Beam Global Q1 Revenue at $3.1M, Down Year-over-Year
Reports Q1 revenue $3.1M vs. $6.3M last year. "While first quarter revenues were impacted largely by order timing and also as a result of a typically slow period in our European operations and, we believe, the war in the Middle East, our backlog grew 50% in the quarter to $9 million and we believe that the first half of '26 will demonstrate that our diversification strategy is working." said Desmond Wheatley, CEO of Beam Global. "Setting up for first-half backlog and revenue growth, we made our first public EV charging infrastructure sale in Abu Dhabi; our European operations posted a couple of record weekly order volumes; we launched patented autonomous wireless vehicle charging at a time when global autonomous vehicle use is growing at record rates; we won more drone battery contracts; we expanded our product footprint in Europe, and perhaps most tellingly, our Q2 revenue to date is already greater than our full first quarter results. We continue to diversify our revenue opportunities with geographic expansion and new products addressing drones, energy security, smart cities infrastructure and even top-secret weapons systems. While EV charging infrastructure, which is only one piece of our diverse product portfolio and revenue mix, is slower in the US, we are seeing increasing demand globally and we believe that the federal government will return to EV infrastructure investment as the global automotive industry electrifies, regardless of short-term U.S. policy. Beam Global's rapidly deployable, off-grid solutions will only become more relevant as urgency for infrastructure increases. We continue to be financially disciplined, being debt free, keeping our operating costs in order, improving our unit economics and creating significant geographic and portfolio expansion without significant capital expenditures."
