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Sep 30, 2023
Beam Q3 2023 Earnings Report
Beam Global's revenue increased significantly, offset by a net loss.
Key Takeaways
Beam Global reported a substantial increase in revenue for Q3 2023, driven by growth in federal, state, and local government revenues. However, the company still experienced a net loss, although it was smaller than the previous year. Gross profit improved, and operating expenses decreased as a percentage of revenue. The company's cash position also improved due to a capital raise.
Revenue increased by 149% compared to the same period in 2022.
Gross profit improved to 2% of sales, compared to a gross loss in the prior year.
Operating expenses decreased significantly as a percentage of revenue.
Net loss was reduced compared to the third quarter of 2022.
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Forward Guidance
No specific forward guidance was provided in the press release.