Beam Global (BEEM) Q4 2025 earnings summary

Executive summary

• Achieved 56% sequential revenue growth from Q3 to Q4 2025, despite a sharp decline in U.S. federal government orders due to policy reversal on fleet electrification.

• Commercial customers accounted for 72% of 2025 revenue, up from 38% in 2024, reflecting a successful diversification strategy.

• Expanded international presence, with nearly half of 2025 revenue and over half of backlog from outside the U.S.

• Launched Beam Middle East joint venture, targeting significant infrastructure investments in the Gulf region and Africa.

• Product portfolio broadened, with 70% of Q4 revenue from new or expanded offerings, including smart cities and energy storage.

Financial highlights

• Q4 2025 revenue was $9 million, up 7% year-over-year and 56% sequentially; full-year revenue was $28.2 million, down from $49.3 million in 2024 due to loss of federal orders.

• Gross margin for Q4 was 18%; full-year gross margin was 13%. Non-GAAP gross margin (excluding non-cash items) improved to 23% from 21% in 2024.

• Operating expenses were $31.1 million, including $10.8 million in goodwill impairment; excluding non-cash items, operating expenses were $16.1 million, a 17% year-over-year reduction.

• Net loss from operations before tax was $27.4 million, or $9.5 million excluding non-cash items (non-GAAP), compared to $8.6 million last year.

• Ended 2025 with $8.9 million in working capital, $6 million in backlog (rising to $9 million by March 31, 2026), no debt, and access to a $100 million undrawn credit facility.

Outlook and guidance

• Entering 2026 with strong momentum, diversified revenue streams, and confidence in long-term growth.

• Expect continued growth from international markets, new product lines, and recurring revenue opportunities, especially in smart cities and mobility solutions.

• Anticipate federal government to return as a customer in the future, with renewed GSA contract extended through 2030.

• 2026 expected to be a year of diversification, growth, and sustainability, with revenue from a broad mix of products, customers, and geographies.

• Management anticipates improved financial robustness and dynamic performance as sales volumes recover.