Beam Global (BEEM) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was $3.1 million, down 51% year-over-year due to order timing, seasonality in Europe, and reduced U.S. federal EV spending, while backlog increased 50% to $9 million, driven by smart city and energy storage applications.

• International customers accounted for 51% of Q1 revenue, up from 25% last year, and non-government commercial revenue rose to 78% of total revenue.

• Significant operational highlights include first EV ARC sale in Abu Dhabi, launch of autonomous wireless charging, and record smart city orders in Europe.

• Q2 2026 revenue to date already exceeds Q1, indicating accelerating business momentum.

Financial highlights

• Gross loss of $0.4 million in Q1 2026, with a negative gross margin of 13.3%, compared to a $0.5 million gross profit and 7.9% margin in Q1 2025.

• Adjusted non-GAAP gross margin was 9.4% in Q1 2026, down from 20.6% in Q1 2025.

• Net loss was $6.9 million (including $3.5 million non-cash charges); non-GAAP net loss was $3.7 million, compared to $3 million last year.

• Operating expenses were $6.3 million, down from $16 million last year, with prior period including a $10.8 million goodwill impairment.

• Cash balance was $2 million at March 31, 2026, up from $1 million at year-end, and company remains debt-free with a $100 million unused credit facility.

Outlook and guidance

• Q2 2026 revenue to date has already exceeded Q1, with backlog growth and strong international demand expected to drive revenue recovery and future growth.

• Management expects margin improvement as sales volumes recover and cost reduction initiatives continue.

• Focus is shifting to commercial and international markets, with reduced reliance on U.S. federal government sales.

• Anticipates significant opportunities in autonomous vehicles, drones, and African and Middle Eastern markets.

• The company may seek additional capital to support operations and growth initiatives.