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What changed in Beam Global's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of Beam Global's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+366 added−398 removedSource: 10-K (2026-04-09) vs 10-K (2025-04-11)

Top changes in Beam Global's 2025 10-K

366 paragraphs added · 398 removed · 257 edited across 6 sections

Item 1. Business

Business — how the company describes what it does

149 edited+47 added−62 removed24 unchanged
Biggest changeWe are increasingly adding power electronics, energy storage, computing, sensing and reporting to our street furniture products as we evolve them to provided greater levels of Smart Cities services. 2 Beam’s renewable energy infrastructure products and proprietary technology solutions target markets that are experiencing significant growth with annual global spending in billions of dollars. · EV charging infrastructure; · Smart Cities infrastructure; · energy storage solutions; · energy security and disaster preparedness; · transportation infrastructure products; and · Power electronics and telecommunications equipment The Company focuses on creating high-quality products that are powered primarily by renewable energy, rapidly deployable, have diverse use cases and are attractively designed.
Biggest changeWe are increasingly adding power electronics, energy storage, computing, sensing and reporting to our street furniture products as we evolve them to provide greater levels of Smart Cities services.
It does not need a grid connection which eliminates the need for lengthy construction projects, trenching, switch gear, or transformer upgrades. The EV ARC TM can be delivered to its intended location and is set up and charging in less than an hour.
It does not need a grid connection or foundations which eliminates the need for lengthy construction projects, trenching, switch gear, or transformer upgrades. The EV ARC TM can be delivered to its intended location and is set up and charging in less than an hour.
We do not compete with EV charging companies; rather, we assist these companies by offering infrastructure solutions that replace the time-consuming and expensive process of construction and electrical work which are usually required to install traditional grid-tied EV chargers. We also do not compete with utility companies.
We do not compete with EV charging companies; rather, we assist these companies by offering infrastructure solutions that replace the time-consuming and expensive process of construction and electrical work which are usually required to install traditional grid-tied EV and AV chargers. We also do not compete with utility companies.
Our products enable utilities and others to deliver reliable and low-cost electricity to EV chargers and, in the case of a grid failure, to first responders and others, through our integrated emergency power panels. Our charging products are rapidly deployed without the need for construction or electrical work.
Our products enable utilities and others to deliver reliable and low-cost electricity to EV and AV chargers and, in the case of a grid failure, to first responders and others, through our integrated emergency power panels. Our charging products are rapidly deployed without the need for construction or electrical work.
Electrify America is a customer of Beam Global and has used our products to assist in the expansion of their EV charging network. 14 We also face competition, to some extent, from entities which are offering free or discounted EV charging infrastructure to our prospective customers.
Electrify America is a customer of Beam Global and has used our products to assist in the expansion of their EV charging network. We also face competition, to some extent, from entities which are offering free or discounted EV charging infrastructure to our prospective customers.
Beam is, we believe, an industry leader in the sustainable EV charging infrastructure space, and we use our website and social media to highlight our innovative products and offerings. Sales of our products can often have long sales cycles due to the capital expense, budgeting cycles, and the sophisticated nature of our products.
Beam is, we believe, an industry leader in the sustainable EV charging infrastructure space, and we use our website and social media to highlight our innovative products and offerings. Sales of our products often have long sales cycles due to the capital expense, budgeting cycles, and the sophisticated nature of our products.
Utilities such as the three large IOUs (investor-owned utilities) in California (SDG&E, PG&E, SCE) have successfully lobbied the California Public Utility Commission for permission to rate base the costs of installations of EV chargers.
Utilities such as the three large investor-owned utilities in California (SDG&E, PG&E, SCE) have successfully lobbied the California Public Utility Commission for permission to rate base the costs of installations of EV chargers.
EV ARC™ systems do not need to be connected to the grid and as such, can be placed anywhere, making them a rapidly deployable and highly scalable solution for EV charging infrastructure.
EV ARC™ systems do not need to be connected to the grid and as such, can be placed anywhere, making them a rapidly deployable and highly scalable solution for EV and AV charging infrastructure.
BeamPatrol™ and the motorcycles generally have low maintenance and fuel costs and provide a highly reliable mobility solution while assisting in the carbon reduction efforts of the agencies that use the product.
BeamPatrol™ and its motorcycles generally have low maintenance and fuel costs and provide a highly reliable mobility solution while assisting in the carbon reduction efforts of the agencies that use the product.
In fact, we support the major EV charging product and service providers by factory integrating their products onto ours, prior to deployment. We have deployed ChargePoint, Blink, Enel, Electrify America and many other quality charging brands. We also do not compete with utilities who use our product as another tool to provide electricity, primarily for EV charging to their customers.
In fact, we support the major EV charging product and service providers by factory integrating their products into ours, prior to deployment. We have deployed ChargePoint, Blink, Enel, Electrify America and many other quality charging brands. We also do not compete with utilities who use our product as another tool to provide electricity, primarily for EV charging to their customers.
Our EV charging infrastructure products are powered by locally generated renewable energy and enable vital and highly valuable services in locations where it is either too expensive, disruptive, or impossible to connect to a utility grid, or where the requirements for electrical power are so important that grid failures, like blackouts, are intolerable.
Our EV and AV charging infrastructure products are powered by locally generated and stored renewable energy and enable vital and highly valuable services in locations where it is either too expensive, disruptive, or impossible to connect to a utility grid, or where the requirements for electrical power are so important that grid failures, like blackouts, are intolerable.
Our products are fully sustainable and include battery energy storage that can be used during times of grid or hydrocarbon fueled generator failure or during public safety power shutoff (PSPS) as may be required in certain jurisdictions. Our primary focus in energy security is to ensure access to EV recharging infrastructure during grid failures, such as blackouts.
Our products are fully sustainable and include battery energy storage that can be used during times of grid or hydrocarbon fueled generator failure or during public safety power shutoff (“PSPS”) as may be required in certain jurisdictions. Our primary focus in energy security is to ensure access to EV recharging infrastructure during grid failures, such as blackouts.
We also entered into an agreement with Vinci Airports, the world’s leading private airport operator with over 70 airports under management internationally, which does not require us to pay rent because of the amenity value that is delivered to the airport through the provision of a free driving on sunshine experience for their visitors and guests.
We also entered into an agreement with Vinci Airports, the world’s leading private airport operator with over 70 airports under management internationally, which does not require us to pay rent because of the amenity value that is delivered to the airport through the provision of free Drive on Sunshine™ experience for their visitors and guests.
While we believe this is a proven, successful business model, and our EV ARC TM provides a good platform for advertising for a company who seeks to promote their support of clean energy. In November 2024, the Company announced its first sponsorship agreement with Globos Osiguranje, one of Serbia’s premier insurance companies.
We believe this is a proven, successful business model, and our EV ARC TM provides a good platform for advertising for a company who seeks to promote their support of clean energy. In November 2024, we announced our first sponsorship agreement with Globos Osiguranje, one of Serbia’s premier insurance companies.
During a period of significant and increasing demand, we believe that our scalability and rapid deployment will create a significant advantage for our products and our position in the market. Growth Strategy Our growth strategy can be broken into the following sectors: 1. Geographic expansion 2. Product and technology portfolio expansion 3. Customer segment diversification 4.
During a period of significant and increasing demand, we believe that our scalability and rapid deployment will create a significant advantage for our products and our position in the market. 9 Table of Contents Growth Strategy Our growth strategy can be broken into the following sectors: 1. Geographic expansion 2. Product and technology portfolio expansion 3. Customer segment diversification 4.
We believe our products are valuable and politically popular regardless of which administration is currently in power because they provide: 1. American made products 2. Reliable Clean Energy 3. Energy Security 4. American fueled transportation 5. Communications and energy infrastructure We believe that our products are ideally suited to fulfill all these requirements.
We believe that we produce products which are valuable and politically popular regardless of which administration is currently in power because they provide: 1. American made products 2. Reliable innovative Energy 3. Energy Security 4. American fueled transportation 5. Communications and energy infrastructure We believe that our products are ideally suited to fulfill all these requirements.
The EV ARC™ generates and stores all its own energy through its solar array so there are no utility bills to pay. EV ARC™ features our patented BeamTrak TM sun tracking technology that follows the sun to generate up to an additional 25% of solar electrical power.
The EV ARC™ generates and stores all its own energy through its combination of tracking solar array and integrated batteries, so there are no utility bills to pay. EV ARC™ features our patented BeamTrak TM sun tracking technology that follows the sun to generate up to an additional 25% of solar electrical power.
In addition to all-electric car manufacturers such as Tesla, BYD, Lucid Motors, Rivian, Polestar, etc., most car companies now offer electric vehicle options for various types of vehicles.
In addition to all-electric car manufacturers such as Tesla, BYD, Lucid Motors, Rivian, Polestar, etc., most car companies now offer EV options for various types of vehicles.
Automotive manufacturers have started production of electric vehicles which are more consistent with traditional car models that have been popular with U.S. consumers. GM has launched an electric Hummer which has 1000HP (compared to the gasoline version with 300HP) with a similar acceleration rate as the F150.
Automotive manufacturers have started production of EV which are more consistent with traditional car models that have been popular with U.S. consumers. GM has launched an electric Hummer which has 1000HP (compared to the gasoline version with 300HP) with a similar acceleration rate as the all-electric F150.
As a result, they can offer the installation, or “make readies” of electrical circuits and other civil infrastructure, for a lower price or in some instances for free, to certain customers. We are adding utilities to our customer base and have provided product to seven utilities to date.
As a result, they can offer the installation, or “make readies” of electrical circuits and other civil infrastructure, for a lower price or in some instances for free, to certain customers. We have added utilities to our customer base and have provided product to seven utilities to date.
The BeamWell™ system provides three essential services to regions in crisis: it turns seawater into fresh water, which is then stored in an integrated 3000-liter tank that is replenished daily; it provides a source of electricity which can be used for medical or communications devices as well as cooking, refrigeration and lighting; and it charges four integrated and bundled Benzina Zero electric mopeds for the rapid distribution of food, water, medications or other vital resources, to those in need. · Smart Cities Infrastructure products – Street lighting, street furniture, communications infrastructure products, energy infrastructure products, with electronics integration including renewable energy sources, battery storage, sensors and IoT integration. · UAV ARC™ - patent issued on November 24, 2020, and currently under development.
The BeamWell™ system provides three essential services to regions in crisis: it turns seawater into fresh water, which is then stored in an integrated 3000-liter tank that is replenished daily; it provides a source of electricity which can be used for medical or communications devices as well as cooking, refrigeration and lighting; and it charges four integrated electric mopeds for the rapid distribution of food, water, medications or other vital resources, to those in need. ● Smart Cities Infrastructure products – Streetlighting, street furniture, communications infrastructure products, energy infrastructure products, with electronics integration including renewable energy sources, battery storage, sensors and IoT integration. ● BeamFlight™ - patent issued on November 24, 2020, and currently under development.
Our EV ARC™ and BeamSpot™ products replace the infrastructure required to support EV chargers, not the chargers themselves. We have over thirty years of experience deploying street-lighting, transportation, energy and telecommunications infrastructure products as a result of our 2023 acquisition of Amiga in Serbia.
Our EV ARC™ and BeamSpot™ products replace the infrastructure required to support EV chargers, not the chargers themselves. 2 Table of Contents We have over thirty years of experience deploying street-lighting, transportation, energy and telecommunications infrastructure products as a result of our 2023 acquisition of Amiga in Serbia.
Our products provide extra capacity to charge EVs without requiring complicated, time consuming, environmentally impactful, and risky expansions of the centralized utility grid infrastructure. 15 o Environmentally sound product using clean energy. Grid-tied chargers rely upon electricity, more than 60% of which is generated by burning fossil fuels. The electricity our products provide is 100% emissions free.
Our products provide extra capacity to charge EVs without requiring complicated, time-consuming, environmentally impactful, and risky expansions of the centralized utility grid infrastructure. o Environmentally sound products use clean energy. Grid-tied chargers rely upon electricity, more than 60% of which is generated by burning fossil fuels. The electricity our products provide is 100% emissions free.
As unit sales continue to increase, we anticipate that we will be able to spread our fixed overhead costs over more units, which, along with our other cost controlling efforts will reduce the cost per unit. Customer Concentration During 2024, 62% of our revenue was attributable to federal, state, and local governments, compared to 80% in 2023.
As unit sales continue to increase, we anticipate that we will be able to spread our fixed overhead costs over more units, which, along with our other cost controlling efforts will reduce the cost per unit. Customer Concentration During 2025, 29% of our revenue was attributable to federal, state, and local governments, compared to 62% in 2024.
Available with, or without bundled Zero eMotorcyles. 5 · BeamWell™ - based on the patented EV ARC™ system, is a self-sufficient, self-contained operational system for use in war zones and remote or disaster areas where only salt, brackish or dirty water is available because a reliable clean water supply is not available or has been interrupted.
BeamPatrol™ is made available with, or without bundled eMotorcyles. ● BeamWell™ - based on the patented EV ARC™ system, is a self-sufficient, self-contained operational system for use in war zones and remote or disaster areas where only salt, brackish or dirty water is available because a reliable clean water supply is not available or has been interrupted.
We believe our chief differentiators are: · Our patented, renewably energized products dramatically reduce the cost, time and complexity of the installation and operation of EV charging infrastructure when compared to traditional, utility grid tied alternatives; · Our proprietary and patented energy storage solutions; · Our first-to-market advantage with EV charging infrastructure products which are renewably energized, rapidly deployed and require no construction or electrical work on site; 3 · Our products’ capability to operate during grid outages and to provide a source of EV charging and emergency power rather than becoming inoperable during times of emergency or other grid interruptions; · Our ability to add electrical capacity to provide for the significant increase demand brought by EVs, without having to go through expensive, time-consuming and risky utility grid expansion (adding power stations, transmission lines and distribution infrastructure like substations); · Our ability to create new and patentable products which are marketable and consist of a complex integration of our proprietary technology and parts with other commonly available engineered components, which create a further barrier to entry for our competition; · Our ability to create products which provide valuable solutions to nascent industries with very large market opportunities globally; · Our geographic footprint in North America and Europe, and existing customer base and contracts.
We believe our chief differentiators are: ● Our patented, renewably energized products dramatically reduce the cost, time and complexity of the installation and operation of EV and AV charging infrastructure when compared to traditional, utility grid tied alternatives; ● Our proprietary and patented energy storage solutions; ● Our first-to-market advantage with EV and AV charging infrastructure products which are renewably energized, rapidly deployed and require no construction or electrical work on site; ● Our products’ capability to operate during grid outages and to provide a source of EV charging and emergency power rather than becoming inoperable during times of emergency or other grid interruptions; ● Our ability to add electrical capacity to provide for the significant increase demand brought by electrified transportation, data centers, AI and the electrification of the industry, without having to go through expensive, time-consuming and risky utility grid expansion (adding power stations, transmission lines and distribution infrastructure like substations); ● Our ability to create new and patentable products which are marketable and consist of a complex integration of our proprietary technology and parts with other commonly available engineered components, which create a further barrier to entry for our competition; ● Our ability to create products which provide valuable solutions to nascent industries with very large market opportunities globally; and ● Our geographic footprint in North America, Europe, the Middle East, and existing customer base and contracts.
Outdoor Media Advertising The Company believes there is opportunity in the outdoor advertising space to place outdoor advertising content on Beam’s infrastructure products. The objective is to sell advertising space on our products to a company, with the proceeds being used to fund the delivery of EV ARC™ systems.
Outdoor Media Advertising We believe there is opportunity in the outdoor advertising space to place outdoor advertising content on Beam’s infrastructure products. The objective is to sell advertising space on our products to a company, with the proceeds being used to fund the delivery of EV ARC™ systems.
Telcom has a well-respected and highly talented team of electrical engineers, focused on power electronics and the integration of renewables and energy storage. We intend to continue to grow Telcom’s legacy business, and we believe that. Telcom’s portfolio of existing customers also offer further opportunities for expansion of our products in Europe.
We believe Telcom has a well-respected and highly talented team of electrical engineers, focused on power electronics and the integration of renewables and energy storage. We continue to grow Telcom’s legacy business, and we believe that Telcom’s portfolio of existing customers offers further opportunities for expansion of our products in Europe.
We are not aware of any other products which provide a similar solution for this need as effectively as our patented products which are listed below: · EV ARC™ (Electric Vehicle Autonomous Renewable Charger) – Our most popular product- We believe this patented product is the world’s first and only transportable, solar powered EV charging infrastructure product on the market that fits in a parking space but does not reduce available parking.
We are not aware of any other products which provide a similar solution for this need as effectively as our patented products which are listed below: ● EV ARC ™ (EV and AV Autonomous Renewable Charger) – We believe this patented product is the world’s first and only transportable, solar powered EV charging infrastructure product on the market that fits in a parking space but does not reduce available parking.
We further believe that in certain circumstances the unique nature of our business will create a barrier to entry for our competition even in the legacy Street lighting and other integrated steel structure product businesses.
We further believe that in certain circumstances the unique nature of our business will create a barrier to entry for our competition even in the legacy Streetlighting and other integrated steel structure product businesses.
During prolonged grid failures, those systems fail while Beam products will continue to operate. o Because a grid connection is not required, Beam’s EV ARC™ can be located anywhere, including prime locations in the front of buildings or remote locations that are hard to connect to a grid.
During prolonged grid failures, those systems fail while our products continue to operate. o Located anywhere. Because a grid connection is not required, our EV ARC™ can be located anywhere, including prime locations in the front of buildings or remote locations that are hard to connect to a grid.
The cost and complexity to deploy our products will not increase and in fact, we believe that, like any other manufacturing company, our costs will decrease while our efficiency and deployment velocity increases. o We believe that the utility grid lacks sufficient capacity to replace oil as transportation fuel.
The cost and complexity to deploy our products will not increase and in fact, we believe that, like any other manufacturing company, our costs will decrease while our efficiency and deployment velocity increases. 14 Table of Contents o We believe that the utility grid lacks sufficient capacity to replace oil as transportation fuel.
We currently have seven utility customers and anticipate that that number will grow as more utilities become engaged in EV charging and in deploying distributed generation resources to enhance grid stability. Our product is unique in that we are a complete solution for EV charging infrastructure requirements.
We have sold products to seven utility customers and anticipate that that number will grow as more utilities become engaged in EV charging and in deploying distributed generation resources to enhance grid stability. Our EV ARC™ product is unique in that we are a complete solution for EV charging infrastructure requirements.
In the U.S., while the federal government has become less enthusiastic about the acquisition of electric vehicles and electric vehicle charging infrastructure, there are still currently nine states that have announced plans to prohibit the sale of new internal combustion engine automobiles after 2035. California has announced a similar ban and seventeen other states have historically followed California’s regulations.
In the U.S., while the federal government has become less enthusiastic about the acquisition of EVs and EV charging infrastructure, there are still currently nine states that have announced plans to prohibit the sale of new internal combustion engine automobiles after 2035. California has announced a similar ban, and seventeen other states have historically followed California’s regulations.
We continue to be acquisitive, and we are actively searching for opportunities which we believe will continue to improve our business model, our business operations, our revenues and profitability. We believe that there are areas of opportunity in further sourcing our manufacturing operations through the acquisition of companies who make components that are necessary to the operation of our products.
We continue to actively search for opportunities which we believe will continue to improve our business model, our business operations, our revenues and profitability. We believe that there are areas of opportunity in further sourcing our manufacturing operations through the acquisition of companies who make components that are necessary to the operation of our products.
Most of the temporary employees are retained through a temporary employment agency to maximize our flexibility and to reduce the risks and costs associated with permanent employees. We believe our employee relations to be good. None of our employees are represented by a labor union or collective bargaining agreement. 17
Most of the temporary employees are retained through a temporary employment agency to maximize our flexibility and to reduce the risks and costs associated with permanent employees. We believe our employee relations to be good. None of our employees are represented by a labor union or collective bargaining agreement. 16 Table of Contents
At the same time, we will continue to focus significant selling resources on governmental agencies outside of the United States. In Europe, governments are still very actively pursuing the electrification of transportation and carbon reduction through the generation of electricity using renewable sources.
At the same time, we will continue to focus significant selling resources on governmental agencies outside of the U.S. In Europe, governments are still very actively pursuing the electrification of transportation and carbon reduction through the generation of electricity using renewable sources.
We believe that our strategic growth plan will enable us to increase our user base and revenues while increasing profitability.
We believe that our strategic growth plan will enable us to increase our user base and revenue while increasing profitability.
We do not view utilities as competition and instead view them as a significant opportunity as they increasingly add off grid solutions to their energy mix. Our electric bike recharging product faces product competition from a variety of installers of bike sharing stalls and electric bike charging stations.
We do not view utilities as competition and instead view them as a significant opportunity as they increasingly add off grid solutions to their energy mix. Our electric bike recharging product competes with a variety of installers of bike sharing stalls and electric bike charging stations.
We are not aware of any other company which provides a turnkey solution which includes a bundle with the motorcycles, the charging infrastructure and the fuel for the motorcycles under a single invoice there's no construction electrical work or project management or planning required.
We are not aware of any other company which provides a turn-key solution which includes a bundle with the motorcycles, the charging infrastructure and the fuel for the motorcycles under a single invoice. There's no construction electrical work or project management or planning required under our solution.
The transportability of our products means that a customer can remove them when a lease matures whereas grid-tied solutions become tenant improvements and a sunk investment. o BeamTrak™, our patented solar tracking solution which causes the solar array to follow the sun generating up to 25 percent more electricity than a fixed array, is a significant advantage for our products over any similar offering.
The transportability of our products means that a customer can remove them when a lease matures whereas grid-tied solutions become tenant improvements and a sank investment. o BeamTrak™ , our patented solar tracking solution is designed to follow the sun generating up to 25 percent more electricity than a fixed array, is a significant advantage for our products over any similar offering. o Product Improvements.
(iii) infrastructure products for tram, trolleybus, and railways. (iv) infrastructure products for contact networks, masts, portals and semi-portals for road and railway signaling; (v) large steel lattice structures for specific purposes (e.g., stadiums, factories, power plants, etc.); and (vi) distribution and command electrical cabinets.
(iv) infrastructure products for contact networks, masts, portals and semi-portals for road and railway signaling; (v) large steel lattice structures for specific purposes (e.g., stadiums, factories, power plants, etc.); and (vi) distribution and command electrical cabinets.
The European Union has also announced a ban of the sale of internal combustion engine vehicles in 2035. Europe is the largest automotive market in the world with 405 million cars versus 320 million in China and 290 million in the United states.
The European Union has also announced a ban of the sale of internal combustion engine vehicles in 2035. Europe is the largest automotive market in the world with 405 million cars versus 320 million in China and 290 million in the U.S.
We are living in an increasingly electrified world and more of the devices we rely on are no longer connected to a wall socket or any kind of utility connection. This untethering requires energy storage to be more energy dense and packaged in increasingly smaller and lighter formats.
We are living in an increasingly electrified world and more of the devices we rely on are no longer connected to a wall socket or any kind of utility connection. This untethering requires energy storage to be more energy dense and packaged in increasingly smaller and lighter formats. The storage and release of electrical energy will create heat.
Our clean-technology products are designed to replace a complicated, expensive, time-consuming and risk prone process with an easy, robust and reliable product at a low cost of total ownership. We provide energy storage technologies that make commodity battery cells that we believe are safer, longer lasting and more energy efficient.
Our sustainable technology products are designed to replace a complicated, expensive, time-consuming and risk-prone construction and electrical installation process with an easy, robust and reliable product at a low cost of total ownership. We provide energy storage technologies that make commodity battery cells safer, longer lasting and more energy efficient.
We intend to make further developments in this area and we'll use a combination of in-house development solutions, so solutions acquired from others and potentially acquisitions. We believe that combining machine learning with AI in the type of sensor rich environments which we can deploy will create significant revenue opportunities.
We intend to make further developments in this area and we'll use a combination of in-house development solutions, solutions acquired from others from potential acquisitions. We believe that combining machine learning with AI in the type of sensor rich environments which we can deploy may create significant revenue opportunities in the future.
In the Middle East there are large amounts of petrol dollars being spent on renewable energy technology and the electrification of transportation. We believe that Africa offers very significant opportunities as that continents 1.4 billion people increasingly adopt vehicles which are not powered by internal combustion engines.
In the Middle East large amounts of petrol dollars are spent on renewable energy technology and the electrification of transportation. We believe that Africa, with a population of 1.4 billion, offers very significant opportunities as people increasingly adopt vehicles which are not powered by internal combustion engines.
A single unit can provide EV charging to as many as 12 parking spaces. The electronics are elevated under the solar array which makes the unit flood-proof in up to nine and a half feet of water. EV ARC™ systems are independently rated to withstand winds up to 160mph.
A single unit can provide EV charging to as many as 12 parking spaces. The electronics are elevated under the solar array which is designed to make the unit flood-proof in up to nine and a half feet of water. EV ARC™ systems have been independently rated to withstand winds up to 160mph.
Globos Osiguranje benefits from the promotion of their business as a result of their branding being prominently displayed on the EV ARC™ systems which are deployed in parking spaces in parking lots nearest to the airport terminal buildings. The Globos Osiguranje branded EV ARC™ systems are placed in locations that are visible as you arrive and depart from the airport.
Globos Osiguranje benefits from the promotion of their business as a result of their branding being prominently displayed on the EV ARC™ systems which are deployed in parking spaces in parking lots nearest to the airport terminal buildings. The Globos Osiguranje branded EV ARC™ systems are placed in locations that are visible upon arrival and departure from the airport.
Products and Technologies Electric vehicle charging infrastructure. Our clean energy infrastructure products currently incorporate the same underlying technology with a built-in renewable energy source in the form of attached solar panels and/or a light wind generator, along with battery storage, which enables our products to generate and store their own electricity while operating without connecting to the utility grid.
Products and Technologies EV and AV Charging Infrastructure. Our clean energy infrastructure products currently incorporate the same underlying technology with a built-in renewable energy source within attached solar panels and/or a light wind generator, along with battery storage, which enables our products to generate and store their own electricity while operating without connecting to the utility grid.
Our product provides both a renewable energy source, and EV charging capability in a rapidly deployable and highly scalable construction-free format.
EV ARC™ provides both a renewable energy source, and EV charging capability in a rapidly deployable and highly scalable construction-free format.
Our ability to make commodity battery cells safer, longer lived and more energy efficient in bespoke enclosures is, we believe, a significant differentiator as we move to an increasingly electrified and untethered world. All of our renewably energized products generate their own electricity and store it in integrated batteries.
Our ability to make commodity battery cells safer, longer lasting and more energy efficient in bespoke enclosures is, we believe, a significant differentiator as we move to an increasingly electrified and untethered world. All our renewably energized products generate their own electricity which is stored in our integrated batteries.
Omega D.D. - Croatia We believe that the combination of our legacy streetlight business with our patented portfolio of renewable energy security and EV charging products as well as our ability to create bespoke custom batteries, makes our product offering unique within the markets we are targeting period.
Petitejean S.A.S. - France We believe that the combination of our legacy streetlight business with our patented portfolio of renewable energy security and EV charging products as well as our ability to create bespoke custom batteries, makes our product offering unique within the markets we are targeting period.
As part of our growth strategy for the last several quarters, we intend to continue to expand our focus on sales to nongovernment customers. We believe that our products provide a great deal of value to corporate customers who are increasingly concerned with energy security, carbon contribution reductions and technology solutions which do not require significant construction or electrical projects.
As part of our growth strategy, we intend to continue to expand our focus on sales to non-government and international customers. We believe that our products provide a great deal of value to corporate customers who are increasingly concerned with energy security, carbon contribution reductions and technology solutions which do not require significant construction or electrical projects.
In 2024 we deployed our first sponsorship funded network of EV ARC™ systems at Belgrade International Airport in Serbia. Beam Global retains title to the EV ARC™ and receives recurring payments from Globos Osiguranje, Serbia’s only domestic private insurance company.
In 2024, we deployed our first sponsorship funded network of EV ARC™ systems at Belgrade International Airport in Serbia. Beam Global retains title to the EV ARC™ and receives recurring payments from Globos Osiguranje, a prominent Serbian insurance company.
This unique model means that sponsorship payments are not diluted by typical operating costs, which might burden companies that do not have Beam Global’s technology advantage. Strategy Target Markets Beam’s target markets consist of several broad segments: state, municipal and federal governments and agencies, corporations, universities, retail, hospitality, and international markets.
This model is designed so that sponsorship payments are not diluted by typical operating costs, which might burden companies that do not have Beam Global’s technology advantage. Strategy Target Markets Beam’s target markets consist of several broad segments including: state, municipal and federal governments and agencies, militaries, corporations, universities, retail, hospitality, Tribal Nations and international markets.
Our BeamSpot™ product requires minor on site work you modify the existing three flights foundation so that it can support the extra load which beam spot with its solar array and wind turbine creates.
Our BeamSpot™ product requires minor on-site work to modify the existing foundation so that it can support the extra load which BeamSpot™, with its solar array and wind turbine, creates.
Our battery management systems (BMS), and associated packaging, make batteries safer and usable in a variety of mobility, energy-security, and stationary applications. Our street lighting and other street furniture products are mass produced and sold in 18 nations globally .
Our battery management systems (BMS), and associated thermal packaging, make batteries safer and usable in a variety of mobility, energy-security, and stationary applications. Our streetlighting and other street furniture products are mass produced in our factories in Serbia and have been sold in 18 nations globally.
Manufacturing We are headquartered in San Diego, California in a leased building of approximately 53,000 square feet professionally equipped to handle the significant growth possibilities we believe are in front of us. The facility houses our corporate operations, sales, design, engineering and product manufacturing. The San Diego lease expires on August 31, 2025 and we are currently exploring options.
Manufacturing We are headquartered in San Diego, California in a leased building of approximately 53,000 square feet professionally equipped to handle the significant growth possibilities we believe are in front of us. The facility houses our corporate operations, sales, design, engineering and product manufacturing.
Energy Storage Solutions According to MarketsandMarkets Analysis, the global lithium-ion battery market size is projected to grow from $130 billion in 2024 to $350 billion by 2033; and it is expected to grow at a compound annual growth rate (CAGR) of 12% from 2024 to 2033.
Energy Storage Solutions According to MarketsandMarkets Analysis, the global lithium-ion battery market size is projected to grow from $195 billion in 2025 to $426 billion by 2033; and it is expected to grow at a compound annual growth rate (CAGR) of 10% from 2025 to 2033.
Providing the EV charging for free while monetizing the sponsorship significantly lowers administrative costs and risks. We believe that the amenity value delivered to site hosts enables Beam Global to receive highly favorable economic terms on the parking spaces in which the EV ARC™ systems are placed.
Providing the EV charging for free while monetizing the sponsorship significantly lowers Beam's administrative costs and risks associated with collecting payments or personal information from the EV drivers. We believe that the amenity value delivered to site hosts enables Beam Global to receive highly favorable economic terms on the parking spaces in which the EV ARC™ systems are placed.
Major Customer Contracts In 2024 and 2023, we had two major customer contracts, the State of California and the General Services Administration (GSA) Multiple Award Schedule (MAS) that accounted for 58% and 77% of revenues for the years ended December 31, 2024 and 2023, respectively.
Major Customer Contracts In 2025 and 2024, we had two major customer contracts, the State of California and the General Services Administration (GSA) Multiple Award Schedule (MAS) that accounted fo r 29% and 58% o f revenues for the years ended December 31, 2025 and 2024, respectively.
There may also be government regulations that could impact us as we begin to sell into the European market. Changes to new government regulations may have a material adverse impact on our business, operating results, and financial condition. Employees As of December 31, 2024, we have 276 employees, of which 31 are temporary employees.
There may also be government regulations that could impact us as we begin to sell in the European market. Changes to new government regulations may have a material adverse impact on our business, operating results, and financial condition. Employees As of December 31, 2025, we have 220 employees, of which 23 are tem porary employees.
A significant part of our growth strategy is based upon our belief that our customers will increasingly value data delivered to them from our extensive portfolio of products which we are continuing to make further developments in this area.
We are increasingly enhancing our portfolio of products through the addition of software, power electronics and sensors. A significant part of our growth strategy is based upon our belief that our customers will increasingly value data delivered to them from our extensive portfolio of products which we are continuing to make further developments in this area.
Sales and Marketing Beam utilizes a combination of an in-house sales team and outside consultants, pairing customers with our sales specialists, or Clean Mobility Experts, to ensure their needs are met. Historically, almost all of our sales have been made by a relatively small in-house sales team based largely within the United States.
Sales and Marketing Beam utilizes a combination of an in-house sales team and outside consultants, pairing customers with our sales specialists, to ensure customers' needs are met. Historically, almost all of our sales have been made by a relatively small in-house sales team based largely within the U.S.
Companies such as ChargePoint (NYSE: CHPT) and Blink (NASDAQ: BLNK) offer EV charging services and hardware but not, typically, installation. There are many companies which offer installation services for the EV charging market. They are typically electrical and general contracting companies as well as some larger project management firms such as Black and Veatch, Bechtel, CH2M Hill and AECOM.
There are many companies which offer installation services for the EV charging market. They are typically electrical and general contracting companies as well as some larger project management firms such as Black and Veatch, Bechtel, CH2M Hill and AECOM.
According to Market.us, research indicates that the EV infrastructure market is expected to reach $224.8 Billion by 2032 which is a 27.5% compound annual growth rate (CAGR) between 2024 – 2032. In December 2024, the California Energy Commission approved a plan for nearly $1.4 billion in funding for 17,000 new light-duty chargers statewide.
According to Grand View Research, research indicates that the EV-charging infrastructure market is expected to reach $238.8 Billion by 2033 which is a 25% compound annual growth rate (CAGR) between 2026 – 2033. In December 2024, the California Energy Commission approved a plan for nearly $1.4 billion in funding for 17,000 new light-duty chargers statewide.
Events such as these constitute significant vulnerabilities which are expensive, disruptive, inconvenient, and dangerous. As we electrify our transportation fleets, these events may become catastrophic. The U.S. has a Strategic Petroleum Reserve to ensure that it never runs out of gasoline and diesel, but there is no strategic electric reserve.
As we electrify our transportation fleets, these events may become catastrophic. The U.S. has a Strategic Petroleum Reserve to ensure that it never runs out of gasoline and diesel, but there is no strategic electric reserve.
Under the agreement, Globos Osiguranje sponsored five EV ARC™ solar-powered EV charging stations that are now deployed at Belgrade Nikola Tesla Airport, Serbia’s busiest international travel hub, and will provide free public electric vehicle (EV) charging.
Under the agreement, Globos Osiguranje sponsored five EV ARC™ solar-powered EV charging stations that provide free public EV charging which were deployed at Belgrade Nikola Tesla Airport, Serbia’s busiest international travel hub.
In October 2023, Beam acquired Amiga DOO Kraljevo (“Amiga”) which is a business located in Serbia and engaged in the manufacture and distribution of steel structures with electronic integration, such as streetlights, cell towers, and ski lift towers.
In October 2023, Beam acquired Amiga DOO Kraljevo (“Amiga”) which we renamed Beam Europe following the acquisition, is a business located in Serbia and engaged in the manufacture and distribution of steel structures with electronic integration, such as streetlights, cell towers, and transportation portals.
We now have sales representatives in many countries in Europe and the Balkans as well as in the Middle East and in Africa period. We believe that this level of geographic expansion will create many opportunities for us to expand our sales and revenues in the coming quarters. Historically our revenues and growth have all come from the US market.
We now have sales representatives in many countries in Europe as well as in the Middle East and in Africa. We believe that this level of geographic expansion will create many opportunities for us to increase our sales and revenues in the coming quarters.
We have witnessed power outages in Texas due to cold weather, in California due to wildfires and in California and New York due to hot weather and in other parts of the nation whenever inclement conditions such as high winds or flooding occur.
We have witnessed power outages in Texas due to cold weather, in California due to wildfires and in California and New York due to hot weather and in other parts of the nation whenever inclement conditions such as high winds or flooding occur. California has also been susceptible to PSPS to prevent fires during high wind events.
Supports 12 eBikes and is available with or without bundled eBike packages. · BeamPatrol™ - Rapidly deployed and easily transported, the BeamPatrol™ station allows law enforcement and safety personnel to charge and quickly access electric motorcycles without the need for any additional infrastructure or fuel.
Supports 12 eBikes and is available with or without bundled eBike packages and a mobile app which takes payments and locks and tracks the locations and usage of the e-bikes. ● BeamPatrol™ - Rapidly deployed and easily transported, the BeamPatrol™ station allows law enforcement and safety personnel to charge and quickly access electric motorcycles without the need for any additional infrastructure or fuel.
Our competitive advantage over these other solutions includes: o Rapid deploy ability and scalability of our products. Our products offer a turnkey solution, are manufactured in our facilities and can be deployed in less than an hour after delivery to a customer.
Our competitive advantage over these other solutions includes: o Rapid deploy ability and scalability of our products. Our products are manufactured in our facilities and delivered as turnkey solutions that can be deployed in less than an hour after delivery to a customer without the need for on-site construction.
California has also been susceptible to public safety power shutoffs (PSPS) to prevent fires during high wind events. There have been kinetic and cyber-attacks on the grid and the U.S. government has evidence of intrusions by nefarious nation state actors. A Wall Street Journal article reported that attacks on the US power grid rose 71% in 2022 over 2021.
There have been kinetic and cyber-attacks on the grid, and the U.S. government has evidence of intrusions by nefarious nation state actors. A Wall Street Journal article reported that attacks on the US power grid rose 71% in 2022 over 2021.
ITEM 1. BUSINESS. Overview Beam is a clean-technology innovation company headquartered in San Diego, California with factories in the U.S. in San Diego, California and Broadview, Illinois and in Europe in Belgrade and Kraljevo, Serbia.
ITEM 1. BUSINESS. Overview Beam is a sustainable technology innovation company headquartered in San Diego, California with offices in the U.S. in San Diego, California and Broadview, Illinois; in Europe in Belgrade and Kraljevo, Serbia; and in Abu Dhabi, United Arab Emirates (“UAE”).
We currently operate in three rapidly growing markets: EV charging infrastructure, energy storage (batteries), and energy security and disaster preparedness. We believe that our products have a global appeal and that we are at a very early stage in t he development of our sector.
We currently operate in three rapidly growing markets: The electrification of transportation and mobility, energy storage (batteries), and security and smart cities infrastructure. We believe that our products have a global appeal and that we are at a very early stage in the development of our sector.
Our products are deployed with minimal or no disruption or environmental impact making them a cleaner choice. o Beam products can be relocated which gives the customer the flexibility to move it if a job site changes or business needs change. Grid-tied installations are a permanent solution. Many of our customers operate in leased facilities.
Beam Global's products can be transportable and relocated, which gives the customer the flexibility to move it if a job site changes or business needs change. Grid-tied installations are a permanent solution. Many of our customers operate in leased facilities.
This also provides a good environment for improving the manufacturing process, as well as for the development of new products. Many of our suppliers are local, which allows for shorter lead times and lower transportation costs.
We have been able to reduce our costs and improve our quality by performing fabrication in-house. This also provides a good environment for improving the manufacturing process, as well as for the development of new products. Many of our suppliers are local, which allows for shorter lead times and lower transportation costs.
Competition in the solar renewable energy and EV charging industries is intense, and competition is fragmented among a wide variety of entities. Companies such as Schneider, Eaton, Enel X, and Bosch manufacture EV charging units but do not offer charging services.
Competition in the solar renewable energy and EV charging industries is intense and fragmented among a wide variety of participants. Companies such as Schneider, Eaton and Bosch manufacture EV charging units but generally do not offer charging services. Companies such as ChargePoint (NYSE: CHPT) and Blink (NASDAQ: BLNK) offer EV charging services and hardware but not, typically, installation.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeThe success of our business depends on the continuing contributions of Desmond Wheatley and other key personnel who may terminate their employment with us at any time, and we will need to hire additional qualified personnel. We rely heavily on the services of Desmond Wheatley, our chairman and chief executive officer, as well as other management personnel.
Biggest changeIf we are unable to protect our rights to our intellectual property or if such property infringes on the rights of others, our business could be materially adversely affected. 21 Table of Contents The success of our business depends on the continuing contributions of Desmond Wheatley and other key personnel who may terminate their employment with us at any time, and we will need to hire additional qualified personnel.
Foreign Corrupt Practices Act, data privacy requirements, labor laws and anti-competition regulations; · laws and business practices that may favor local companies; 20 · longer payment cycles and difficulties in enforcing agreements and collecting receivables through certain foreign legal systems; · political and economic instability; and · potentially adverse tax consequences, tariffs, customs charges, bureaucratic requirements and other trade barriers.
Foreign Corrupt Practices Act, data privacy requirements, labor laws and anti-competition regulations; ● laws and business practices that may favor local companies; ● longer payment cycles and difficulties in enforcing agreements and collecting receivables through certain foreign legal systems; ● political and economic instability; and ● potentially adverse tax consequences, tariffs, customs charges, bureaucratic requirements and other trade barriers.
In addition, new government regulations or utility policies pertaining to power systems are unpredictable and may result in significant additional expenses or delays in the installation of our grid-connected products and, as a result, could cause a significant reduction in demand, especially for our BeamSpot™ product. 24 Our media branding and advertising strategy may not be profitable.
In addition, new government regulations or utility policies pertaining to power systems are unpredictable and may result in significant additional expenses or delays in the installation of our grid-connected products and, as a result, could cause a significant reduction in demand, especially for our BeamSpot™ product. Our media branding and advertising strategy may not be profitable.
As a result of the acquisitions of Amiga and Telcom, Beam expects to generate an increasing portion of its revenue internationally in the future and may become subject to various additional risks relating to its international activities, which could adversely affect its business, operating results and financial condition.
As a result of the acquisitions of Amiga and Telcom, Beam Global expects to generate an increasing portion of its revenue internationally in the future and may become subject to various additional risks relating to its international activities, which could adversely affect its business, operating results and financial condition.
We cannot assure you, however, that we will be successful in obtaining these patents, service marks or trademarks, or that these applications will not be challenged, that others will not attempt to infringe upon our rights, or that these filings will afford us adequate protection or competitive advantages.
We cannot assure you, however, that we will be successful in obtaining more patents, service marks or trademarks, or that these applications will not be challenged, that others will not attempt to infringe upon our rights, or that these filings will afford us adequate protection or competitive advantages.
Factors that may influence the purchase and use of alternative fuel vehicles, and specifically EVs, include: · perceptions about EV quality, safety (in particular with respect to lithium-ion battery packs), design, performance and cost, especially if adverse events or accidents occur that are linked to the quality or safety of EVs; · the limited range over which EVs may be driven on a single battery charge and concerns about running out of power without access to sufficient charging infrastructure; · improvements in the fuel economy of the internal combustion engine; 18 · the environmental consciousness of consumers; · volatility in the cost of oil and gasoline; · consumers’ perceptions of the dependency on oil from unstable or hostile countries and the impact of international conflicts; · government regulations and economic incentives promoting fuel efficiency and alternate forms of energy; · access to charging stations and consumers’ perceptions about convenience and cost to charge an EV; and · the availability of tax and other governmental incentives to purchase and operate EVs or future regulation requiring increased use of nonpolluting vehicles.
Factors that may influence the purchase and use of alternative fuel vehicles, and specifically EVs, include: ● perceptions about EV quality, safety (in particular with respect to lithium-ion battery packs), design, performance and cost, especially if adverse events or accidents occur that are linked to the quality or safety of EVs; ● the limited range over which EVs may be driven on a single battery charge and concerns about running out of power without access to sufficient charging infrastructure; ● improvements in the fuel economy of the internal combustion engine; ● the environmental consciousness of consumers; ● volatility in the cost of oil and gasoline; 17 Table of Contents ● consumers’ perceptions of the dependency on oil from unstable or hostile countries and the impact of international conflicts; ● government regulations and economic incentives promoting fuel efficiency and alternate forms of energy; ● access to charging stations and consumers’ perceptions about convenience and cost to charge an EV; and ● the availability of tax and other governmental incentives to purchase and operate EVs or future regulation requiring increased use of nonpolluting vehicles.
Additionally, we may be required to incur significant costs to protect against damage caused by these disruptions or security breaches in the future. 23 We may face litigation in the future.
Additionally, we may be required to incur significant costs to protect against damage caused by these disruptions or security breaches in the future. We may face litigation in the future.
Prior to our acquisition of Amiga and Telcom, they had not had financial statements reviewed or audited by an accounting firm under U.S. GAAP standards and has not been subject to the Sarbanes-Oxley Act of 2002, the rules and regulations of the SEC, or other corporate governance requirements to which public reporting companies may be subject.
Prior to our acquisition of Amiga and Telcom, they had not had financial statements reviewed or audited by an accounting firm under U.S. GAAP standards and have not been subject to the Sarbanes-Oxley Act of 2002, the rules and regulations of the SEC, or other corporate governance requirements to which public reporting companies may be subject.
In addition, since our financial statements are denominated in U.S. dollars, changes in foreign currency exchange rates, especially the Euro and the Serbian Dinar, between the U.S. dollar and other currencies will impact our results of operations, financial condition, and cash flows. We also face risks arising from the imposition of foreign exchange controls and currency devaluations.
In addition, since our financial statements are denominated in U.S. dollars, changes in foreign currency exchange rates, especially the Euro, the Serbian Dinar and the UAE Dirham, between the U.S. dollar and other currencies will impact our results of operations, financial condition, and cash flows. We also face risks arising from the imposition of foreign exchange controls and currency devaluations.
We may have to pay cash, incur debt or issue equity securities to pay for any such acquisition, each of which could affect our financial condition or the value of our securities. We would expect to finance any future acquisitions through one or a combination of equity, debt or cash from operations.
We may have to pay cash, incur debt or issue equity securities to pay for any such acquisition, each of which could affect our financial condition or the value of our securities. We would expect to finance any future acquisitions or joint venture through one or a combination of equity, debt or cash from operations.
Our EV ARC™ HP DC Fast Charging Electric Vehicle Autonomous Renewable Charger can provide a DC Fast Charge, so we believe we can compete in that market. Nevertheless, the demand for faster EV charging may increase in the future, requiring us to adjust our marketing and sales strategies.
Our EV ARC™ HP DC Fast Charging EV Autonomous Renewable Charger can provide a DC Fast Charge, so we believe we can compete in that market. Nevertheless, the demand for faster EV charging may increase in the future, requiring us to adjust our marketing and sales strategies.
In the event that Beam dedicates significant resources to its international operations and is unable to manage these risks effectively, Beam’s business, operating results and financial condition may be adversely affected. We are subject to foreign currency exchange rate and other related risks.
In the event that Beam Global dedicates significant resources to its international operations and is unable to manage these risks effectively, Beam Global’s business, operating results and financial condition may be adversely affected. We are subject to foreign currency exchange rate and other related risks.
If we are unable to keep up with advances in EV technology, we may suffer a decline in our competitive position. The EV industry is characterized by rapid technological change. We do not manufacture the EV service equipment (EVSE) which connects to the EV, rather, we deliver power to other vendors’ EVSE products.
If we are unable to keep up with advances in EV technology, we may suffer a decline in our competitive position. The EV industry is characterized by rapid technological change. We do not manufacture the Electric Vehicle Supply Equipment (EVSE) which connects to the EV, rather, we deliver power to other vendors’ EVSE products.
In the future, we may not be able to find other suitable acquisition candidates, and we may not be able to complete acquisitions on favorable terms, if at all. Our acquisition strategy could require significant management attention, disrupt our business and harm our business, revenue and financial results.
In the future, we may not be able to find other suitable acquisition or joint venture candidates, and we may not be able to complete acquisitions or joint ventures on favorable terms, if at all. Our acquisition and joint venture strategy could require significant management attention, disrupt our business and harm our business, revenue and financial results.
The sale of equity to finance any such acquisitions could result in dilution to our stockholders. The incurrence of indebtedness would result in increased fixed obligations and could also include covenants or other restrictions that would impede our ability to manage our operations.
The sale of equity to finance any such acquisition or joint venture could result in dilution to our stockholders. The incurrence of indebtedness would result in increased fixed obligations and could also include covenants or other restrictions that would impede our ability to manage our operations.
Any actual or perceived errors, defects, or poor performance in our products could result in the replacement or recall of our products, shipment delays, rejection of our products, damage to our reputation, lost revenue, diversion of our engineering personnel from our product development efforts, and increases in customer service and support costs, all of which could have a material adverse effect on our business, financial condition, and results of operations. 22 We may be subject to product liability claims .
Any actual or perceived errors, defects, or poor performance in our products could result in the replacement or recall of our products, shipment delays, rejection of our products, damage to our reputation, lost revenue, diversion of our engineering personnel from our product development efforts, and increases in customer service and support costs, all of which could have a material adverse effect on our business, financial condition, and results of operations.
Amiga and Telcom are private Serbian companies that have not been subject to an audit by an accounting firm under U.S. GAAP standards and has not previously been subject to the Sarbanes-Oxley Act of 2002, the rules and regulations of the SEC or other corporate governance requirements. Amiga and Telcom are private Serbian companies.
Amiga and Telcom are private Serbian companies were not subject to an audit by an accounting firm under U.S. GAAP standards and were not previously subject to the Sarbanes-Oxley Act of 2002, the rules and regulations of the SEC or other corporate governance requirements. Amiga and Telcom are private Serbian companies.
The public market trading price of our common stock is likely to be highly volatile, may decline, and could fluctuate widely in response to various factors, many of which are beyond our control, including the following: · changes in our industry; · competitive pricing pressures; · our ability to obtain working capital financing; · additions or departures of key personnel; · limited “public float” in the hands of a small number of persons whose sales or lack of sales could result in positive or negative pricing pressure on the market price for our common stock; · sales of our common stock privately or in the public market, by us or by other shareholders; · our ability to execute our business plan; · operating results that fall below expectations; · loss of any strategic relationship; · adverse regulatory developments; · adverse economic and other external factors; · additional dilution of ownership because of the issuance of new securities by us, and period-to-period fluctuations in our financial condition or operating results. 27 In addition, the securities markets have, from time to time, experienced significant price and volume fluctuations that are unrelated to the operating performance of particular companies.
The public market trading price of our common stock is likely to be highly volatile, may decline, and could fluctuate widely in response to various factors, many of which are beyond our control, including the following: ● changes in our industry; ● competitive pricing pressures; ● our ability to obtain working capital financing; ● additions or departures of key personnel; ● limited “public float” in the hands of a small number of persons whose sales or lack of sales could result in positive or negative pricing pressure on the market price for our common stock; ● sales of our common stock privately or in the public market, by us or by other shareholders; ● our ability to execute our business plan; ● operating results that fall below expectations; ● loss of any strategic relationship; 25 Table of Contents ● adverse regulatory developments; ● adverse economic and other external factors; ● additional dilution of ownership because of the issuance of new securities by us, and period-to-period fluctuations in our financial condition or operating results.
ITEM 1A. RISK FACTORS. You should carefully consider the following risk factors, in addition to the other information contained in this report on Form 10-K, including the section of this report titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our financial statements and related notes.
ITEM 1A. RISK FACTORS. You should carefully consider the following risk factors, in addition to the other information contained in this report on Form 10-K, including the section of this report titled “ Management ’ s Discussion and Analysis of Financial Condition and Results of Operations ” and our financial statements and related notes.
We are able to equip our EV ARC™ and Solar Tree® platforms with digital advertising screens with content that can be controlled directly, and in some cases, remotely. We may also sell other forms of media across our product platforms, such as naming rights or sponsorship deals, as well as traditional fixed media.
We are able to equip certain of our product platforms with advertising with content that can be controlled directly, and in some cases, remotely. We may also sell other forms of media across our product platforms, such as naming rights or sponsorship deals, as well as traditional fixed media.
If we fail to satisfy the continued listing requirements of Nasdaq, such as the corporate governance requirements and the minimum bid price requirement, Nasdaq may take steps to delist our common stock.
Our common stock is listed on the Nasdaq Capital Market. If we fail to satisfy the continued listing requirements of Nasdaq, such as the corporate governance requirements and the minimum bid price requirement, Nasdaq may take steps to delist our common stock.
In the event of a delisting, we would attempt to take actions to restore our compliance with Nasdaq’s listing requirements, but we can provide no assurance that any such action taken by us would allow our common stock to become listed again, stabilize the market price or improve the liquidity of our common stock, prevent our common stock from dropping below the Nasdaq minimum bid price requirement or prevent future non-compliance with Nasdaq’s listing requirements. 26 We have identified a material weakness in our internal controls over financial reporting.
In the event of a delisting, we would attempt to take actions to restore our compliance with Nasdaq’s listing requirements, but we can provide no assurance that any such action taken by us would allow our common stock to become listed again, stabilize the market price or improve the liquidity of our common stock, prevent our common stock from dropping below the Nasdaq minimum bid price requirement or prevent future non-compliance with Nasdaq’s listing requirements.
Beam has limited experience operating internationally and engaging in international business involves a number of difficulties and risks, including: · the challenges associated with building local brand awareness, obtaining local key opinion leader support and clinical support, implementing reimbursement strategies and building local marketing and sales teams; · required compliance with foreign regulatory requirements and laws, including regulations and laws; · trade relations among the United States and those foreign countries in which Beam’s future customers, distributors, manufacturers and suppliers have operations, including protectionist measures such as tariffs and import or export licensing requirements, whether imposed by the United States or such foreign countries; · difficulties and costs of staffing and managing foreign operations; · difficulties protecting, procuring or enforcing intellectual property rights internationally; · required compliance with anti-bribery laws, such as the U.S.
Beam Global has limited experience operating internationally and, though we have retained the majority of the local management, former owners and teams who are familiar with operating in their respective regions, engaging in international business involves a number of difficulties and risks, including: ● the challenges associated with building local brand awareness, obtaining local key opinion leader support and clinical support, implementing reimbursement strategies and building local marketing and sales teams; ● required compliance with foreign regulatory requirements and laws, including regulations and laws; ● trade relations among the U.S. and those foreign countries in which Beam Global’s future customers, distributors, manufacturers and suppliers have operations, including protectionist measures such as tariffs and import or export licensing requirements, whether imposed by the U.S. or such foreign countries; ● difficulties and costs of staffing and managing foreign operations; ● difficulties protecting, procuring or enforcing intellectual property rights internationally; ● required compliance with anti-bribery laws, such as the U.S.
As part of our business strategy, we intend to make acquisitions to add complementary companies, products or technologies, such as our acquisitions of All Cell, Amiga and Telcom. Our acquisitions may not achieve our goals, and we may not realize benefits from any acquisition.
As part of our business strategy, we intend to make acquisitions to add complementary companies, products or technologies, such as our acquisitions of All Cell, Amiga and Telcom and joint ventures such as with The Platinum Group. Our acquisitions and joint ventures may not achieve our goals, and we may not realize benefits from any acquisition or joint venture.
For our fiscal years ended December 31, 2024 and December 31, 2023, we experienced net losses of $11.3 million and $16.1 million, respectively, including cash and non-cash expenses under generally accepted accounting principles.
For our fiscal years ended December 31, 2025 and December 31, 2024, we experienced net losses of $27.0 million and $11.3 million, respectively, including cash and non-cash expenses under generally accepted accounting principles.
Non-cash expenses including depreciation, amortization, non-cash compensation and contingent consideration included in the above losses are $1.1 million and $4.3 million for fiscal years ended December 31, 2024 and December 31, 2023, respectively. Further, as of December 31, 2024, we had an accumulated deficit of $104.6 million.
Non-cash expenses including depreciation, amortization, non-cash compensation and contingent consideration included in the above losses are $ 15.3 million a nd $1.1 million for fiscal years ended December 31, 2025 and December 31, 2024, respectively. Further, as of December 31, 2025, we had an accumulated deficit of $131.6 million.
With the acquisitions in Serbia, we are subject to foreign currency exchange rate risk to the extent that our costs are denominated in currencies other than those in which we earn revenues.
With the acquisitions in Serbia and our recent growth into the Middle East, we are subject to foreign currency exchange rate risk to the extent that our costs are denominated in currencies other than those in which we earn revenues.
Further, any product liability claim we face could be expensive to defend and could divert management’s attention. The successful assertion of a product liability claim against us could result in potentially significant monetary damages, penalties or fines, subject us to adverse publicity, damage our reputation and competitive position, and adversely affect sales of our products.
The successful assertion of a product liability claim against us could result in potentially significant monetary damages, penalties or fines, subject us to adverse publicity, damage our reputation and competitive position, and adversely affect sales of our products.
We may fail to realize all of the anticipated benefits of our acquisitions of All Cell, Amiga and Telcom or those benefits may take longer to realize than expected and our business, financial condition and results of operation could be materially and adversely affected. We may also encounter significant difficulties in integrating Amiga with Beam and its operations.
We may fail to realize all of the anticipated benefits of our acquisitions of All Cell, Amiga and Telcom or those benefits may take longer to realize than expected and our business, financial condition and results of operation could be materially and adversely affected.
If we fail to compete successfully, our business will suffer and we may lose or be unable to gain market share and our business and results of operations would be adversely affected. A significant portion of our revenue is derived from our core product category.
If we fail to compete successfully, our business will suffer and we may lose or be unable to gain market share and our business and results of operations would be adversely affected. 19 Table of Contents A significant portion of our revenue is derived from our core product category, and a decline in demand for these products could adversely affect our business.
We may be able to secure supply from another source and incorporate it in our design, but it would require modifications which could impact product deliveries. For these components, we maintain adequate supply to mitigate any supply risk.
We may be able to secure supply from another source and incorporate it in our design, but it would require modifications which could impact product deliveries.
We are exposed to various possible claims and hazards relating to our business, and our insurance may not fully protect us. Although we maintain modest theft, casualty, liability and property insurance coverage, along with worker’s compensation and related insurance, we cannot assure that we will not incur uninsured liabilities and losses as a result of the conduct of our business.
Although we maintain modest theft, casualty, liability and property insurance coverage, along with worker’s compensation and related insurance, we cannot assure that we will not incur uninsured liabilities and losses as a result of the conduct of our business.
Compliance with new and existing environmental laws and rules is required. Compliance with new and existing environmental laws and rules could significantly increase construction and start-up costs for our customers, deterring customers from purchasing a small sub-set of our products and services.
As a result, our business, financial condition and results of operations could be materially adversely affected. Compliance with new and existing environmental laws and rules is required. Compliance with new and existing environmental laws and rules could significantly increase construction and start-up costs for our customers, deterring customers from purchasing a small sub-set of our products and services.
Any inability to access or delay in accessing these funds could adversely affect our business, financial position, and liquidity. 25 If we do not effectively diversify our bank deposits and investment portfolio, the value and liquidity of our investments may fluctuate substantially, which could affect our access to capital and results of operations in a material way.
If we do not effectively diversify our bank deposits and investment portfolio, the value and liquidity of our investments may fluctuate substantially, which could affect our access to capital and results of operations in a material way.
This is why we have focused on the development of autonomous infrastructure products which do not require construction for their deployment. The success of our product offering may in some instances require the availability of locations provided by municipalities or private owners of real estate.
This is why we have focused on the development of autonomous infrastructure products which do not require construction for their deployment. 23 Table of Contents The success of our product offerings may depend, in part, on our ability to secure suitable locations provided by municipalities or private owners of real estate.
Failure to comply with anticorruption and anti-money laundering laws, including the Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”), and similar laws associated with activities outside of the United States, could subject us to penalties and other adverse consequences. We are subject to the FCPA, the U.S. domestic bribery statute contained in 18 U.S.C. § 201, the U.S.
Failure to comply with anticorruption and anti-money laundering laws, including the Foreign Corrupt Practices Act of 1977, as amended (the “ FCPA ” ), and similar laws associated with activities outside of the U.S., could subject us to penalties and other adverse consequences.
These market fluctuations may also materially and adversely affect the market price of our common stock. Offers or availability for sale of a substantial number of shares of our common stock may cause the price of our common stock to decline.
Offers or availability for sale of a substantial number of shares of our common stock may cause the price of our common stock to decline.
To install Beam’s Solar Tree® products, our customers may be required to obtain and comply with a number of permitting requirements. As a condition of granting necessary permits, regulators could make demands that increase our customers’ expected costs of construction and operations, in which case they may delay or cancel delivery of certain sub-sets of our products.
As a condition of granting necessary permits, regulators could make demands that increase our customers’ expected costs of construction and operations, in which case they may delay or cancel delivery of certain sub-sets of our products.
If one of our products were to cause injury to someone or cause property damage, including as a result of product malfunctions, defects, or improper installation, then we could be exposed to product liability claims. We could incur significant costs and liabilities if we are sued and if damages are awarded against us.
We may be subject to product liability claims . If one of our products were to cause injury to someone or cause property damage, including as a result of product malfunctions, defects, or improper installation, then we could be exposed to product liability claims.
The failure to meet the challenges involved in the integration process and to realize the anticipated benefits of the acquisition could cause an interruption of, or a loss of momentum in, our operations and could materially and adversely affect our business, financial condition and results of operations. 19 Many of these factors will be outside of our control and any one of them could result in increased costs, decreases in the amount of expected benefits and diversion of management’s time and energy, which could adversely affect our business, financial condition and results of operations and result in us becoming subject to litigation.
Many of these factors will be outside of our control and any one of them could result in increased costs, decreases in the amount of expected benefits and diversion of management’s time and energy, which could adversely affect our business, financial condition and results of operations and result in us becoming subject to litigation.
Our products may be impacted by commodity pricing factors, including the impact of tariffs, which in many cases are unpredictable and outside of our control. Any increased costs for materials and components used in our products could adversely affect our operating performance. Our cost of labor may be influenced by factors in certain market areas.
Any increased costs for materials and components used in our products could adversely affect our operating performance. Our cost of labor may be influenced by factors in certain market areas.
Our ability to realize the anticipated benefits of our acquisitions of All Cell, Amiga and Telcom will depend, in part, on our ability to integrate them, which may be a complex, costly, and time-consuming process. We will be required to devote significant management attention and resources to integrate the business practices and operations of the acquired business.
We may also encounter significant difficulties in integrating the joint venture and acquisitions with Beam Global and its operations. Our ability to realize the anticipated benefits of our acquisitions of All Cell, Amiga and Telcom will depend, in part, on our ability to integrate them, which may be a complex, costly, and time-consuming process.
This material weakness could continue to adversely affect our ability to report our results of operations and financial condition accurately and in a timely manner.
We have identified and continue to have material weaknesses in our internal controls over financial reporting. These material weaknesses could continue to adversely affect our ability to report our results of operations and financial condition accurately and in a timely manner.
Our future success will depend upon our ability to retain these key employees and our ability to attract and retain other skilled financial, engineering, technical and managerial personnel. If we are unable to attract, train and retain highly qualified personnel, the quality of our services may decline, and we may not successfully execute our growth strategies.
If we are unable to attract, train and retain highly qualified personnel, the quality of our services may decline, and we may not successfully execute our growth strategies. Our success depends in large part upon our ability to continue to attract, train, motivate and retain highly skilled and experienced employees, including technical personnel.
The integration process may disrupt our business and, if implemented ineffectively, could restrict the realization of the fully expected benefits. In addition, the integration of the acquired business may result in material unanticipated issues, expenses, liabilities, competitive responses, and diversion of management’s attention.
In addition, the integration of the acquired business may result in material unanticipated issues, expenses, liabilities, competitive responses, and diversion of management’s attention.
If the market for EVs does not gain broad market acceptance or develops more slowly than we expect, our business, prospects, financial condition and operating results may be harmed.
Our revenue growth, in part, depends on consumers ’ willingness to adopt EVs. Our growth is highly dependent upon the adoption of EVs. If the market for EVs does not gain broad market acceptance or develops more slowly than we expect, our business, prospects, financial condition and operating results may be harmed.
We maintain substantially all of our cash and cash equivalents in accounts with U.S. banks and financial institutions, including Bank of America and Silicon Valley Bank as a division of First Citizens Bank ("SVB"), and our deposits at these institutions exceed insured limits. Market conditions can impact the viability of these institutions.
We maintain substantially all of our cash and cash equivalents in accounts with U.S. banks and financial institutions, and our deposits at these institutions exceed insured limits. Market conditions can impact the viability of these institutions. There is no guarantee that the Federal Reserve Board, the U.S.
Travel Act, the USA PATRIOT Act, the Anti-Bribery Act, and possibly other anti-bribery and anti-money laundering laws in countries in which it conducts activities.
We are subject to the FCPA, the U.S. domestic bribery statute contained in 18 U.S.C. § 201, the U.S. Travel Act, the USA PATRIOT Act, the Anti-Bribery Act, and possibly other anti-bribery and anti-money laundering laws in countries in which it conducts activities.
Our revenues are concentrated in a small number of customers and our revenue may decrease significantly if we were to lose one of these customers . We have a few large customers including the U.S. Army and the Department of Homeland Security that generated 15% and 7%, respectively, of revenues in 2024.
Our revenues are sometimes concentrated in a small number of customers and our revenue may decrease significantly if we were to lose one of these customers . We have a few large customers including the City of Dallas, Upscale Developers, and US Department of State that gen erated 4%, 3%, and 3%, respectively, of revenues in 2025.
We also have energy storage products following our acquisition of All Cell Technologies, Inc. in 2022, steel structures with electronic integration from our acquisition of Amiga d.o.o Belgrade in 2023, specialized power electronics from our acquisition of Telcom in 2024, we offer our Solar Tree® product and we intend to bring our BeamSpot™ product to market, no assurance can be given that our sales will continue to have market acceptance or that they will continue to grow in the future.
While we have expanded our product offerings to include new products such as BeamBike™ and BeamSpot™, energy storage products following our acquisition of All Cell Technologies, Inc. in 2022, steel structures with integrated electronics from our acquisition of Amiga d.o.o Belgrade in 2023, and specialized power electronics from our acquisition of Telcom in 2024, there can be no assurance that these products will achieve or maintain market acceptance or generate significant revenue.
Implementing the controls and procedures that are required to comply with the various applicable laws and regulations may place a significant burden on our management and internal resources. The diversion of management’s attention and any difficulties encountered in such an implementation could adversely affect our business, financial condition and operating results.
Implementing the controls and procedures that are required to comply with the various applicable laws and regulations may place a significant burden on our management and internal resources.
There is no guarantee that the Federal Reserve Board, the U.S. Treasury Department and the FDIC will provide access to uninsured funds in the future in the event of the closure of any other banks or financial institutions in a timely fashion or at all.
Treasury Department and the FDIC will provide access to uninsured funds in the future in the event of the closure of any other banks or financial institutions in a timely fashion or at all. Any inability to access or delay in accessing these funds could adversely affect our business, financial position, and liquidity.
The loss or reduction of sales of this product category could have a material adverse effect on our business, results of operations, financial condition, and liquidity. The renewably energized EV charging industry is an emerging market that is constantly evolving and may not develop to the size or at the rate we expect.
If demand for our EV ARC™ products declines, or if our newer products fail to gain traction, our business, results of operations, financial condition and liquidity could be materially adversely affected. The renewably energized EV charging industry is an emerging market that is constantly evolving and may not develop to the size or at the rate we expect.
We may be adversely affected by inflationary or market fluctuations, including impact of tariffs, in the cost of component products that are used in our products or our cost of labor. The prices we pay for the principal items we use for the production of our products its materials are dependent primarily on current market prices.
The prices we pay for the principal items we use for the production of our products and materials are dependent primarily on current market prices. Our products may be impacted by commodity pricing factors, including the impact of tariffs, which in many cases are unpredictable and outside of our control.
Risks Relating to our Organization and our Common Stock Our failure to meet the continued listing requirements of Nasdaq could result in the delisting of our common stock, which could negatively impact the market price and liquidity of our common shares and our ability to access the capital markets. Our common stock is listed on the Nasdaq Capital Market.
In addition, ensuring compliance may be costly and time-consuming, and responding to any enforcement action may result in a significant diversion of management’s attention and resources, significant defense costs, and other professional fees. 24 Table of Contents Risks Relating to our Organization and our Common Stock Our failure to meet the continued listing requirements of Nasdaq could result in the delisting of our common stock, which could negatively impact the market price and liquidity of our common shares and our ability to access the capital markets.
Changes that make solar power less competitive with other power sources could result in a significant reduction in the demand for our products.
The market for electric generation products is heavily influenced by federal, state and local government laws, regulations and policies concerning the electric utility industry in the U.S. and abroad. Changes that make solar power less competitive with other power sources could result in a significant reduction in the demand for our products.
Our business may be impacted by the availability to our customers of rebates, tax credits and other financial incentives, the reduction, elimination or uncertainty of which would reduce the demand for our products. Many states offer substantial incentives to offset the cost of solar power systems, battery storage systems and EV charging infrastructure.
Our business may be adversely affected by changes in the availability of rebates, tax credits and other financial incentives that support the demand for our products. Demand for our products is influenced in part by the availability of federal, state and local incentives that support solar power systems, battery storage systems and EV charging infrastructure.
Any new regulations or policies pertaining to our products may result in significant additional expenses to us, which could cause a significant reduction in demand for our solar power products. In high demand locations, the use of our products could exhaust its electricity supply on particular days, even with our storage batteries.
Any new regulations or policies pertaining to our products may result in significant additional expenses to us, which could cause a significant reduction in demand for our solar power products. 20 Table of Contents Geopolitical conflicts and instability, including tensions in the Middle East, may disrupt supply chains, increase costs and adversely affect our business .
The loss of or a significant decline in sales to any of these customers could adversely affect our business, results of operations, and financial condition. In addition, we were awarded several federal contracts in 2022, that may not be renewed in the future.
The loss of or a significant decline in sales to any of these customers could adversely affect our business, results of operations, and financial condition. Our customer concentration may fluctuate from period to period based on the timing and size of customer orders, which are often project-based in nature.
Our success depends in large part upon our ability to continue to attract, train, motivate and retain highly skilled and experienced employees, including technical personnel. The loss of personnel or our inability to hire or retain sufficient personnel at competitive rates of compensation could impair our ability to secure and complete customer engagements and could harm our business.
The loss of personnel or our inability to hire or retain sufficient personnel at competitive rates of compensation could impair our ability to secure and complete customer engagements and could harm our business. We are exposed to various possible claims and hazards relating to our business, and our insurance may not fully protect us.
If the markets for EV charging do not develop at the rate we expect, our business may be adversely affected. Tariffs imposed pursuant to Section 201 of the Trade Act of 1974 could significantly and adversely affect our business, revenues, margins, results of operations, and cash flows.
If the markets for EV charging do not develop at the rate we expect, our business may be adversely affected. Changes in trade policy, including the imposition or expansion of tariffs, export controls, sanctions and other trade restrictions, could increase our costs, disrupt our supply chain and adversely affect our business.
The loss of the services of Mr. Wheatley or any such individual would adversely impact our operations. In addition, we believe our technical personnel represent a significant asset and provide us with a competitive advantage over many of our competitors.
In addition, we believe our technical personnel represent a significant asset and provide us with a competitive advantage over many of our competitors. Our future success will depend upon our ability to retain these key employees and our ability to attract and retain other skilled financial, engineering, technical and managerial personnel.
We are dependent on revenues from our EV ARC™ products to be successful in the future.
We have historically been dependent on revenues from our EV ARC™ products for a substantial portion of our revenue.
Removed
The contract with the State of California can be used by a diverse group of state and local agencies within the state or across the country for the purchase of our products. The receipt of orders under this contract has been irregular and can create fluctuation in our revenues.
Added
The loss of any significant customer, a reduction in orders, delays in customer purchasing decisions, changes in government funding or procurement priorities, or the inability to replace such customers with new customers on comparable terms could result in significant revenue volatility and could materially adversely affect our business, results of operations and financial condition.
Removed
In addition, there is no obligation for this customer to purchase any additional units, or to renew the contract when it expires. The State of California contract will expire on June 23, 2025. Our revenue growth, in part, depends on consumers’ willingness to adopt electric vehicles. Our growth is highly dependent upon the adoption of electric vehicles (“EV”).
Added
We will be required to devote significant management attention and resources to integrate the business practices and operations of the acquired business. The integration process may disrupt our business and, if implemented ineffectively, could restrict the realization of the fully expected benefits.
Removed
Our inability to successfully integrate Amiga and Telcom’s operations could adversely affect our operations; potential need for additional financing. Our acquisitions require significant attention and resources, which could reduce the likelihood of achievement of other corporate goals. We have experienced significant operating losses.
Added
The failure to meet the challenges involved in the integration process and to realize the anticipated benefits of the acquisition could cause an interruption of, or a loss of momentum in, our operations and could materially and adversely affect our business, financial condition and results of operations.
Removed
As a result, we may need additional financing to help fund our business and satisfy our obligations, which will require additional management time to address. There is no assurance that we will realize the benefits of the acquisitions that we hope will be achieved.
Added
The diversion of management’s attention and any difficulties encountered in such an implementation could adversely affect our business, financial condition and operating results. 18 Table of Contents Our inability to successfully integrate our acquisitions could adversely affect our operations and may require additional financing.
Removed
We currently have no plans to use solar modules which are subject to tariffs, however on January 23, 2018, the President of the United States issued Proclamation 9693, which approved recommendations to impose safeguard tariffs on imported solar cells and modules, based on the investigations, findings, and recommendations of the U.S. International Trade Commission (the “International Trade Commission”).
Added
The integration of our acquisitions requires significant management attention and resources and may divert focus from other strategic priorities. We may encounter operational, financial and administrative challenges in integrating these businesses, including aligning systems, controls and processes. We have experienced operating losses and may require additional financing to support our operations and integration efforts.
Removed
Recently, we have purchased solar panels exclusively from one supplier who is exempt from these tariffs. However, additional tariffs were imposed on other products, including cells used in our batteries. It is possible that tariffs may increase the costs and restrict the supply of certain of our components, causing us harm.
Added
There can be no assurance that we will successfully integrate these acquisitions or realize the anticipated benefits, and any failure to do so could adversely affect our business, financial condition and results of operations.
Removed
The imposition of tariffs is likely to result in a wide range of impacts on the targeted U.S. industries and the global market in general. Such tariffs, if our products or the parts we use to manufacture our products are ultimately determined to be subject to them, could result in significant additional costs to us.
Added
Trade policies in the United States and other jurisdictions are rapidly evolving and may result in the imposition, expansion or modification of tariffs, duties, import or export restrictions, sanctions or other trade barriers affecting the products we purchase or sell.
Removed
If we elected to pass such increase in costs on to our customers, they could cause a significant reduction in demand for our products. 21 We face risks related to the uncertainty regarding the future of international trade agreements and the United States’ position on international trade.
Added
While certain of our current suppliers or components may not be subject to existing tariffs or may benefit from exemptions, such exemptions may be reduced or eliminated, and new tariffs or restrictions may be imposed on additional components, including those used in our batteries and electronic systems.
Removed
The U.S. government and persons involved in the Trump administration have made statements and taken certain actions that may lead to potential changes to U.S. and international trade policies. In February 2025, the U.S. government imposed tariffs on imports from China.

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Item 2. Properties

Properties — owned and leased real estate

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Biggest changeWe own a 45,033 square meter office and manufacturing facility on 6 acres of land at 1G Aerodromska Street in Kraljevo, Serbia and we lease a small business office in Belgrade, Serbia. We also lease a 465 square meter small business office at 27 Svetog Nikole street, Belgrade, Serbia with an indefinite period of time.
Biggest changeWe own a 450,000 square foot office and manufacturing facility on 6 acres of land at 1G Aerodromska Street in Kraljevo, Serbia and we lease a small business office in Belgrade, Serbia through April 2027. We also lease a 1,639 square foot small business office at 27 Svetog Nikole street, Belgrade, Serbia month to month.
Our Chicago, Illinois office consists of 37,800 square feet of office and warehouse space and is located at 2600 S. 25 th Avenue, Suite Z, Broadview, Illinois, 60155 with a lease term through January 31, 2029.
Our Broadview, Illinois office consists of 37,800 square feet of office and warehouse space and is located at 2600 S. 25 th Avenue, Suite Z, Broadview, Illinois, 60155 with a lease term through January 31, 2029.
ITEM 2. PROPERTIES. Our corporate headquarters are located at 5660 Eastgate Dr., San Diego, California 92121. We lease approximately 53,000 square feet of office and warehouse space pursuant to a five-year lease that terminates on August 31, 2025.
ITEM 2. PROPERTIES. Our corporate headquarters are located at 5660 Eastgate Dr., San Diego, California 92121. We lease approximately 53,000 square feet of office and warehouse space that terminates on September 30, 2026. We are currently exploring options.
Removed
The San Diego lease expires on August 31, 2025 and we are currently exploring options.
Added
In UAE, we lease a 535 square foot office in Omniah Tower, Corniche Abu Dhabi. The facility houses our Sales team.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeITEM 3. LEGAL PROCEEDINGS. The Company may be involved in legal actions and claims arising in the ordinary course of business from time to time. As of December 31, 2024, and the date of this report, the Company is not involved in any material litigation matters.
Biggest changeITEM 3. LEGAL PROCEEDINGS. The Company may be involved in legal actions and claims arising in the ordinary course of business from time to time. As of December 31, 2025, and the date of this report, the Company is not involved in any material litigation matters.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. Our common stock is traded on the NASDAQ Capital Market under the symbol “BEEM.” On March 28, 2025, there were approximately 172 holders of record of our common stock.
Biggest changeITEM 5. MARKET FOR REGISTRANT ’ S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. Our common stock is traded on the NASDAQ Capital Market under the symbol “BEEM.” On April 7, 2026 , there were approximately 169 holde rs of record of our common stock.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeOur cash flows from operating, investing and financing activities, as reflected in the statements of cash flows, are summarized in the table below: December 31, 2024 2023 Cash provided by (used in): Net cash used in operating activities $ (2,193 ) $ (13,307 ) Net cash used in investing activities $ (4,054 ) $ (5,708 ) Net cash provided by financing activities $ 1,203 $ 27,717 35 For the year ended December 31, 2024, our cash used in operating activities was $2.2 million compared to $13.3 million for the year ended December 31, 2023 Net loss of $11.3 million for the year ended December 31, 2024 was decreased by $3.7 million of non-cash expense items that included $3.7 million for depreciation and amortization, $3.6 million for stock-based compensation and $0.8 million in amortization of operating leases offset by $4.4 million for change in fair value of contingent consideration liabilities pertaining to the true-up of the earnout payment for Amiga.
Biggest changeOur cash flows from operating, investing and financing activities, as reflected in the statements of cash flows, are summarized in the table below: December 31, 2025 2024 Cash provided by (used in): Net cash used in operating activities $ (10,482 ) $ (2,193 ) Net cash used in investing activities $ (482 ) $ (4,054 ) Net cash provided by financing activities $ 7,467 $ 1,203 For the year ended December 31, 2025, our cash used in operating activities was $10.5 million compared to $2.2 million for the year ended December 31, 2024.
We have in place a Multiple Award Schedule Contract with the General Services Administration (GSA) that helps streamline purchases from Federal agencies and state and local governments. In addition, the General Services Administration (GSA) awarded Beam Global a federal blanket purchase agreement (BPA) which provides federal agencies a streamlined procurement process for procuring EV ARC™ systems.
We have in place a Multiple Award Schedule Contract with the General Services Administration (GSA) that helps streamline purchases from Federal agencies and state and local governments. In addition, the General Services Administration (GSA) awarded Beam Global a federal blanket purchase agreement (BPA) in April 2022 which provides federal agencies a streamlined procurement process for procuring EV ARC™ systems.
Cash used in investing activities in the year ended December 31, 2023, included $4.7 million cash for the acquisition of Amiga, net of cash acquired, $0.9 million for the purchase of equipment to increase the throughput in our facilities to meet the increased production levels and $0.1 million for spending on patents.
Cash used in investing activities in the year ended December 31, 2024, included $4.7 million cash for the acquisition of Amiga, net of cash acquired, $0.9 million for the purchase of equipment to increase the throughput in our facilities to meet the increased production levels and $0.1 million for spending on patents.
Drones, submersibles, recreational products and a host of micro mobility and electric vehicle products are already benefiting from our Beam All-Cell ™ highly differentiated products. With the continued growth of untethered electrification, we believe there is an opportunity for increased demand in these markets and others.
Drones, submersibles, recreational products and a host of micro mobility and EV products are already benefiting from our Beam All-Cell™ highly differentiated products. With the continued growth of untethered electrification, we believe there is an opportunity for increased demand in these markets and others.
We are in development on our newest patented products which include- BeamSpot™, UAV ARC™ and others, which we expect will continue to expand our product offerings leveraging the same proprietary technology as our current products and allow us to expand into new markets.
We are in development on our newest patented products which include- BeamSpot™, BeamFlight™ and others, which we expect will continue to expand our product offerings leveraging the same proprietary technology as our current products and allow us to expand into new markets.
Valuation of Share-Based Costs . We currently have share-based awards that include warrants, stock options, restricted stock awards, restricted stock units and performance stock units. We measure and recognize compensation expenses for all share-based payments based on an estimation of grant date fair value of our share-based awards.
Valuation of Share-Based Costs . We may issue share-based awards that include warrants, stock options, restricted stock awards, restricted stock units and performance stock units. We measure and recognize compensation expenses for all share-based payments based on an estimation of grant date fair value of our share-based awards.
Amiga is one of Europe’s largest manufacturers of streetlights and has a team of qualified structural, electrical and civil engineers who are experts in the field of development and deployment of street lighting. They are working with our engineers in San Diego and Broadview to continually improve the engineering and development of our new BeamSpot™ product.
Amiga, now Beam Europe, is one of Europe’s largest manufacturers of streetlights and has a team of qualified structural, electrical and civil engineers who are experts in the field of development and deployment of streetlighting. They are working with our engineers in San Diego and Broadview to continually improve the engineering and development of our new BeamSpot™ product.
On March 22, 2023, the Company entered into that certain Supply Chain Line of Credit with OCI Limited (“OCI”), whereby OCI may provide a supply chain line of credit in the amount of up to $100 million based on the amounts of approved accounts receivable of the Company (the “Credit Facility”).
On March 22, 2023, the Company entered into a Supply Chain Line of Credit with OCI Limited (“OCI”) for a five-year term, whereby OCI may provide a supply chain line of credit in the amount of up to $100 million based on the amounts of approved accounts receivable of the Company (the “Credit Facility”).
The Company could pursue other equity or debt financing. The proceeds from these offerings are expected to provide working capital to fund business operations and the development of new products. Management cannot currently predict when or if it will achieve positive cash flow.
The proceeds from these offerings are expected to provide working capital to fund business operations and the development of new products. Management cannot currently predict when or if it will achieve positive cash flow.
Cash used in operations included a $0.9 million decrease in accounts payable, $0.6 million decrease in noncurrent liabilities related to the long term deferred tax liability, a $0.2 million decrease in accrued expenses related to short term taxes payable, $0.2 million increase in inventory and $0.1 million increase in prepaid expenses and other current assets.
Cash used in operations included a $3.3 million decrease in accounts payable, $1.1 million decrease in noncurrent liabilities, $0.6 million decrease in deferred tax liabilities, a $0.3 million decrease in accrued expenses related to short term taxes payable, $0.5 million increase in accounts receivable, and $0.1 million increase in prepaid expenses and other current assets.
The Company reported a positive gross profit of $7.3 million, a 14.8% gross margin for the year ended December 31, 2024, compared to a gross profit of $1.2 million, a 1.8% gross margin in 2023.
The Company reported gross profit of $3.5 million, a 12.5% gross margin for the year ended December 31, 2025, compared to $7.3 million, a 14.8% gross margin for the year ended December 31, 2024.
Included in these costs are direct labor and certain manufacturing overhead costs associated with normal capacity in the manufacturing process. During 2023, the Company applied labor and overhead based on a standard costing model that required a number of assumptions to determine an optimal labor and overhead allocation which requires an estimate of total shipments and forecasted spending.
During 2023, the Company applied labor and overhead based on a standard costing model that required a number of assumptions to determine an optimal labor and overhead allocation which requires an estimate of total shipments and forecasted spending.
Our energy security business is also connected with the deployment of our EV charging infrastructure products and serves as an additional benefit to the value proposition of our charging products which, along with their integrated emergency power panels, can continue to operate, charge EVs, and deliver emergency power during utility grid failures.
We believe that our sustainably energized EV ARC TM and BeamSpot™ products can play a major role in the provision of EV charging infrastructure in Europe. 29 Table of Contents Our energy security business is also connected with the deployment of our EV charging infrastructure products and serves as an additional benefit to the value proposition of our charging products which, along with their integrated emergency power panels, can continue to operate, charge EVs, and deliver emergency power during utility grid failures.
We also expect the electric vehicle market to continue to experience significant growth over the next decade as evidenced by 61 new electric vehicles that were launched in 2022 which will require additional EV charging infrastructure. We believe our products are uniquely positioned to benefit from this growth.
We also expect the EV market to continue to experience significant growth over the next decade which will require additional EV charging infrastructure. We believe our products are uniquely positioned to benefit from this growth.
We continue to identify components and sub-assemblies that may be more cost effective to outsource, which we believe may further reduce our costs, increase our gross margins, and significantly increase the potential output from our factory.
We continue to evaluate opportunities to outsource additional components and sub-assemblies where doing so may be cost-effective, which we believe could further reduce our manufacturing costs, improve gross margins, and significantly increase the potential production output from our factory.
Off-Balance Sheet Arrangements We do not have any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources, that are material to investors.
There is no assurance, however, as to if or when the Company will be able to achieve those operating objectives. 33 Table of Contents Off-Balance Sheet Arrangements We do not have any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources, that are material to investors.
We base our estimates and assumptions on historical experience and on various other factors that we believe to be reasonable under the circumstances, and we continually evaluate our assumptions and modify as needed. To the extent there are material differences between our estimates and the actual results, our future results of operations will be affected. Business Combination.
We base our estimates and assumptions on historical experience and on various other factors that we believe to be reasonable under the circumstances, and we continually evaluate our assumptions and modify as needed.
We believe that in combination with a generally less expensive operating environment in Serbia, we will be able to produce our products in Europe less expensively than in the U.S., even as we continue to reduce our costs in the U.S. 33 Critical Accounting Estimates The financial statements and related disclosures were prepared in accordance with U.S. generally accepted accounting principles which require us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.
Critical Accounting Estimates The financial statements and related disclosures were prepared in accordance with U.S. generally accepted accounting principles which require us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.
This combined with engineering and manufacturing improvements should result in increasing gross profit margin on the EV ARC™ in the future. 36 The Company may be required to raise capital to fund its operations until it achieves positive cash flow, which is predicated on increasing sales volumes and the continuation of production cost reduction measures.
The Company may be required to raise capital to fund its operations until it achieves positive cash flow, which is predicated on increasing sales volumes and the continuation of production cost reduction measures. The Company could pursue other equity or debt financing.
Current liabilities decreased to $13.3 million at December 31, 2024 from $16.9 million at December 31, 2023, primarily due to a $2.7 million decrease in deferred consideration, current, for a cash payment owed for the Amiga acquisition paid at the beginning of 2024, $0.8 million decrease in accounts payable and $0.3 million decrease in accrued expenses, partially offset by an increase of $0.1 million contingent consideration and $0.1 million in other current lease liabilities.
Current liabilities decreased to $12.1 million at December 31, 2025 from $13.3 million at December 31, 2024, primarily due to a $3.0 million decrease in accounts payable, $0.2 million decrease in current operating lease liabilities, partially offset by an increase of $0.4 million in accrued expenses, $0.6 million in sales tax payable, and $1.0 million of current deferred revenue.
In addition, cash provided by operations included $8.2 million decrease in accounts receivable and $0.4 million increase in deferred revenue. For the year ended December 31, 2023, our cash used in operating activities was $13.3 million compared to $18.1 million for the year ended December 31, 2022.
In addition, cash provided by operations included $2.8 million decrease in inventory and $0.8 million increase in deferred revenue. For the year ended December 31, 2025, cash used in investing activities was $0.5 million which included $0.4 million for the purchase of equipment to increase the throughput in our facilities and $0.1 million for the funding of patent costs.
Liquidity and Capital Resources At December 31, 2024, we had cash of $4.6 million, compared to cash of $10.4 million at December 31, 2023. We have historically met our cash needs through a combination of debt and equity financing and more recently through gross profit contributions. Our cash requirements are generally for operating activities and acquisitions.
We have historically met our cash needs through a combination of debt and equity financing and more recently through gross profit contributions. Our cash requirements are generally for operating activities and acquisitions. Our working capital balance at December 31, 2025 was $8.9 million. Working capital primarily consists of cash, inventory, accounts receivable, net of accounts payable, and accrued expenses.
The Company reported a positive gross profit of $7.3 million for 2024, compared to $1.2 million gross profit in 2023. Our gross margin improved as a percentage of sales, year over year, and was 14.8% for 2024, up thirteen percentage points from the gross margin reported in 2023.
The Company reported gross profit of $3.5 million for the year ended December 31, 2025, compared to $7.3 million for the year ended December 31, 2024. Gross margin was 12.5% in 2025 compared to 14.8% in 2024, representing a decline of 2.3 percentage points year-over-year.
Europe is the largest market in the world for electric vehicles and is a strong proponent of clean energy. We believe there is a lot of potential for growth in this region.
With our acquisitions of Amiga and Telcom, we now have a facility in Europe that can manufacture and sell Beam Global products for the European market. Europe is the largest market in the world for EVs and is a strong proponent of clean energy. We believe there is a lot of potential for growth in this region.
For the year ended December 31, 2024, cash generated by our financing activities was $1.2 million which included $0.8 million proceeds from public warrant exercises, and $0.5 million from the sale of stock under our committed equity facility offset by $0.2 million used for restricted stock unit vesting.
For the year ended December 31, 2024, cash generated by our financing activities was $1.2 million which included $0.8 million proceeds from public warrant exercises, and $0.5 million from the sale of stock under our committed equity facility offset by $0.2 million taxes paid related to net share settlement of equity awards. 32 Table of Contents Current assets decreased to $21.0 million at December 31, 2025 from $27.1 million at December 31, 2024, primarily due to a $2.5 million decrease in inventory and $3.6 million decrease in cash.
International customers comprised 25% of the revenues as of December 31, 2024 verses 15% for the year ended December 31, 2023. Revenues derived from non-government commercial entities increased by 229% for the twelve months from 2023 to 2024 and were 38% of total revenues in 2024.
International customers comprised 42% of the revenues as of December 31, 2025 verses 25% for the year ended December 31, 2024 as a result of our continued integration of our Serbian acquisitions. Revenues derived from non-government commercial entities increased by 8% year-over-year and represent approximately 72% of total revenues in 2025.
Management believes that these steps, if successful, may enable the Company to generate sufficient revenue to continue operations. There is no assurance, however, as to if or when the Company will be able to achieve those operating objectives.
Management believes that these steps, if successful, may enable the Company to generate sufficient revenue to continue operations.
State and Local governments customers accounted for 30% of revenues. We continue to invest in sales, marketing and government relation employees, resources and programs to raise awareness of the benefits and value of our products.
We continue to invest in sales, marketing and government relations personnel, as well as related programs and resources, to increase awareness of the benefits and value of our products.
The receipt of orders may continue to be uneven due to the timing of customer approvals or budget cycles, however we believe that as EV adoption increases and our new and existing products are brought to larger international audiences, our business will be less impacted by specific variations in order timing.
The timing of orders may continue to be uneven due to customer approval processes and government budget cycles; however, we believe that as EV adoption increases and our energy storage and security and smart cities products are increasingly adopted, our business may become less impacted by variability in the timing of individual orders. Gross Profit/(Loss).
This is consistent with our strategy to take advantage of the investment by large and well-funded organizations in the improvement, and reducing costs, of various components and sub-assemblies which we integrate into our final product.
Many of the components and sub-assemblies integrated into our products are manufactured by third parties. This approach is consistent with our strategy to leverage the investments made by large, well-funded suppliers in improving performance and reducing costs of key components, which we integrate into our finished products.
We continue to invest in sales employees, marketing resources, diversifying our product portfolio with new product offerings and expanding our geographic footprint to reduce our reliance on single large orders of our EV ARC™ product by federal agencies, although we believe that that opportunity still exists.
We continue to invest in sales personnel, marketing resources, and new product development, while also expanding our geographic footprint, with the goal of reducing reliance on large individual orders of our EV ARC™ product from federal agencies, while continuing to pursue those opportunities.
For the twelve months ended, December 31, 2024, the Company’s sales to federal, state and local governments represented 62% of revenues verses 80% of total revenues in 2023.
For the twelve months ended, December 31, 2025, the Company’s sales to federal government customers represented 4% of revenues versus 32% of revenues in 2024. State and local government customers represented approximately 24% of revenues versus 30% of total revenues in 2024, reflecting increased growth in our non-government customer base.
Inventory is stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method of accounting. Inventory costs primarily relate to purchased raw materials and components used in the manufacturing of our products, work in process for products being manufactured, and finished goods.
Inventory costs primarily relate to purchased raw materials and components used in the manufacturing of our products, work in process for products being manufactured, and finished goods. Included in these costs are direct labor and certain manufacturing overhead costs associated with normal capacity in the manufacturing process.
Management believes the Company’s present cash flow will enable it to meet its obligations for twelve months from the date of these financial statements. Management will continue to assess its operational needs and seek additional financing as needed to fund its operations.
Management will continue to assess its operational needs and seek additional financing as needed to fund its operations.
Total operating expenses were $19.0 million for the year ended December 31, 2024, compared to $17.5 million in the prior year. The 2024 operating expenses included $3.8 million increase due to having a full year of operations of the Serbian acquisitions offset by a decrease in operating expenses for our U.S. operations of $2.3 million.
Total operating expenses were $31.1 million for the year ended December 31, 2025, compared to $19.0 million for the year ended December 31, 2024. Operating expenses for 2025 included a non-cash goodwill impairment charge of $10.8 million. Excluding this impairment charge, operating expenses were approximately $20.3 million for 2025, compared to $19.0 million in the prior year.
As a result, our working capital decreased to $13.8 million at December 31, 2024 compared to $23.8 million at December 31, 2023.
As a result, our working capital decreased to $8.9 million at December 31, 2025 compared to $13.8 million at December 31, 2024. The Company has continued to invest in sales and marketing initiatives intended to increase revenue and expand market awareness of its products.
The receipt of orders may continue to be uneven due to the timing of customer approvals or budget cycles, however we believe that as EV adoption increases in concert with increased availability of infrastructure funding, our business will be less impacted by specific variations in order timing. Gross Profit/(Loss).
Order timing may continue to be uneven due to customer procurement processes, approval timelines and budget cycles; however, we believe that increased global EV adoption, continued expansion into international markets and the marketing of our new products will reduce the impact of variability in individual order timing on our overall business.
In 2023, cash generated by our financing activities was $27.7 million which included $25.4 million proceeds from a public offering to fund our acquisition of Amiga and for working capital, $2.1 million from the sale of stock under our committed equity facility and $0.2 million proceeds from public warrant exercises.
For the year ended December 31, 2025, cash generated by our financing activities was $7.5 million which included $7.8 million proceeds from the sale of common stock under our at-the-market (ATM) facility.
We expect that the receipt of orders may be inconsistent quarter over quarter, however, we expect that in the long term, our revenues will grow as we expand our product offerings and geographic reach and because we expect to see a significant increase in the demand for electric vehicle charging infrastructure.
Order timing may continue to result in quarter-to-quarter variability in revenue over the long term, we expect revenue growth to be driven by expansion of our product offerings, increased geographic reach, and growth in demand for EV charging infrastructure, electrified transportation, and mobility energy storage and security and smart cities infrastructure products.
These matters have particularly impacted our larger federal customers and we do not believe that they signify any fundamental reduction in demand for our products. Our pipeline of prospective customer orders has increased during the same period, although we cannot be sure of when, or if, those prospective orders will turn into actual sales.
Our non-government revenue grew from 38.2% of total revenue in 2024 to 72.0% in 2025, reflecting meaningful progress in our commercial diversification strategy, despite this shift, total revenue decreased by 42.8%. Our pipeline of prospective customer orders has increased during the same period, although we cannot be sure of when, or if, those prospective orders will turn into actual sales.
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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. Beam develops, manufactures and sells high-quality, renewably energized infrastructure products for electric vehicle charging infrastructure, energy storage, energy security, disaster preparedness and outdoor media advertising. The Company has multiple product lines that incorporate our proprietary technology.
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ITEM 7. MANAGEMENT ’ S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. For the fiscal year ended December 31, 2025, the Company reported total revenue of $28.2 million, representing a 42.8% decrease compared to $49.3 million in fiscal 2024. This contraction was primarily driven by a material reduction in orders from U.S. Federal government agencies.
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Our off-grid EV charging and energy security products produce a unique alternative to grid-tied charging, having a built-in renewable energy source in the form of attached solar panels and/or light wind generator to produce power and battery storage to store the power. Versions of our charging infrastructure products are modified to support EVs, eMotorcycles, eBikes, desalination and auxiliary power.
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While federal customers accounted for more than 60% of total revenue in 2023 and 30% in 2024, they represented less than 5% of total revenue in 2025. Management attributes this decline to a shift in federal executive priorities and the subsequent reversal of prior electrification initiatives.
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Our Smart Cities products combine structural elements with built in electronics, renewable energy generation, battery storage, sensors and IoT capabilities.
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Additionally, the expiration of federal tax credits and other purchase incentives for electric vehicles has further constrained domestic demand for certain charging products. In response to these headwinds, the Company has realigned its sales and marketing infrastructure to target corporate, municipal, and international markets.
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These products are scalable and attractively designed and include: - EV ARC™ Electric Vehicle Autonomous Renewable Charger – a patented, rapidly deployed, infrastructure product that uses integrated solar power and battery storage to provide a mounting asset and a source of power for factory installed electric vehicle charging stations of any brand.
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These efforts have yielded a significant increase in sales to domestic and international commercial entities, as well as non-U.S. government agencies, which has partially mitigated the loss of U.S. Federal revenue. Despite the reduction in direct federal vehicle procurement, the Company continues to supply certain energy storage products to federal agencies via third-party relationships.
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The electronics are elevated to the underside of the sun-tracking solar array making the unit flood-proof up to nine and a half feet and allowing adequate space to park a vehicle on the engineered ballast and traction pad which gives the product stability and a certified wind rating of 160 miles per hour. - Solar Tree® DCFC – Patented off-grid, renewably energized and rapidly deployed, single-column mounted smart generation and energy storage system with the capability to provide a 150kW DC fast charge to one or more electric vehicles or larger vehicles. - EV ARC™ DCFC – DC Fast Charging system for charging EVs comprised of four interconnected EV ARC™ systems and a 24kW DC fast charger. - BeamSpot™ – patent issued on December 31, 2019 and currently.in the process of initial installation.
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While the Company believes that federal demand for transportation electrification infrastructure may resume in future cycles, we cannot provide assurance as to the timing or certainty of such a recovery. We remain focused on our diversified growth strategy and have implemented new marketing protocols to capture broader market share.
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A streetlight, EV charging and emergency power product which uses an existing streetlight’s foundation and a combination of solar, wind, grid connection and onboard energy storage to provide curbside charging and emergency power. - BeamBike™ - rapidly deployed, construction free, solar-powered charging system based on the patented EV ARC™ platform which generates and stores its own clean electricity, accessed through twelve integrated, weatherized 120 V outlets supporting any eBike charger.
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Although our prospective customer pipeline has increased during the current period, the conversion of these opportunities into realized revenue remains subject to inherent market risks and timing uncertainties.
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Supports 12 eBikes and is available with or without bundled eBike packages. 30 - BeamPatrol™ - Rapidly deployed and easily transported, the BeamPatrol™ station allows law enforcement and safety personnel to charge and quickly access nimble, quiet and responsive motorcycles without the need for any additional infrastructure or fuel.
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In 2025 the Company’s strategically shifted its focus toward commercial customers by expanding its direct sales force and reseller network in response to a decline in federal revenue opportunities as a result of changes in U.S. government programs.
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This innovative solution is ideal for law enforcement, customs and border patrol, the military, park services, air and seaport operations and any situation where the ability to rapidly gain access to an environment, without alerting targets of the operation, is required.
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In Q2 2025, the contract was extended until October 31, 2030. Although this purchasing contract is not being regularly used by U.S.
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BeamPatrol™ and the motorcycles it supports generate low to no maintenance or fuel costs and provide a highly reliable mobility solution while assisting in the carbon reduction efforts of the agencies that use the product.
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Federal government agencies, we have made sales to other non-Federal government entities in the U.S. using this contract vehicle and we believe that having this contract extended through 2030 and also having it made available to non-Federal government agencies has assisted us in closing sales in 2025 and will continue to assist in streamlining our selling processes in 2026.
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Available with, or without bundled eMotorcyles. - BeamWell™ - based on the patented EV ARC™ system, is a self-sufficient, self-contained operational system for use in war zones and remote or disaster areas where only salt, brackish or dirty water is available because a reliable clean water supply is not available or has been interrupted.
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To the extent the federal government resumes procurement of electric vehicles and EV charging infrastructure, we believe this contract provides a streamlined and efficient channel to sell to the federal government, which operates the largest fleet in the world.
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The BeamWell™ system provides three essential services to regions in crisis: it turns seawater into fresh water, which is then stored in an integrated 3000-liter tank that is replenished daily; it provides a source of electricity which can be used for medical or communications devices as well as cooking and lighting; and it charges four integrated and bundled Benzina Zero electric mopeds for the rapid distribution of food, water, medications or other vital resources, to those in need. - Smart Cities Infrastructure products – Street lighting, street furniture, communications infrastructure products, energy infrastructure products, with electronics integration including renewable energy sources, battery storage, sensors and IoT integration. - UAV ARC™ - patent issued on November 24, 2020 and currently under development.
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On November 12, 2025, the Company announced the was awarded a cooperative purchasing contract by Sourcewell, expanding its offerings to U.S. military, expanding its offerings to U.S. military, state and local government agencies, and higher education institutions across North America.
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An off grid, renewably energized and rapidly deployed product and network used to charge aerial drone (UAV) fleets. Beam AllCell™ designs, manufactures and sells custom, high-quality, bespoke lithium-ion energy storage solutions. Our world-class battery engineering team rigorously creates unique battery formats and shapes to the highest standards, delivering highly flexible solutions that maximize power in compact spaces.
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Sourcewell combines the purchasing power of over 50,000 participating public agencies, offering hundreds of awarded supplier contracts across public sector and educational organizations to procure the Company's sustainable infrastructure and energy storage solutions through a ready-to-use, negotiated, Sourcewell-vetted contract, streamlining the public purchasing process.
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Our patented PCC™ phase change material, manufactured in-house, provides passive thermal management solution and critical safety features against thermal runaway. Our proprietary Smart BMS, designed by the Company, further differentiates our products, ensuring superior customer satisfaction. Our battery is ideal for applications requiring high energy density, high power, and safe, space efficient enclosures.
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The decrease in gross margin was primarily attributable to lower sales volume, which resulted in reduced absorption of fixed overhead costs. Our unit economics continue to improve, even in the face of reduced volumes. Gross profit included non-cash depreciation and intangible amortization of approximately $3.0 million in 2025 and $3.2 million in 2024.
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Our batteries power drones, submersibles, medical devices, recreational products and micro-mobility solutions. The Company is integrating these advanced batteries and technologies into our new product designs under development.
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Excluding these non-cash items, adjusted gross margin improved to 23.0% in 2025 compared to 21.2% in 2024. We expect our costs of goods sold to continue to decline over time as we continue to implement lean manufacturing process improvements, engineering design changes and operational efficiencies, as well as recognizing synergies from our acquisitions.
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On October 20, 2023, Beam acquired Amiga DOO Kraljevo (“Amiga”), a business located in Serbia and engaged in the manufacture and distribution of steel structures with electronic integration, including (i) infrastructure products for public lighting; (ii) infrastructure products for mobile telephone, networks and transmission lines; (iii) infrastructure products for tram, trolleybus, and railways; (iv) infrastructure products for contact networks, masts, portals and semi-portals for road and railway signaling; (v) large steel lattice structures for specific purposes (e.g., stadiums, factories, power plants, etc.); and (vi) distribution and command electrical cabinets.
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Furthermore, we believe we are seeing increase interest in our highly specialized energy storage products, which in many cases, result in revenues that come with higher gross profits. As these volumes increase, the impact of the higher gross margin percentages from these revenues should, we believe, have a positive impact on our overall gross profit.
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Amiga has engineering, product development and manufacturing capabilities which are well suited to manufacture and sell Beam’s current and future products in the European market. As a large European manufacturer of streetlights, Amiga is well positioned to assist in the development of the BeamSpot™ for both the European and US markets. On August 30, 2024, Beam acquired Telcom d.o.o.
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We believe that increased demand, combined with our cost-reduction initiatives, will contribute to continued improvement in our gross margins over time. Beam Europe has the capability to perform certain manufacturing and operational activities that are currently outsourced in the U.S.
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Beograd (“Telcom”), a business located in Serbia and engaged in the manufacturing of power electronics and telecommunications equipment. Telcom engineers and manufacturers specialized power electronics includer invertors, charge controllers, power supplies and LED lighting.
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In combination with a generally lower operating cost environment in Serbia, we believe this may allow us to produce certain products in Europe at a lower cost than in the U.S., even as we continue to pursue cost reductions in our U.S. operations.
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Telcom has electrical engineering, product development and manufacturing capabilities which Beam believes are ideally suited to improve the Company’s current and future products for the global market. Telcom has a well-respected and highly talented team of electrical engineers, focused on power electronics and the integration of renewables and energy storage.
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To the extent there are material differences between our estimates and the actual results, our future results of operations will be affected. 30 Table of Contents Valuation of Inventory and standard cost allocations. Inventory is stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method of accounting.
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We believe that there is a clear need for a rapidly deployable and highly scalable EV charging infrastructure, and that our products fulfill that requirement.
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Results of Operations Comparison of Results of Operations for Fiscal Years Ended December 31, 2025 and 2024 Revenues. For the year ended December 31, 2025, revenues decreased 43% to $28.2 million compared to $49.3 million for the year ended December 31, 2024.
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Unlike grid-tied installations which require general and electrical contractors, engineers, consultants, digging trenches, permitting, pouring concrete, wiring, and ongoing utility bills, the EV ARC™ system can be deployed in minutes, not months, and is powered by renewable energy so there is no utility bill.
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The decrease in revenues was primarily due to a complete cessation of any federal orders for our products and the reversal of incentives for the purchase of EVs in the U.S. by the federal government.

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