Beam Global reported full year 2025 revenue of $28.2 million, down sharply from 2024, with a GAAP net loss of $27.0 million or $(1.61) per share. Margins improved on a non GAAP basis despite lower sales, and the business mix shifted toward commercial and international customers. Shares showed after hours movement following the release.
About Beam Global
Beam Global (Nasdaq: BEEM) is a sustainable technology company that designs and manufactures infrastructure products for transportation electrification, energy security and smart city applications. The company is headquartered in San Diego, California, with additional facilities in Broadview, Illinois, Belgrade and Kraljevo in Serbia, and Abu Dhabi in the United Arab Emirates. Beam Global operates in the United States, Europe and the Middle East, focusing on rapidly deployed EV charging, safe energy storage and intelligent infrastructure solutions.
Founded as a clean technology innovator, it has evolved from a solar powered EV charging provider into an integrated energy and mobility infrastructure platform. Recent market data show a market cap of about $28.8 million based on a share price near $1.52, implying a negative P/E ratio given continued net losses. The company does not pay a dividend and remains debt free aside from small notes payable, supported by a $100 million unused credit line.
Top Financial Highlights
- Full year 2025 revenue was $28.2 million, down from $49.3 million in 2024 as U.S. federal EV charging orders ceased.
- Q4 2025 revenue reached $9.0 million, up 56% sequentially and 7% year over year, marking the strongest quarter since Q3 2024.
- GAAP gross profit for 2025 was $3.5 million with a 13% gross margin, versus $7.3 million and 15% gross margin in 2024.
- Non GAAP gross profit excluding depreciation and amortization was $6.5 million at a 23% margin, up from a 21% margin in 2024.
- Operating expenses for 2025 totaled $31.1 million, including $10.8 million of goodwill impairment and $2.6 million of non cash compensation.
- Excluding non cash items, operating expenses were about $16.1 million, a 17% year over year reduction that reflects cost discipline.
- Net loss for 2025 was $27.0 million, compared with $11.3 million in 2024, as lower revenue and the goodwill impairment weighed on results.
- Net loss per share was $(1.61) on average basic and diluted shares of 16.8 million, versus $(0.77) on 14.6 million shares in 2024.
- Non GAAP net loss before income tax was $9.5 million, slightly worse than $8.6 million in 2024 despite lower operating cash costs.
- Full year GAAP gross margin was 13%, but non GAAP gross margin improved to 23% as unit economics benefited from product and operational changes.
- Commercial revenue rose to 72% of 2025 revenue from 38% in 2024, reflecting a pivot away from U.S. government customers.
- The company ended 2025 with a $6.0 million backlog, about half from international sources, which later increased to $9.0 million by March 31, 2026.
- Cash on hand at December 31, 2025 was $0.97 million, with total working capital of $8.9 million versus $13.8 million a year earlier.
- Beam Global reports having no debt, no going concern warning, and maintaining access to a $100 million unused line of credit.
Beat or Miss?
Performance vs Expectations
Analyst consensus estimates for 2025 revenue and EPS were not disclosed in the press release, and external sources did not provide a clear consensus, so reported results are shown against estimated values as N/A.
| Metric | Reported 2025 | Difference or analysis |
| Revenue | $28.2 million | N/A – significant decline from 2024 level. |
| Net income (loss) | $(27.0) million | N/A – loss widened mainly due to impairment. |
| EPS (basic/diluted) | ($1.61) | N/A – higher loss per share versus 2024. |
| Gross margin (GAAP) | 13% | N/A – down from prior year, reflecting lower volume. |
| Gross margin (non GAAP) | 23% | N/A – improved by 2 percentage points YoY. |
| Operating expenses (GAAP) | $31.1 million | N/A – sharply higher due to goodwill impairment. |
| Operating expenses (non GAAP) | $16.1 million | N/A – reduced about 17% year over year. |
| Operating cash flow | N/A in this release | Not disclosed for 2025; reference prior filings. |
What Leadership Is Saying?
“2025 was a year of significant expansion for Beam Global with the opening of Beam Middle East, the deployment of new products and business models and a significant shift in our sales balance away from U.S. government sales to commercial and international opportunities. Our technologies and patented products have been enthusiastically adopted by drone companies, corporations, international governments, militaries, oil and gas and a whole host of other organizations in 20 U.S. states and multiple nations in Europe and the Middle East. As we go into 2026, we are actively selling a diverse set of incredibly relevant products into global markets, creating opportunities which we have never had before.” – Desmond Wheatley, Chairman, President and CEO, Beam Global
“We actually burned around $6 million of cash in all of 2025. On December 31, 2025, we had around $9 million in working capital, of which about $1 million was cash. While our GAAP results reflect significant non-cash charges including goodwill impairment, the underlying cash-based operating discipline is reflected in our 17% reduction in operating expenses excluding non-cash items.” – Lisa Potok, CFO and Media Contact, Beam Global
Historical Performance
This table compares full year 2025 to full year 2024, which is the most relevant year over year view for these operating results.
| Category | Full Year 2025 | Full Year 2024 | Change (%) |
| Revenue | $28.2 million | $49.3 million | About (43%) decline |
| Net income (loss) | $(27.0) million | $(11.3) million | Loss increased by about 139% |
| Operating expenses | $31.1 million | $19.0 million | Up about 64%, driven by goodwill impairment |
Historical Performance of competitors
Public competitors in EV infrastructure and clean energy, such as ChargePoint Holdings and Blink Charging, also reported revenue growth coupled with ongoing net losses over their latest fiscal years, though on a larger scale. Exact year over year figures for those companies are not provided in the Beam Global release and vary across filings, so approximate directional comparisons are shown.
| Category | Beam Global FY 2025 | Peer group FY latest (illustrative) | Change or positioning (%) |
| Revenue | $28.2 million | Hundreds of millions for larger peers | Beam operates at a smaller scale |
| Net income (loss) | $(27.0) million | Substantial net losses at peers | Similar loss making profile |
| Operating expenses | $31.1 million | Higher in absolute terms for peers | Expense base scaled to size |
How the Market Reacted?
Beam Global’s 2025 report shows a sharp revenue decline due to lost U.S. federal orders, offset by improving non GAAP margins and a pivot toward commercial and international customers. The company ends the year with limited cash but positive working capital, no debt and an unused $100 million credit line, which partly mitigates the elevated net loss.
Recent trading data indicate a market capitalization around $28.8 million at a share price of about $1.52, reflecting investor caution about the path to profitability. In the absence of explicit intraday stock reaction in the release, sentiment around the report appears mixed, with operational progress but continued financial pressure.
