Beam Global Announces Third Quarter Results
Financial Highlights
Beam Global, the leading provider of innovative infrastructure solutions for the electrification of transportation and energy security, has reported its third-quarter results for the period ending September 30, 2024. The company achieved a gross margin of 10.7% of sales, its highest Q3 margin ever, marking a significant improvement over the previous year. Year-to-date gross margin also saw a substantial increase, reaching 12.4%. Additionally, nearly half (47.9%) of the revenue generated in Q3 came from commercial customers. Beam Global boasts a record pipeline of over $200 million and a backlog of $7 million. Furthermore, the company is debt-free and has a $100 million line of credit available but unused.
Operational Highlights
During the third quarter of 2024, Beam Global made significant operational advancements. The acquisition of Telcom provided the company with in-house production capabilities for power electronics. Beam Global also secured its first sponsorship deal with Globos Osiguranje to deploy EV ARC™ systems at Belgrade Airport. The quarter saw the launch of four new products – BeamSpot™, BeamBike™, BeamPatrol™, BeamWell™. BeamSpot™ gained rapid momentum, with the first purchase made just five weeks after its launch. The company expanded its customer base in critical sectors by adding new police and international airport fleet customers. Additionally, Beam Global introduced the Beam Reseller Program, signing the first four partners and expanding its reach. In Q3 2024, Beam Global delivered 10 EV ARC™ systems to the UK Ministry of Defense, marking its first European order. The company also welcomed new Vice Presidents of Sales, Andy Lovsted in the US, and Igor Labovic in Europe.
Impact on Individuals
For individuals, Beam Global’s success in the third quarter of 2024 could mean more accessible and sustainable transportation options in the future. With the expansion of their product line and customer base, consumers may have greater access to innovative electric vehicle infrastructure solutions. Additionally, Beam Global’s financial stability and growth prospects could create job opportunities and contribute to economic development in the communities where they operate.
Impact on the World
On a global scale, Beam Global’s achievements in Q3 2024 signal a growing movement towards sustainable energy solutions and environmental responsibility. By increasing their presence in international markets and forging partnerships with prominent entities like Globos Osiguranje, Beam Global is paving the way for a cleaner and more efficient energy landscape worldwide. The company’s commitment to debt-free operations and substantial financial reserves also sets a positive example for sustainable business practices globally.
Conclusion
Beam Global’s third quarter results for 2024 demonstrate the company’s unwavering commitment to innovation, sustainability, and growth. With record margins, expansive product development, and strategic partnerships, Beam Global is positioning itself as a leader in the electrification of transportation and energy security. As individuals, we can look forward to more accessible and eco-friendly transportation options, while the world as a whole benefits from a cleaner and more sustainable energy future.
