Beam Global reported its financial results for the third quarter and the first nine months of 2024, revealing a significant decline in revenue and a mixed performance in profitability. For the three months ended September 30, 2024, revenues totaled $11.5 million, a 30% decrease from $16.5 million in the same period of 2023. For the nine months, revenues were $40.9 million, down 14% from $47.3 million year-over-year. The decline was attributed primarily to a $7.5 million drop in federal customer revenues in Q3 and an overall decrease in sales to government entities, which represented 69% of total revenues for the nine months.

Despite the revenue decline, Beam Global achieved a net income of $1.3 million for Q3 2024, a turnaround from a net loss of $3.6 million in Q3 2023. This improvement was driven by a gross profit of $1.2 million, reflecting a gross margin of 10.7%, up from 1.7% in the prior year. The company noted that cost improvements and price increases contributed to this margin enhancement. For the nine months ended September 30, 2024, however, Beam reported a net loss of $6.7 million, an improvement from a loss of $11.0 million in the same period of 2023.

Beam Global's total current assets decreased to $31.1 million as of September 30, 2024, from $40.7 million at the end of 2023, while total assets fell to $67.3 million from $77.6 million. Total liabilities also decreased to $20.8 million from $28.1 million, contributing to a total stockholders' equity of $46.4 million, down from $49.5 million.

Strategically, Beam Global made significant acquisitions, including Amiga DOO Kraljevo for €7.1 million ($7.6 million) in October 2023, enhancing its manufacturing capabilities in Europe. Additionally, the acquisition of Telcom d.o.o. Beograd for approximately €815,298 ($885,000) in August 2024 aimed to bolster its power electronics and telecommunications equipment offerings. These acquisitions are expected to expand Beam's market presence and product capabilities.

The company also reported a notable increase in revenues from non-government commercial entities, which rose to 31% of total revenues for the nine months ended September 30, 2024, compared to 11% in the previous year. Beam Global continues to invest in its sales and business development teams to drive growth in the electric vehicle infrastructure market, which it anticipates will see significant demand in the coming years.