Beam Global reported full‑year 2025 revenue of $28.2 million, a 43% decline from $49.3 million in 2024. Gross profit fell to $3.5 million, giving a GAAP gross margin of 13%, down from 15% in 2024.
Federal government sales dropped by roughly 50%, reflecting the loss of U.S. EV‑charging contracts. In contrast, non‑U.S. government and commercial sales grew about 50% year‑over‑year, with commercial revenue accounting for 72% of total sales versus 38% in 2024.
On a non‑GAAP basis, adjusted gross margin improved to 23% in 2025, up from 21% in 2024. The improvement is driven by a higher mix of commercial contracts and better unit economics, while the GAAP margin compression is attributable to lower volumes and the absorption of fixed overhead.
Beam Global remains debt‑free, holding $3.3 million in cash and an undrawn $100 million supply‑chain credit line. The company expects further losses and will need additional capital, with an accumulated deficit of $131.6 million.
CEO Desmond Wheatley highlighted the company’s expansion into the Middle East and the launch of new products, emphasizing a strategic focus on commercial and international markets. CFO Lisa Potok noted operating expenses of $31.1 million, including $15 million in non‑cash charges related to goodwill impairment and compensation. The management team underscored the need to scale the commercial business to replace lost federal revenue.
Investors reacted with cautious optimism: the company beat the annual revenue estimate of $27.95 million, but the wider loss and shift away from federal contracts tempered enthusiasm. The improvement in non‑GAAP margins signals operational efficiency, while the GAAP margin compression and ongoing capital needs highlight the challenges ahead.
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