The following is a summary of the Beam Global (BEEM) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Beam Global reported a record Q4 2023 revenue of $20 million, a 154% increase over Q4 2022 and annual revenue of $67.4 million, a 206% increase from 2022.

• Gross profit for Q4 2023 was $0.4 million, improving from a gross loss in Q4 2022 and a gross profit of $1.2 million for 2023.

• The company decreased its operating expenses to $5.5 million for Q4 2023 compared to $7.1 million in Q4 2022.

• The net loss for 2023 was $16.1 million, an improvement from the previous year's net loss of $19.7 million.

• Cash balance at the end of 2023 was significantly higher at $10.4 million, as compared to $1.7 million in December 2022.

Business Progress:

• Beam Global successfully expanded its manufacturing team helping to improve the company's growth trajectory.

• The company added significant value to its intellectual property portfolio with new patents.

• Beam maintained a debt-free status and ensured a $100 million line of credit is active.

• The company expanded its engineering team, contributing to an increase in overheads.

• The company's pipeline is about $150 million, derived from the U.S. market, and had over $20 million in contracted backlog at 2023 end.

• Beam has expanded into Europe, winning its first European government supplier agreement, the U.K.'s Crown Commercial Services.

• Beam Global's Serbian operation, Beam Europe, is operational and producing EV products in that market to enhance profitability.

• Company remains focused on improving engineering, operational activities, and leadership teams, solidifying customer relationships, and plans to invest in utility-scale energy storage products and seek new contracts in different European nations.

More details: Beam Global IR

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