $14.
6 million, up 12% from Q1 2023. Gross margin reached a record high of 10.2%, attributed to cost reductions and engineering improvements.
Net loss for the quarter was $3 million, an 8% improvement from the previous year. The company's cash balance decreased to $5 million, mainly due to the acquisition of Amiga and increased inventory. Beam Global expects to deliver its first EV ARC sale to the Ministry of Defense in Q2 2024.
Company Outlook Beam Global is aiming to deliver its first EV ARC sale to the Ministry of Defense in Q2 2024. The company plans to demonstrate its EV Standard product and add new sales channels in Europe and the US. Beam Global expects a 30% increase in year-over-year purchase orders from the acquisition of Amiga.
The company is optimistic about the potential revenue from utility-scale battery storage projects in the Balkans. Bearish Highlights Operating expenses increased due.
