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Beam Global (BEEM-4.33%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a decrease in revenues to $11.5 million for the quarter, down from $16.5 million in the same quarter the previous year. The decrease is attributed to reduced orders from federal customers.
Gross profit for the quarter was $1.2 million, representing 10.7% of sales, compared to a gross profit of $0.8 million or 1.7% of sales in the same period of 2023. The improvement is due to cost reductions and design changes.
Operating expenses for the quarter were a credit of $50 thousand, compared to $4.0 million for the same period in the prior year. This change is primarily due to a $6.1 million non-cash change in fair value of contingent consideration related to the Amiga acquisition.
For the nine months ended September 30, 2024, revenues were $41.0 million, down from $47.3 million for the same period in 2023. The decrease is mainly due to a reduction in sales to federal customers.
Gross profit for the nine-month period was $5.1 million, or 12% of sales, compared to $0.8 million, or 2% of sales in the same period of 2023. The improvement is attributed to cost reductions and efficiencies.
Operating expenses for the nine-month period were $11.6 million, compared to $11.9 million in the prior year. The decrease is due to a $4.5 million non-cash decrease in fair value of contingent consideration for the Amiga acquisition.
Beam Global reported a net loss of $6.7 million for the nine months ended September 30, 2024, compared to a net loss of $11.0 million in the same period of 2023.
The company had cash of $4.8 million at the end of the period, down from $10.4 million at the end of 2023. Cash used in operating activities was $3.1 million for the nine months ended September 30, 2024.
The filing also details the acquisition of Telcom d.o.o. Beograd, a Serbian company engaged in the manufacturing of power electronics and telecommunications equipment, which is expected to enhance Beam's product offerings and market reach.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Beam Global quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.