Beam Global (BEEM) Q1 2026 Earnings Transcript

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DATE

Friday, May 15, 2026 astatine 4:30 p.m. ET

CALL PARTICIPANTS

• Chief Executive Officer — Desmond Wheatley

• Chief Financial Officer — Lisa (last sanction not provided successful transcript)

Full Conference Call Transcript

I'm going to spell up and commencement with a mates a fewer cardinal highlights. Our backlog grew 50% during the 4th from $6 cardinal astatine December 31 of '25 to $9 cardinal astatine March 31 of '26, with much than fractional attributable to the astute metropolis applications, astir 1/3 to vigor retention and the equilibrium to the EV ARC and related products. And possibly astir importantly, our Q2 2026 gross done contiguous has already exceeded our archetypal 4th results, a wide awesome that the concern is accelerating. Operationally, the 4th was active. We made our archetypal EV ARC merchantability successful Abu Dhabi for nationalist EV charging. We launched a patented autonomous wireless charging strategy for autonomous vehicles.

We were selected to proviso patented artillery systems for drones, supporting life-saving aerial operations globally. Beam Europe achieved a grounds $1.7 cardinal successful astute metropolis infrastructure orders successful a azygous week crossed Romania, Croatia, Montenegro, Serbia and Italy, astir doubling the strongest play bid measurement achieved successful 2025. And we secured the largest residential EV ARC orders to day successful New York. We proceed to run with nary debt, nary going interest and an unused $100 cardinal enactment of credit. Turning to the financials. Our archetypal 4th gross was $3.1 million, a alteration of 51% compared to $6.3 cardinal successful Q1 of '25.

The diminution reflects bid timing with 2 ample orders moving retired of the quarter, a seasonally dilatory play for our European operations and the ongoing simplification successful national authorities EV spending. Our planetary customers comprised 51% of revenues successful Q1 of '26 versus 25% successful Q1 of '25, and revenues from nongovernment commercialized entities accrued 48% year-over-year to correspond 78% of our full revenues, continuing the diversification inclination we person been executing against. On gross profit, we reported a gross nonaccomplishment of $0.4 cardinal oregon antagonistic 13.3% compared to a gross nett of $0.5 cardinal oregon 7.9% successful Q1 of '25. Our gross results included $0.7 cardinal of noncash depreciation and intangible amortization and outgo of revenues.

Excluding these items, the adjusted non-GAAP gross borderline was 9.4%, compared to 20.6% successful the anterior twelvemonth period. The diminution reflects the interaction of our fixed overhead allocations against the little merchandise measurement and is not indicative of deterioration successful our underlying portion economics, which continues to improve. Our operating expenses were $6.3 cardinal compared to $16 cardinal successful Q1 of '25. The anterior play includes a noncash goodwill impairment complaint of $10.8 million, not represented this quarter. Excluding that charge, our operating expenses accrued astir $1 cardinal year-over-year. This is chiefly owed to a $1.8 cardinal noncash proviso for recognition losses related to a azygous lawsuit equilibrium that was reserved successful accordance with our policy.