BEEMW - Beam Global (BEEM) Q1 2024 Earnings Call Transcript
2024-05-21 20:26:03 ET
Beam Global (BEEM)
Q1 2024 Earnings Conference Call
May 21, 2024 4:30 PM ET
Company Participants
Lisa Potok - CFO
Desmond Wheatley - President, CEO and Chairman
Conference Call Participants
Sameer Joshi - HC Wainwright
Tate Sullivan - Maxim Group
Chris Pierce - Needham and Company
Noel Parks - Tuohy Brothers
Christopher Souther - B. Riley
Presentation
Operator
Hello and welcome to the Beam Global First Quarter 2024 Operating Results Conference Call. All participants will be in listen-only mode. [Operator Instructions]
As a reminder, this conference is being recorded. I would now like to hand the call to Lisa Potok, Chief Financial Officer. Please go ahead.
Lisa Potok
Hi. Good afternoon and thank you for participating in Beam Global's First Quarter 2024 Operating Results Conference Call. We appreciate you joining us today to hear an update on our business. Joining me is Desmond Wheatley, President, CEO and Chairman of Beam. Desmond will be providing an update on recent activities at Beam, followed by our question-and-answer session. But first, I'd like to communicate to you that during this call, management will be making forward-looking statements, including statements that address Beam's expectations for future performance or operational results.
Forward-looking statements involve risks and other factors that may cause actual results to differ materially from those statements. For more information about these risks, please refer to the risk factors described in Beam's most recent filed Form 10-K and other periodic reports filed with the SEC. The content of this call contains time sensitive information that is accurate only as of today, May 21st of 2024, except as required by law. Beam disclaims any obligation to publicly update or revise any information to reflect events or circumstances that occur after this call.
Next, I would like to provide an overview of our financial results of Beam’s first quarter of 2024. We had record first quarter revenues of $14.6 million increasing 12% over the same period in 2023. The first quarter increase can be attributed to an increase in our federal sales. The timing of our orders overall may continue to be uneven due to the timing of our customer approvals and their budget cycle. We have begun the process of production of our EV ARCs in our Serbian facility and expect to deliver our first sale to the Ministry of Defense in quarter two.
We generated gross profit with a gross margin of 10.2% the highest margin ever. The improvement in gross margin is primarily because of those cost reductions that we implemented in late 2023, as a result of our engineering improvements to the EV ARC. Our gross profits do include $0.2 million for non-cash and tangible amortization, which negatively impacts our profits....
Beam Global (BEEM) Q1 2024 Earnings Call Transcript