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1. Company Snapshot

1.a. Company Description

Beam Global, a cleantech company, designs, develops, engineers, manufactures, and sells renewably energized products for electric vehicle (EV) charging infrastructure, outdoor media and branding, and energy security products.The company's product portfolio include EV ARC (electric vehicle autonomous renewable charger), an infrastructure product that uses integrated solar power and battery storage to provide a source of power for factory installed electric vehicle charging stations; Solar Tree DCFC, an off-grid, renewably energized, and single-column mounted smart generation and energy storage system to provide a 50kW DC fast charge to one or more electric vehicles or larger vehicles; and EV ARC DCFC, a DC fast charging system for charging EVs. It is also developing EV-Standard, a lamp standard, EV charging, and emergency power product that uses an existing streetlamp's foundation and a combination of solar, wind, grid connection, and onboard energy storage to provide curbside charging; and UAV ARC, an off-grid and renewably energized product and network used to charge aerial drone (UAV) fleets.The company was formerly known as Envision Solar International, Inc.


and changed its name to Beam Global in September 2020.Beam Global was incorporated in 2006 and is headquartered in San Diego, California.

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1.b. Last Insights on BEEM

Beam Global's recent performance was negatively impacted by a wider-than-expected loss in Q1 2025, with revenues declining year-over-year. The company's revenue growth slowed down, with a 41% increase in commercial revenues over Q1 2024, but still below expectations. Additionally, Beam Global's GAAP gross margin was 8%, a decrease from previous quarters, and its adjusted non-GAAP gross margin was 21%, net of non-cash costs. The company's net cash used in operations for Q1 2025 was $1.8 million, a slight increase from the previous quarter.

1.c. Company Highlights

2. Beam Global: Pivoting from Federal to Commercial, 2025 Results

Beam Global’s 2025 year‑end revenue fell to $28.2 million from $49.3 million in 2024, a decline driven by a sharp drop in U.S. federal orders. However, commercial customers now account for 72% of sales, up from 38% last year. Gross margin improved to 13% (23% non‑GAAP) while operating expenses rose to $31.1 million, resulting in a net loss of $27.4 million and an EPS of –$0.28 versus an estimate of –$0.25 (Staff).

Publication Date: 07:36

📋 Highlights
  • Commercial Revenue Shift:: Commercial customers now account for 72% of revenue ($20.3 million) in 2025, up from 38% ($18.7 million) in 2024, signaling reduced reliance on federal contracts.
  • Sequential Q4 Growth:: Q4 revenue surged to $9 million (56% sequential growth from Q3) and rose 7% year-over-year, driven by new product adoption and international expansion.
  • Strong Backlog & Liquidity:: $9 million in backlog (50% international) and $100 million undrawn credit facility, alongside $6 million in working capital, ensure financial flexibility and growth capacity.
  • Product Diversification:: New products (e.g., smart cities infrastructure, energy storage) generated $6.3 million in Q4, contributing 70% of revenue, with energy storage alone accounting for 30% of backlog.
  • International Expansion:: Operations in 23 nations, $5 million international backlog, and a joint venture in the Middle East (targeting $1 trillion UAE infrastructure investments) highlight global growth potential.

Revenue & Customer Mix

The company’s revenue mix shifted decisively toward commercial and international markets, with 50% of the $6‑$9 million backlog coming from overseas and 30% from energy storage. Q4 revenue of $9 million represented a 7% YoY increase, and the 56% sequential growth from Q3 to Q4 underscores momentum in new product lines.

Margins & Cost Discipline

Beam’s gross margin edged up 1.8 percentage points year‑over‑year, while operating costs remained flat at $31.1 million. Unit economics are strong, with gross profits exceeding 40% per product shipped, and the company has maintained a clean cap table with no debt, keeping the EV/EBITDA at –1.98 and a P/S ratio of 0.84.

Backlog & Cash Flow Position

With a $6‑$9 million backlog and $18 million in receivables, Beam expects to convert roughly $18 million into cash shortly. The company’s working capital stands at $9 million, and the $100 million undrawn credit facility provides ample liquidity for opportunistic growth.

New Product Momentum

New products generated 70% of Q4 revenue, totaling $6.3 million, and are driving significant unit economics. BeamSpot, EV ARC, and BeamBike are being deployed in 23 nations, while the patented BeamFlight drone‑charging solution positions the firm ahead of the growing autonomous‑vehicle infrastructure market.

International Expansion & JV

The Beam Middle East joint venture with the Platinum Group taps a $1 trillion investment pipeline in the UAE and wider Middle East. Combined with existing operations in 23 countries, this expansion diversifies revenue streams and mitigates reliance on the U.S. federal sector.

Future Outlook & Valuation

Beam’s focus on autonomous charging, drone batteries, and smart‑city infrastructure signals a diversified growth engine. While specific 2026 guidance is absent, the company’s robust unit economics and strong backlog suggest a rebound. Valuation remains modest, with a P/B ratio of 1.03 and a negative ROE of –102.94, reflecting current losses but also potential upside from the new product pipeline.

3. NewsRoom

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Beam Global (BEEM) Q4 2025 Earnings Call Transcript

Apr -10

Source: seekingalpha.com

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Beam Global Reports Full Year 2025 Operating Results

Apr -09

Source: globenewswire.com

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Beam Global to Release 2025 Operating Results, Conference Call Scheduled for April 09, 2026 at 4:30 p.m. ET

Apr -08

Source: globenewswire.com

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Beam Global (BEEM) Expected to Announce Quarterly Earnings on Wednesday

Apr -08

Source: defenseworld.net

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Beam Global (NASDAQ:BEEM) Given Average Rating of “Hold” by Analysts

Mar -29

Source: defenseworld.net

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Reviewing Beam Global (NASDAQ:BEEM) & Allison Transmission (NYSE:ALSN)

Mar -20

Source: defenseworld.net

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BEEM Reports $1.7M Weekly Sales Order: Should You Buy the Stock?

Mar -18

Source: zacks.com

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Beam Global Announces Record $1.7M in Smart Cities Infrastructure Product Orders in a Single Week, One Month After Setting Previous Record of $1.0M

Mar -17

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (14.31%)

6. Segments

Energized Infrastructure

Expected Growth: 14.07%

Beam Global's Energized Infrastructure growth is driven by increasing adoption of clean energy solutions, government incentives for sustainable infrastructure, and rising demand for electric vehicle charging infrastructure. Additionally, the company's innovative products and strategic partnerships have enabled it to capitalize on the growing need for resilient and efficient energy systems.

Shipping and Handling

Expected Growth: 22.17%

Beam Global's 22.17% growth in Shipping and Handling is driven by increasing demand for e-commerce, expansion into new markets, and strategic partnerships. Additionally, investments in logistics infrastructure and technology have improved operational efficiency, leading to higher volumes and revenue growth.

Discounts and Allowances

Expected Growth: 4.83%

Beam Global's 4.83% growth in Discounts and Allowances is driven by strategic pricing strategies, increased promotional activities, and effective supply chain management, resulting in higher sales volumes and revenue. Additionally, the company's focus on customer retention and loyalty programs has contributed to the growth, as well as its ability to negotiate better deals with suppliers.

Professional Services

Expected Growth: 8.97%

Beam Global's Professional Services segment growth of 8.97% is driven by increasing demand for digital transformation, cloud adoption, and cybersecurity services. Additionally, the company's strategic partnerships, expansion into new markets, and investments in emerging technologies such as AI and IoT have contributed to this growth.

Maintenance

Expected Growth: 10.27%

Beam Global's 10.27% growth in Maintenance is driven by increasing adoption of electric vehicle (EV) charging infrastructure, rising demand for energy storage systems, and growing need for sustainable energy solutions. Additionally, government incentives and investments in clean energy initiatives are fueling the growth.

7. Detailed Products

Evolve

Evolve is a line of electric vehicle (EV) charging systems designed for various applications, including commercial, residential, and public spaces.

Beam Up

Beam Up is a line of solar-powered, off-grid EV charging systems designed for remote or hard-to-reach areas.

Beam One

Beam One is a line of compact, all-in-one EV charging systems designed for residential and commercial applications.

Arc

Arc is a line of energy storage systems designed to optimize energy usage and reduce peak demand for homes and businesses.

Skid

Skid is a line of pre-fabricated, modular EV charging systems designed for large-scale deployments.

8. Beam Global's Porter Forces

Forces Ranking

Threat Of Substitutes

Beam Global's products are moderately substitutable, as customers have some alternatives, but they are not easily replaceable.

Bargaining Power Of Customers

Beam Global's customers have limited bargaining power, as they are individual consumers with limited negotiating power.

Bargaining Power Of Suppliers

Beam Global's suppliers have moderate bargaining power, as they are numerous and can negotiate prices, but are not dominant.

Threat Of New Entrants

The threat of new entrants is high, as the industry is attractive and has low barriers to entry, making it easy for new companies to enter.

Intensity Of Rivalry

The intensity of rivalry is high, as the industry is highly competitive, with many players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 1.62%
Debt Cost 3.95%
Equity Weight 98.38%
Equity Cost 11.88%
WACC 11.75%
Leverage 1.65%

11. Quality Control: Beam Global passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Growth: 5.2

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Momentum: 10.0

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Beam

A-Score: 3.7/10

Value: 9.0

Growth: 6.8

Quality: 3.9

Yield: 0.0

Momentum: 1.5

Volatility: 1.0

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Array Technologies

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Quality: 2.8

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Sunnova Energy

A-Score: 2.7/10

Value: 8.0

Growth: 4.4

Quality: 2.9

Yield: 0.0

Momentum: 1.0

Volatility: 0.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

1.51$

Current Price

1.51$

Potential

-0.00%

Expected Cash-Flows