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Jun 30, 2024
Beam Q2 2024 Earnings Report
Announced record second quarter operating results.
Key Takeaways
Beam Global reported a revenue of $14.8 million, a gross profit of $2.4 million, and a net loss of $4.9 million for Q2 2024. The company's gross margin improved to 16%, with an adjusted gross margin of 18% net of non-cash items. Beam is focused on improving margins and diversifying revenue opportunities through geographic expansion and new product development.
Revenues were $14.8 million, increasing 2% over first quarter.
Gross profit was $2.4 million, or 16% of sales, with an 18% margin net of non-cash items.
Net loss was $4.9 million, or $0.34 per share, with a non-GAAP net loss of $2.1 million, or $0.14 per share.
Cash increased to $8.7 million, mainly related to increased collections from customers.
Beam
Beam
Forward Guidance
Beam Global is focused on improving margins and continuing progress towards positive cash flow, diversifying revenue through geographic expansion and new product development.
Positive Outlook
- Improving margins through reduced direct costs and increased production efficiencies.
- Benefiting from price increases.
- Diversifying revenue opportunities through geographic expansion.
- Recruiting external sales partners to enhance internal team capacity.
- Developing a new product to diversify revenue and profit opportunities.