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Sep 30, 2024
Beam Q3 2024 Earnings Report
Beam Global reported a net income of $1.3 million and revenues of $11.5 million, despite a decrease compared to the previous quarter, with significant improvements in gross margin.
Key Takeaways
Beam Global announced its Q3 2024 results, featuring a net income of $1.3 million, a gross profit of $1.2 million, and revenues of $11.5 million. While revenues decreased 22% from the previous quarter, the company saw an increase in commercial customer revenue and improved gross profit margins. The company is debt free, has sufficient cash on hand and has not tapped our $100M line of credit.
Revenues for Q3 2024 were $11.5 million, a 22% decrease from Q2 2024.
Gross profit for Q3 2024 was $1.2 million, representing 10.7% of sales, compared to 1.7% in Q3 2023.
Net income for Q3 2024 was $1.3 million, a significant improvement from a net loss of $3.6 million in Q3 2023.
47.9% of Q3 2024 revenue was derived from commercial customers, an increase of over 80% compared to Q3 2023.
Revenue by Segment
Forward Guidance
Beam Global anticipates a return to increasing revenues in 2025 with significantly improved profit margins, driven by geographic expansion, new product opportunities, and reduced direct costs.
Positive Outlook
- Anticipates a return to increasing revenues in 2025.
- Expects significantly improved profit margins.
- Geographic expansion into new markets.
- New opportunities from recently launched products.
- Reduction in direct costs and increased production efficiencies.
Challenges Ahead
- Order timing issues.
- Uncertainty in the U.S. government’s zero emission vehicle strategy.
- Evolving certification requirements for energy storage systems.
- Updates required for EV ARC products, expected completion in Q1 2025.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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