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
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.