Beam global announces record second quarter 2024 operating results

San diego, aug. 13, 2024 (globe newswire) -- beam global, (nasdaq: beem), (the “company”), a provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, today announced its second quarter results for the period ended q2 2024. q2 2024 financial highlights: increased revenue 2% to $14.8 million over q1 2024 record gross margin of 16%, an increase over q1 2024 of 6 percentage points 31% of revenue derived from commercial customers backlog of $11 million; record pipeline of over $183 million net cash used of $0.1 million in operating activities for the six months ended q2 2024 debt free and $100 million line of credit available and unused q2 2024 and recent operational highlights: q2 purchase orders up 129% year-over-year with over half of u.s. orders from new customers signed first european distributor for ev charging and energy infrastructure product lines over half of q2 ev arc™ orders are new customers, expanding our customer base new orders from u.s. commercial business in q2 increase 66% year-over-year “the beam team is laser focused on improving margins and continuing our progress towards positive cash flow.
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