Beam Global (BEEM) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue was $5.8M, with YTD revenue at $19.2M, down 53% YoY, mainly due to reduced U.S. federal demand and order timing; international and commercial sales increased as a share of total revenue.

• Gross margin for Q3 2025 was -0.5% GAAP (13% non-GAAP); YTD non-GAAP gross margin improved to 22% from 18% in 2024.

• Net loss for Q3 2025 was $4.9M; YTD net loss was $24.7M, including a $10.8M goodwill impairment and higher operating expenses from European acquisitions.

• Significant expansion into the Middle East via a 50/50 joint venture with Platinum Group, opening new offices and targeting rapid growth in the region.

• Expanded product portfolio and deployments, including new patents, contracts, and humanitarian solutions.

Financial highlights

• Q3 2025 gross profit was negative $28K; YTD gross margin was 10% GAAP, down from 12% in 2024.

• Operating expenses for Q3 2025 (non-GAAP) were $3.6M, down 30% YoY; YTD: $11.4M, down 14% YoY.

• Cash balance at September 30, 2025, was $3.3M, with working capital of $10.9M.

• Contracted backlog at end of Q3 2025 was $8M, not including $3M in delayed U.S. orders or new European/Middle East awards.

• Raised $6.6M through an At Market Issuance Sales Agreement in 2025; $100M undrawn supply chain line of credit.

Outlook and guidance

• Management expects revenue growth and improved gross margins as delayed orders are fulfilled, new products are introduced, and international expansion continues.

• Recurring revenue streams expected to increase in 2026 from new products and geographic expansion.

• Sufficient liquidity for at least twelve months, with potential to seek additional capital if needed.