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Beam Global announced record-breaking first quarter 2024 results, with revenues reaching $14.6 million, a 12% increase from Q1 2023. Gross profit hit $1.5 million, supported by a 10.2% gross margin. The company secured significant new orders, including $7.4 million from the U.S. Army and $4.8 million from the Department of Homeland Security. Beam Europe contributed to revenue growth following the Amiga acquisition. Despite a net loss of $3.0 million, this marks an improvement from a $3.8 million loss in Q1 2023. The company has a strong pipeline worth over $160 million and remains debt-free with a $100 million credit line available.
Beam Global (Nasdaq: BEEM), a leader in sustainable infrastructure solutions, will release its Q1 2024 operating results on May 20, 2024, post-market close. A conference call is scheduled for May 21, 2024, at 4:30 p.m. ET to discuss these results and provide corporate updates. The call will include a Q&A session. Participants should pre-register via the provided link and dial in 10 minutes before the start time. A webcast archive will be available for one year after the call.
Beam Global, a leading provider of sustainable infrastructure solutions, announced that the Federal Railroad Administration has ordered EV ARC™ solar-powered EV charging systems for federal fleet vehicles at the Transportation Technology Center in Pueblo, CO. The systems are off-grid, generate their own electricity, and have the ability to charge EVs during blackouts, making them a cost-effective and reliable solution for the federal government's fleet electrification efforts.