The following is a summary of the Beam Global (BEEM) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Beam Global reported a Q2 revenue of $14.8 million, a 2% increase over Q1 2024, with a six-month total of $29.4 million.

• Achieved a record gross margin of 16%, with a net non-cash adjusted gross margin of 18%.

• Operating expenses for Q2 2024 were $7.1 million, primarily due to non-cash items related to Amiga acquisition.

• Reported a net loss of $4.9 million for Q2, and an adjusted net loss of $2.1 million.

• Cash balance improved to $8.7 million due to increased collections.

Business Progress:

• Beam Global expanded its European market presence, implementing manufacturing efficiencies, and signed a distribution agreement with Jesse Group for Spain, Portugal, and the Spanish Caribbean.

• Launched new products such as EV ARC in Europe and secured new significant customers like the British Ministry of Defense.

• Actively developing the BeamSpot product, planning its introduction in both the U.S. and Europe in 2025.

Opportunities:

• Geographic expansion through new European operations and partnership with Jesse Group.

• Product innovation and market diversification via new products like BeamSpot and enhanced EV ARC systems.

Risks:

• Experienced larger order sales timing uncertainties which may affect revenue recognition timelines.

• Operational challenges could arise in scaling up manufacturing and distribution for new products such as the BeamSpot.

More details: Beam Global IR

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