Beam global reports record year end 2023 operating results

San diego, april 16, 2024 (globe newswire) -- beam global, (nasdaq: beem, beemw), (the “company”), the leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, today announced operating results for the year ended december 31, 2023. 2023 and recent company highlights record full year revenues of $67.4 million, 206% year over year increase record q4 revenues of $20.0 million, 154% year over year increase and highest quarterly revenue in the company's history record full year ev arc™ system production, 194% year over year increase positive full-year gross profit – an improvement of 9% as a percentage of revenue over 2022 debt free and $100 million line of credit available and unused current pipeline $150 million, backlog of $22 million at december 31, 2023 received $7.4 million order from the u.s. army for 88 off-grid ev arc™ ev charging systems – 3rd largest order in company history received $4.8 million order from u.s. department of homeland security for sustainable ev charging infrastructure products – 5th largest order in company history acquired amiga creating beam europe to open largest market in the world to beam global clean technology solutions with existing customer relationships in 17 nations awarded first european government supplier agreement on the uk's crown commercial service received first million-dollar european order for ev arc™ solar-powered ev charging systems from uk ministry of defence received new european orders from leading telecommunications provider totaling us$1.2 million qualified for u.s. federal government fedramp increased ev arc™ base unit sales price by 8.25% expanded global patent portfolio: granted u.s. patent for wireless / inductive electric vehicle charging powered by renewable energy granted european patent for compact transportation-configurable ev arc™ systems granted european patent for ev standard™ curbside ev charging infrastructure product granted european patent for thermal management technology that makes lithium-ion batteries safer granted patents in china and india for thermal management technology that makes lithium-ion batteries safer enhanced beam global leadership team: judy krandel joined beam global board of directors as audit committee chair europe-based george syllantavos joined beam global board of directors appointed mark myers, former nuclear navy officer, as chief operating officer appointed lisa potok as chief financial officer significantly expanded engineering expertise to further develop new product solutions for the electrification of transportation and the security and decarbonization of energy infrastructure significantly expanded development and manufacturing capacity to bring beam global products to european markets and beyond commenced fabrication of ev standard™ beta products launched 160 mph wind-rated ev arc™ sustainable ev charging infrastructure product line “the beam team delivered a tripling of revenues, positive and significantly improved gross profits, significantly reduced operating costs as a percentage of revenues, a tangible path to cash flow, and growing pipeline and healthy backlog,” said desmond wheatley, ceo of beam global.
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